Guest Blogger: Kathy Henderson, Director of Economic Development, Carbon County, PA
Starting a new business certainly has its challenges. You come up with an idea you do the research even find a great location. Now how are you going to bankroll it?
Remember that usually the first dollars into your business are yours. Perhaps you dipped into savings or cashed in your 401k or maxed out your credit cards. You may even have worked your regular job and moonlighted at your business to get it off the ground but now you’re ready for the next step; actually going out on your own.
At the startup stage, angel investors are hard to find and asking for help to find grants, or ‘free money,’ is a common request that my office handles all the time. While there may be some small grants, these are not common.
New businesses have a hard time getting funding from a bank because they don’t have the financial history of actually being in business. There is really nothing concrete to show a lender that your business is successful much less be able to pay back a loan.Read More