Start-Up Funding Riverhead NY

Every new business owner, whether he owns a small business or a large business, needs to find start-up funding for his new project. Start-up funding for any business, no matter what the size, can be challenging to find, but it is out there if you know where to look.

1 . Local Companies

Ray Passaro Financial Svcs
(631) 585-0304
2780 Middle Country Rd
Lake Grove, NY
Investment Traders Magazine
(718) 318-0994
461 Beach 124th St
Belle Harbor, NY
Hillview Capital Inc
(646) 336-7150
75 9th Ave
New York, NY
North Bar Partners Ltd
(212) 752-1500
767 3rd Ave
New York, NY
Eagle Growth Investors Llc
(212) 753-6800
399 Park Ave
New York, NY
Ing Furman Selz Asset Management Llc
(212) 309-8200
230 Park Ave
New York, NY
Adomaites Associates Ltd
(516) 932-0216
410 Jericho Tpke Ste 203
Jericho, NY
Upstate Financial Group Llc
(585) 624-5150
10 Assembly Dr
Mendon, NY
Oss Capital Management Llp
(212) 838-2390
598 Madison Ave
New York, NY
Standard Integrity Wealth Management Llc
(585) 889-8110
3240 Chili Ave
Rochester, NY

2 . Using Commercial Banks

When considering sources of funding, one of the first options that come to mind is to get a loan from the bank. This can work well, but there are several hurdles to overcome before your business will be approved for a loan. Commercial lenders are typically leery of loaning money to small business start-ups, because there is such a high chance of failure.

When approaching a commercial lender for funding, you will need a well developed business plan that shows when your business will be profitable. Also, it may help to have some sales under your belt before approaching the lender, as commercial lenders are looking for success. If you are given a loan from a bank, you may have to use some collateral of your own to get approved. If you put up your house, for example, to back the loan, the bank may be more willing to accept you because they have a way to get their money back if you should fail in your small business start-up. Of course, you then risk losing your collateral if you should not be able to pay back the loan.

Finally, your personal credit history needs to be clean when applying for start-up funding with a traditional bank. Since the bank has no business credit history to critique, your personal credit is the only thing that the bank can consider when deciding whether or not you are a good risk. If your credit rating is less than desirable, clean it up before applying for a traditional loan.

For Business Cash Advance Call 800-743-9439

3 . Using Your Own Money

Depending on how much you need, you may be able to use some of your own money for your small business start-up funding. Consider, for example, your retirement savings. If your business is a sure endeavor, you can open up your 401(k) or IRA early and use some of that money to start your business. However, remember that when you do this, you will be sacrificing your own financial security should your business fail.

Another option is to get a personal loan, not a business loan, to help you with your start up expenses. A home equity loan, for instance, is something you can write off on your taxes. This will only work for small businesses, however, because the large amounts needed for a larger start-up will not be available in personal loans. If you only need a few thousand to get your feet off the ground, you may be able to get a personal loan to cover this.

For Business Cash Advance Call 800-743-9439

4 . Tap into the Resources of Friends and Family

A third option you have for business start-up funding is to use your friends and family members. This does, of course, require that you have friends or family members who have some money to invest. If you do, however, you could offer them a decent return on investment if they are willing to loan you money.

If you do ask friends and family members to loan you the money for your start-up expenses, be sure to handle the transaction professionally. Treat your friend as if he was a banker, because that is how he is acting towards you and your business. Create a written contract that outlines how and when you will repay the loan. Be sure to set up a payment plan that is acceptable for both you and your lender.

Keep in mind that failing to repay a loan that you are given from a friend or family member could cause you to damage your relationship with that person. Be sure that the individual knows exactly what your business entails and what the risks are. Have a back up plan that you can use if your business does not succeed as you expect it to so that you can still repay your loved one.

For Business Cash Advance Call 800-743-9439
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