A major concern for most people when starting a business is financing. Many of us ask ourselves, where am I going to get the money to get my business up and running? As you do your research, you will learn that there are many options – borrow money from friends and family, seek outside investors, use your savings, fund it while still keeping a full time job or get a small business loan. We all weigh our individual financial goals and come up with the option that affords us the capital to get started quickly yet doesn’t put us into too much debt that we can’t breathe due to the financial.
A recent Washington Post article explored the later. It reported that “the number of small business loans under $1 million increased by 15% from June 2006 to June 2007”. Additionally, according to the Small Business Administration’s Office of Advocacy, the loans with a value of $100,000 to $1 million increased by almost 32%.”
Why are small business loans increasing in popularity? We will explore that in our next post.
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