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Cancelled - Financing Your Business

Topic: Financing
Thursday, November 16, 2017 1:00 PM to 2:30 PM

This event has been canceled

Financing continues to be a challenge for many small business owners. Questions range from, Who will give me money for my business idea and what do they need from me? to, How will this business make money and will it be enough to pay back a loan or attract an investor? Get to the heart of business financing in this seminar that answers your questions. Explore the advantages and disadvantages of the different types of funding sources and how to choose the right one for your needs. Discover the keys to financing success.


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: Free

Phone: 828-448-6719
Email: Send

Location

2128 South Sterling Street
Morganton, NC 28655
For driving directions, enter your street address and/or zip code