Financing for my small business
Everest University Orlando
Professor Aileen Journey
November 22, 2014
Sources for my Business
Commercial banks would be great for my business to use for loans and to also help our credit by paying off those loans on time. It would also be convenient for having a checking account for when we need to write checks.
Friends and family is a source that I would use through one friend that I know would be able to loan my business money, no questions asked. I would not have to pay interest but I would. Knowing and understanding that we both are putting our personal friendship at risk I think we could reach an agreement. There would be some strain and they would more than likely offer suggestions, but I am always open to suggestions.
Asset based lenders could use my equipment for collateral. It could be a lower interest rate but there is a huge risk at losing any equipment or whatever I have agreed to let them use for collateral. Knowing that you may lose your assets would make me feel that my company would really want to pay that one off as fast as possible.
Community based financial institutions could be of great use to my business for loans or even more bank accounts. This kind of source seems to really give back to the community by helping it grow and I feel that would be a great way to maybe get started with my business.
Small Business Association loans have several programs. The program they have that I like the best for my business would be the primary loan assistance program. It is a standard government loan