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Financing Your Business
One of the most important aspects of your business plan will include ideas for financing your business. Will you seek equity and/or loans from family and friends? Will you explore loans from banks or from special lenders such as the Small Business Administration? Be aware that each type of financing carries its own benefits and challenges.
Local Small Business Technical Assistance Providers offer classes and consultation on loan options and ideas. You may want to explore your options with:
SBA Certified Development Companies help small businesses secure SBA financing for commercial real estate. The typical SBA-backed 504 loan requires a 10% down payment from the business owner, 50% of the loan from a bank and 40% provided through a Certified Development Company (relying on SBA financing). Local SBA Certified Development Companies include:
Local Banks or Credit Unions may offer loans to prospective or existing small business owners. Search the internet for local financial institutions
Industrial Development Bonds (IDBs) are tax-exempt securities issued by a governmental entity to provide money for the acquisition, construction, rehabilitation and equipping of manufacturing and processing facilities or equipment. IDBs provide small and medium-sized manufacturing businesses access to low-interest, long-term capital markets. Check out the California Industrial Development Financing Authority website for more information .