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How can I finance my new business?

answered Business Finance Law
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How can I finance my new business?

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FAQ Top A: Assistance from personal resources, such as family and friends, followed by traditional financing through a local lending institution where you have an established relationship are the most common methods for funding your start-up business. Some businesses may qualify for assistance in the form of loan guarantees from the Small Business Administration (SBA). In fact, most financial institutions will require an SBA guarantee. Many banks have departments that specialize in SBA lending. An SBA Prequalification Intermediary can help you to prepare your application for a loan. To find the intermediary closest to you, contact the SBA district office in Oklahoma City at 405-231-5521. Visit our Business Financing section for additional financial resources.

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Assistance from personal resources, such as family and friends, followed by traditional financing through a local lending institution where you have an established relationship are the most common methods for funding your start-up business. Some businesses may qualify for assistance in the form of loan guarantees from the Small Business Administration (SBA). In fact, most financial institutions will require an SBA guarantee. Some banks have departments that specialize in SBA lending. An SBA Prequalification Intermediary can help you to prepare your application for a loan. To find the intermediary closest to you, contact the SBA district office in Oklahoma City at 405-231-5521. Visit our Business Financing section for additional financial resources. It is possible non-profit organizations could find some financing assistance through federal or foundation grants. Any reputable lender and many grant administrators will expect to see a thorough business plan.

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Obviously, one of the biggest issues in starting a new business is putting together the money to get things off the ground and running it until the company becomes profitable on its own. For a small business, you may be able to fund it on yourself, using your savings, taking out an equity mortgage on your home or even using your credit cards (while this is fine for short-term financing, you should not use your credit cards over the long term because of their high interest rates). Outside of such self-financing, the two major ways you can finance a new business are by taking out loans, or obtaining equity investors. Most business typically take out loans from a bank or other financial credit institute, although you can certainly arrange for a private loan from friends or family. Similarly, with equity investors, you can arrange for friends or family to become investors in your business venture or you can find unaffiliated investors to provide you with startup money and/or services. A ma

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