Financing Your Business

Before you start the process of raising or borrowing money, it’s important to return to your business plan and ask yourself a couple of important questions:

• How much money do you need?
• What will you spend it on?

SBA - Calculate Your Startup Costs helps identify startup expenses, how much your expenses will cost, and understanding your full financial picture. If you can’t provide a detailed answer for these questions, then you may need to revisit your business plan before pursuing any financing options.

We recommend Small Business Development Center (SBDC), which offers no-cost services for small businesses and entrepreneurs, including one-on-one business advising, strategic business planning, and assistance with developing financial projections. Schedule a no-cost business advising phone appointment with SBDC for additional assistance.

Once you’re able to answer those questions then you’re ready to learn about different financing options for your small business! Here are some excellent resources to begin exploring:

• Economic Community Development Institute (ECDI)  
  (Nonprofit)
  Statewide lender offering small business microloans and business support, training, and networking services
• Kiva Columbus  
  (Nonprofit)
  Lending options for financially excluded entrepreneurs unable to launch or grow their business ideas
• Small Business Administration (SBA) Lender Match  
  (Federal Government)
  A free online referral tool that connects small businesses with participating SBA-approved lenders
• SBA Learning Center - Financing Options for Small Businesses  
  (Federal Government)
  Training on determining financial needs, venture capital, angel investors, crowdfunding, and other options
• Franklin County Food Business Portal - Food System Resources page  
  Provides additional information on grant opportunities for particular types of food businesses

It’s important that you do your own homework on what will work for your business! The pages below will help you understand different financing and capital access options that may be useful for your business.

• Access to Capital (Loans) - Microlenders, Nonprofit Lenders, Banks, State Programs, Federal Programs
• Access to Capital (Equity & Ownership) - Seed Capital, Venture Capital, Angel Investment
• Development Finance Toolbox - Bonds, Property Assessed Clean Energy (PACE), Tax Increment Financing (TIF), Tax Credit, Tax Abatement