Financing options for small business owners

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So far in 2009, we’ve seen multiple displays of support for banks, large manufacturers and home owners struggling with the economy.  Thankfully, there is now a push to help small businesses and entrepreneurs get access to much needed funds.  The banks have taken their financial stress tests, why not take yours?  If you find your small business is in need of cash or a line of credit, there are great options out there if you know where to look and whom to ask

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This week the U.S. Small Business Association introduced a terrific resource for small business owners looking to strengthen their cash flow.  America’s Recovery Capital (ARC) loans are available to established, viable, for-profit businesses that need short-term help.  The best part is that ARC loans are interest-free to the borrower, 100 percent guaranteed by the SBA and have no SBA fees associated with them.

Kiva, a successful international micro-lending website, launched their US lending program this month.  Through partners like Accion USA, Kiva raises money from individual donors to fund diverse small business initiatives. American entrepreneurs who are finding funding through kiva.com include graphic designers, computer technicians and communications specialists.

Local resources also abound for small business owners.  At The Suites Collection, we have a special package for entrepreneurs on a budget.  Our “Start-Up Special” provides you with a full time private office in Chicago’s central business district or River North for under $1000 per month.  The low monthly price includes telephone, voice mail, high speed internet and on-site administrative personnel.   These offices are move-in ready so schedule a tour today and be in business tomorrow.

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Another local business resource, SCORE, will host their next small business financing workshop on June 25thSign up to attend the class held at 500 W. Madison and learn about various ways you can finance your business through angel investors, banks and venture capitalists.  This practical workshop teaches you about the documents you’ll need for the different types of funding and there will be a banker available to go over other specific criteria.  There are plenty of people with resources willing to lend a hand.  Take the time to pursue these various revenue streams, and you will likely find one that benefits you. 

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