Are you considering becoming your own boss? Now could be the ideal time to take the plunge, given the range of funding options for entrepreneurial thinkers. Whether it is an idea for a new restaurant, coffee shop, shoe store or online venture, there could be funding available to those who are savvy enough to sniff it out. Additionally, don’t forget you’ll likely need business insurance RI to make sure your business is covered for key risks.
The US Small Business Administration is a good place to start when looking for funding. The US Government has a number of loan options available to help small businesses weather the financial rigors encountered when starting up. There are currently three loan options available to businesses facing specific costs. For example, the 7(a) Loan Program helps businesses with issues caused by the North American Free Trade Agreement, those operating in rural areas and businesses which export to overseas markets.
The Microloan Program gives small businesses small, short-term loans to help them continue on their growth trajectory. For that reason, microloans cannot be used to clear existing debts – instead the money is for purchasing supplies, furniture, fixtures machinery or equipment. The third loan program is for long term, fixed-rate financing to help businesses expand and increase employee numbers.
While you’re planning your finance, and working out a budget, don’t forget to include business insurance RI in your calculations. Why not call us to discuss a competitive quote?