The saying, “You have to spend money to make money,” is oftentimes true, especially when starting or running a business. The question is, how do you find local business funding in Cutler Bay / Miami? Here’s how you can find funding and make your financial choices carefully!
Consider the Amount of Funding You Need
Before you can find the financial solution that suits your business’ needs and goals, you need to know how much funding you’re going to need. Take the time to calculate an approximate of your business expenses. This can include rent, product manufacturing, and more.
Look for Investors
Investors are a popular way to receive funding. Investors, well, invest in your company. In turn, they’re offered either an active role in your company or ownership share. Contrastly, you can be your very own investor in a way by self-funding.
Self-funding often involves tapping into your 401k or savings accounts, or turning to friends and family for help by leveraging personal finances. However, you take on all of the risk.
Opt for a Small Business Loan
If your goal is to stay in complete control of your business yet still receive financial aid, a small business loan might be right for you. Banks and credit unions offer these small business loans, so make sure to look around and find the best terms for your loan.
Additionally, prepare materials like financial projections, an expense sheet, and a business plan for the next five years. This increases your chances of securing a loan.
Crowdfunding is similar to investors in that you receive funds from multiple people. However, with crowdfunding they don’t receive ownership nor expect financial return. Instead, they receive a gift or incentive from your business, such as the products or services you intend to sell.
For More Help on How to Find Local Business Funding in Cutler Bay / Miami, Let the EDC Help!
It’s not easy to find local business funding in Cutler Bay / Miami, but The Economic Development Council of South Miami-Dade can help! Contact us today to learn more about resources to help your small business flourish!