We had a great time this afternoon following the live tweeting event, #sbaEweek, hosted by the SBA. While most of the questions were answered thoroughly, we thought that we would put in our two cents regarding a few questions.
Jacqueline Gray Miller asked…
We know how difficult it can be for people to find the funds necessary to start a business. No matter how motivated, bright, and hardworking you are, it is unfortunate that some aspects of entering business are so subject to the wills of larger enterprises. Because small and micro sized businesses are often considered too high risk for bigger banks, we suggest looking towards alternative sources and government lending programs to help meet your capital needs. This normally involves reaching out to local banks that look to stimulate small business activity in their communities.
Luckily for Jacqueline, she may face less of a hassle when approaching commercial banks. Due to the successful business models of many brand name operations, bigger banks are more willing to loan them the money. However, this is unlikely to be done without some form of solid collateral.
It is, first and foremost, important for people who want to start a business (whether it be a franchise or their own entrepreneurial pursuit) to become educated about the different ways to acquire funds. That’s why we host our nationwide event Access to Capital, where business owners can get valuable information about finding and applying for loans.
If you haven’t been able to attend one of our Access to Capital events yet, you can still find expert tips from our past events.