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SBCN - North Carolina Community College System Small Business Center Network
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How to Find Money for Your Business - SBC

Apr
13
2016
Wed 3:00 PM to 4:30 PM

This event has been canceled

Topic: Financing

Register now and discover the advantages and disadvantages of a variety of funding sources as well as how to determine how much money you really need to start and grow your business.If you need capital to start or grow your business make sure to attend this information packed session where you will walk away armed with critical information you need before you sign on the dotted line. Get answers to: Are there grants available to start my business? What is factoring and is it a good financing tool? How do I apply for a loan? Are banks' lending to small businesses? What is an angel investor? Are venture capitalists willing to invest in a non-technology related business? How much can I borrow from a micro lender? How do I ask family and friends to invest in my business?

Speaker(s): Eddie McGimsey


Funding

Figuring out how to finance your business is one of the most challenging and critical decision you have to make. A wrong step here can doom your business to inefficiency or worse - you to financial ruin.

We have provided some very good resources for you to review as you start determining how you might want to finance your business. We strongly urge you to contact your local Small Business Center Director to analyze your entire business plan prior to approaching a bank, investor, or even spending your own money. We are here to help you and will be glad to see if there are better sources of funding for your business.

Before checking out the resources provided, make sure you have done everything you can to reduce the demand for funding. Can you find ways to reduce the amount of money needed for your business? Think creatively because every dollar you avoid spending is a dollar you won't have to pay back and a dollar's worth of interest avoided.

There are many ways of reducing the "demand for funding" and some of the most common include:

  • Starting or expanding the business in phases that don't require funding or require less funding
  • Renting/Leasing building and equipment rather than purchasing
  • Purchasing used equipment rather than new equipment
  • Increasing the time you have before you have to pay for inventory and supplies through vendor selection
  • Decreasing the time before your customers pay you through credit terms

Remember as you think of ways to reduce the demand for capital do so without increasing the risk of your business!

Fueling your Business in North Carolina pdf is a good starting point. It has a great overview of financing and will definitely open your mind for different options. Then follow that up with the Capital Opportunities for Small Businessespdf guide to get the specifics as they relate to your business needs.


Fee: No Cost

Phone: 828-448-6719

Location

Western Piedmont Community College Small Business Center
Foothills Higher Education Center
2128 South Sterling Street Morganton, NC 28655