We have all heard the saying, “You have to spend money, to make money,” but where is everyone getting all of this money? For many small business owners, funding comes from your own personal savings and then profits get poured back into the company.
What do you do when that isn’t enough to GROW? Ask family for money? Instead, check out the Small Business Administration’s website and find resources. Here are a few things to consider:
- Is your business classified advantageously?
- Are you a veteran, but not registered as a Veteran-Owned Business?
- Could you sell & share ownership with someone?
- Don’t forget to notify the state, if you go this route
- Have you been turned down for a bank loan?
- Ask the SBA themselves! There are SBA-Guaranteed loans to help give your bank lending-confidence.
As always, don’t hesitate to reach out with questions to your built-in community, right here at Indiana Owned!