Planning Your Business
Planning is critical to starting and building a business. We've provided a link to an assessment, and information on the local organizations that can help you get ready—from developing a business plan to developing a business network.
SBDC
Most businesses start with funds from at least one of the following sources:
- Owner’s Personal Savings
- Owner’s Credit Card(s)
- Personal Loans from Family and Friends (debt)
- Personal Investment from Family and Friends (equity)
- Line of Credit from Bank/Lender
- Term Loan from Bank/Lender
Other options exist, but what is the best source for your idea? We can walk you through a number of questions to help you identify the shortest path to obtaining a capital mix that works for your business. Many factors are considered, including: size of the project, owner’s investment, nature of the assets purchased, terms needed for repayment, industry risks, owner’s credit and business history, and others.
One option, once you have a formal lender (think “Bank”) on board, is the Appalachian Development Corporation (www.scacog.org/rlf) which acts as a “gap lender” in deals that meet its charter and guidelines. This economic development lender has a specific territory and objectives, such as job creation, to meet through its loan programs.
