There are a number of sources to consider when looking for financing for your small business. Personal resources, friends and family are typical examples. Your personal resources may also include credit unions. While credit unions do not make business loans, they will make personal loans. There are several sources of micro loans with amounts that range from $1,500 to $25,000. It is critical that you explore all your options and the conditions attached to each loan product before making a decision. Commercial Lending institutions are the most common source of funding. Many of these institutions have Small Business Administration (SBA) guaranteed loan products. These products provide credit enhancements for early stage companies that may need additional help from the Federal Government. Venture Capital (VC) is another source of funding for qualified projects. There is a trade off in exchange for using venture funding; they require the pledge of equity or partial ownership to the VC. If you have a relationship with a local lender, start there. Find out if they provide SBA guaranteed loan products. If you have additional questions please feel free to contact the Small Business Resource Center.

A typical loan application has items that you will find in the checklist.