Financing Your Small Business

As a small business owner you face a variety of different financing options. Some of your choices include finding investors, pulling out business loans and applying for government grants. This article is going to address the latter two of the three previous options and discuss what you as a small business owner can do to secure additional capital for your business.
Loans
Loans are borrowed funds that your business will have to pay back, usually with additional interest. They are the most widely available resource for small business funding and are worth mentioning in this short article. The U.S. Small Business Administration currently has three different loan programs for small companies and businesses; the 7(a) Loan Program, the Microloan Program and the CDC/504 Loan Program. Each of these government-sponsored programs is designed for a specific purpose and is available to businesses that meet the standards and requirements of each respective program. More information regarding these business loan programs can be found on the SBA website under the Loans & Grants section of their website.
Aside from the previously mentioned government loan programs, small business owners can decide to obtain funding from local financial institutions. Most financial institutions offer a wide variety of business loans with varying interest rates and monthly payments. Common types of business loans include loans for real estate, loans for company equipment and loans for the vehicles you use to perform company services and activities. Each of these loans has the potential to benefit your business in a variety of ways and the usefulness of each loan depends on the type of business you own. Most financial institutions have a portion of their website dedicated to businesses and typically provide information on the type and availability of their loans within this section. If you feel more comfortable meeting someone in person and shaking a hand, most local banks have a dedicated staff for small business owners. They're always more than happy to help.

Project Financial Management

Over the past decade or so we have been constantly bombarded with news about private and public projects that have either delivered scope at well over the expected budget or had to reduce scope to even come near to the original budget. Current thinking within project management methodologies only discuss the financial aspects of a project at a high level, leaving the "student" without any real way of working to greater understand the impact of their decisions on the financial results of the programme. In turn, the business case development is usually given minimal time and is a rushed job in the end. Investing in the correct people and time up front to review feasibility and secondly the business case is a must to ensure the total on target delivery of a project.
In the financial climate we are in, where budgets and costs are being cut, the time is now to ensure that whatever funding a company has available, that they invest it wisely - to do that you need to ensure that the project in the end - budget, costs and benefits are comprehensively reviewed.