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    Starting a Michigan Business Series: Financing

    Access to capital is one of the key fundamental needs for a business to thrive and grow.  Capital can give business longevity.  We discussed this in a previous post regarding cash flow in your business.

    We know it’s important.  We desperately seek it.  The trouble comes in sorting through all the junk on the interwebs to get to the helpful information.  Outside of factoring invoices, guaranteed loan scams, faxed “we get you cash” pages, when the bank says no, where do small business owners and entrepreneurs turn to for capital?

    Fortunately there are a number of organizations in Michigan dedicated to assisting business owners in securing capital for their business.  We’ll get to that shortly.  Before you consider going after capital have you put together a solid business plan for your business?   You’ll need it.

    If you’re an existing business putting together a business plan for the first time, Talan can help you identify areas within your business that need shoring up through our BIZ Strength profile, and it’s FREE.

    Back to the previously scheduled blog post….

    Besides your friends and family there are some amazing resources for finding capital in the state of Michigan.  Listed in no particular order:

    MCPED Business Development

    In Macomb County, their staff offers up options to legitimate financing alternatives if a bank doesn’t work.

    MEDC

    The Michigan Economic Development Corporation has access to state funds, federal funds, as well as many other alternatives for your business

    Alliance for Business Growth

    The objective of the Alliance is to encourage entrepreneurship and assist small business owners throughout Livingston County by providing FREE or low-cost assistance.

    State Administered Grants

    Yes.  You can get grants for your Michigan business.  You however need to do the research.  Isn’t it nice to learn something new?

    GLCEDC Loan Program

    Livingston County offers a Commercial Revolving Loan Program through the GLCEDC.

    Michigan Seed, Angel, and Venture Capital

    Sometimes you need an angel to come along.  If your business idea is good enough this may be the route to go.

    At Talan we believe in helping you find success in your business.  We are passionate about small business and the people who run them.  If you ever find your self in need of assistance, please don’t hesitate to reach out.  While the list gets you started, it is not a comprehensive list.  We like to be interactive…so if you happen to know of other creative financing options (legitimate), add them to the comment section.

    Until next time.

    About the author

    Billy Strawter Jr wrote 16 articles on this blog.

    We provide on-demand business services, coaching and consulting to small businesses. We're passionate about small businesses and the entrepreneurs who lead them. Call us today to learn about their processes designed specifically to help you and your business succeed. Google

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