Funding your small business

So you’ve got a great idea for a business. Your new endeavor will require hard work, strategy and capital. Here are some things to consider as you take your first steps as a small business owner.

Organize a plan

If you are considering a loan to get your business started, lenders will require a sound business plan when you submit your business loan application. According to the U.S. Small Business Administration, your plan should include a complete set of projected financial statements, including profit and loss, cash flow and a balance sheet. Having a strong business plan is key in maintaining operations and generating revenue. If you plan on expanding your business, be sure to stay organized with your strategic plan.

Determine your funding

Starting a new business will present new challenges, the first major one being capital. Your early steps as a business owner will be determining your funding. You may or may not have enough cash saved to personally finance your startup. Fortunately, there are a variety of options to get your business off the ground, including crowd funding, venture capitalists or perhaps a small business loan.

Application preparation

If you’re considering a small business loan, different lenders may require specific forms. Be prepared with the right documentation to ensure your loan is reviewed and processed as soon as possible. Find out what documents you’ll typically need to get started with a small business loan. Remember to only borrow what you need but enough to cover any unexpected emergencies.

Let Travis Credit Union help your new business. Our Business Services department provides products, services and business loans, including SBA loans. For more information, visit our website or give us a call at (800) 877-8328.

Visit the SBA Small Business Loans Business Services