From Book to Bank: How To Get Funding for a Business Plan

In an effort to continue along the same path as my last few posts, I decided I would discuss what happens after you finish your business plan.  What now?

So, you come up with a great idea, you do tons of research, determine there is definitely a market for your business and you know you can make money if you pursue it, but there is one major obstacle blocking your way to success- you don’t have the capital to get your business off the ground.  It’s like the old saying: It takes money to make money.  And, unfortunately it happens to be true in most cases.

I decided I would take out some of the guess work, and would share with you some basic information about a few websites I think someone in your position may find extremely helpful.  In addition to organizations like the Small Business Administration, Inc., and the National Venture Capital Association, which are all nationally recognized and are geared toward assisting entrepreneurs, there are also countless other resources which are available to small business owners and for those wishing to get their idea off the ground.  You would think that it’s a dog-eat-dog world and that every man would be out for himself, but to my surprise, I have realized that entrepreneurs have come together to share their knowledge and experiences in order to help those who come behind them.
 

The U.S. Economic Development Administration is a government website that offers federal funding.   This organization seems to strongly consider a business’ location when determining if it is grant worthy.  The EDA feels that creating a solid presence of stable and flourishing businesses by region is going to help the U.S. and global economy as a whole.  They focus on long-term regional economic redevelopment, offering grants and funding to higher education institutions and to those affected by natural disasters, for example.

The Coalition of Community Development Financial Institutions also considers a business’ location.  This organization works to serve as the voice of the underprivileged and to make sure that funding is equally available for the less fortunate as it is for anyone else.

Finally, the National Federation of Community Development Credit Unions is another organization whose goal is to assist those in low income communities who would otherwise have a difficult time receiving funding and loans. 

All three of these organizations collect money from other institutions to help support the businesses seeking funding.  My point is that even if you are discouraged because you feel as if you are in a bad part of town or that your credit isn’t good enough, there is hope and there is help.

My parting advice to you would be to get involved.  Embrace all of the organizations and volunteers and local, national, and online resources, which have been created to help you tackle this venture that can undoubtedly prove to be overwhelming at one point or another.  What I have learned is that there is a huge ___ to help you along every step of the way.  Take advantage of it.  Sign up for newsletters and subscribe to blogs- the more you read, the more you learn, and the more knowledge you’ll have to pull from when making your business as successful as you can envision it. 

Good luck!