Trying to start a small business. How to get funds for startup?

Trying to start a small business. How to get funds for startup? Topic: Trying to start a small business. How to get funds for startup?
June 19, 2019 / By Adino
Question: Looking to start a small 10-20 seat diner with my husband, but FUNDING is the question. We've been working on our business plan, and we have our menu set, our theme.. We're both cooks, we figure we can run the joint together, maybe hire an employee or two down the line if necessary. We ran numbers and came up with a figure that we'd require to keep our business and home afloat for 4 months. But we have no start-up. We're looking into loans now (interested in info on loans as well), but are there any grants/giveaways/contests/etc for small business startup? How to get funds for startup?
Advertisement
Best Answer

Best Answers: Trying to start a small business. How to get funds for startup?

Stephania Stephania | 5 days ago
Grants aren't hard to FIND, but they can be extremely difficult and time-consuming to GET. There are essentially only 5 sources for grants. A little known fact it that you do NOT have to be a non-profit to get a grant, regardless of what others tell you ... I've helped for-profits apply for grants. Most of the Federal grants are called Small Business Innovation Research grants. These are given primarily for some new innovation. You can find out what's available at: http://www.sbirworld.com There is also info on this site about how to apply. Some cities offer grants to small businesses if they will locate in the downtown area, for the purposes of building up downtown traffic. Check with your City Hall for details. There are some Federal government grants for minority businesses. You can find info at: http://www.mbda.gov And, there are some minority organizations that provide grants ... La Raza and the NAACP sometimes do. http://www.nclr.org http://www.naacp.org Private companies sometimes help fund start-ups, especially if they think they will see some benefit from it. These are very difficult to find, but can sometimes be the easiest to get. Finally, private foundations offer grants. You can get a list of most US Foundations and private grant sources at http://www.foundations.org/grantmakers.html.
👍 158 | 👎 5
Did you like the answer? Trying to start a small business. How to get funds for startup? Share with your friends
Stephania Originally Answered: Is it likely I'll be approved for a small business startup loan?
Any bank will require a business plan that shows that you can pay the loan back. Go to http://sba.gov/smallbusinessplanner/plan... or http://www.score.org/template_gallery.ht... for instructions on how to write a business plan and sample business plans. You should have a credit score of at least 700. You will personally have to put up 30% of the funds as no bank is going to assume all of the risk.

Quella Quella
This Site Might Help You. RE: Trying to start a small business... How to get funds for startup? Looking to start a small 10-20 seat diner with my husband, but FUNDING is the question. We've been working on our business plan, and we have our menu set, our theme.. We're both cooks, we figure we can run the joint together, maybe hire an employee or two down the line if necessary. We ran...
👍 60 | 👎 -3

Meed Meed
Here's a list of soucres for start-up money In order of importance 1. your savings 2. friends and family 3. Network contacts 4. private investors 5. private equity funds 6. banks. My best advice will be considering adding an extra partner to your mix, someone who has a background in restaurant management who has connections with people with money (private investors). Adding an extra partner can spilt the profits in two, one share for him and the other one for you and your husband as shared income which can lower your tax burden the first few years you guys are open. Private equity funds are companies that fund start-ups or existing companies looking to expand.. They require no collateral but they do require a 20% controlling interest at least and their time frame for a return on investment is 2 years, where as your friends and family can wait as long as 20 years for their return. P.S. don't go through donald trump. He is wise but also a *** hole. Going to him will be like going to Oprah for a hit tv show, meaning there is too much competition.
👍 56 | 👎 -11

Laverne Laverne
why don't you ask your family and friends to help you ? that would be nice ,it will get you some free publicity for your Joint also ..what say ? and you can pay back the money along with some special offers for the people who volunteered in helping you ..or promise to share a small percentage of profit instead :-P or you can contact my favorite writer -Mr. Donald trump if he likes your idea ,he can sure help you ,the guy is a billionaire P.S- don't forget to mention his 20% share from the profits :-P P.P.S-don't forget my 5 % share from the profits :-P
👍 52 | 👎 -19

Laverne Originally Answered: Looking For SAVA (Investors)/Grants/Loans of $1m to fund 4 small business/NEED FUNDS BY FEB/2008?
There are no grants for a for profit business unless you are opening a daycare and then it is a minimal amount. If you need money, you will need to apply for a loan. No lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan.
Advertisement

If you have your own answer to the question Trying to start a small business. How to get funds for startup?, then you can write your own version, using the form below for an extended answer.