How will you fund your business?
The first thing that needs to be said about funding options is that there is practically no grant money out there for ordinary small businesses.
Learn about the following financing options:
- Grant Money & SBIR Grants
- SBA Loans
- South Dakota Economic Development Funds
- United States Department of Agriculture-Rural Development
- Local Funds
- Loan Comparison
If you are a for-profit business, are not doing technical research, and are unable to get any of the various types of loans mentioned above, your most likely remaining options are to take out a second mortgage on your home, appeal to friends and family, or take the high-interest risk of using credit cards. As your company grows and becomes more successful, you may be attractive to venture capitalists or angel investors, or may be able to float a stock offering.
Regardless of how you finance your business, a well-thought out business plan will be critical to anyone who would put money into your business. Contact the Small Business Development Center, SCORE (605) 394-1706 for dates of entrepreneurial training programs and other business planning courses.