Page 56 - 597 Business Ideas You can Start from Home - doing what you LOVE! (Beginner Internet Marketing Series)

Step 3. Bootstrapping: Make the Most of You r Own Resources 45

ing account you will likely be able to have a credit card issued in
your business name and have it guaranteed by your personal bank
account. This one credit card may offer you enough spending room
to get your product to market if you have an inexpensive product to
produce and you spend wisely.

Your bank probably has other programs you should check out
as well.

Bank Loans

Don't kill the messenger, but in a tough economy, unless you
have a very strong history with your bank, a pristine credit history,
and a high credit rating, it is unlikely that you will be offered a loan
in the start-up phase of the business. Ask the loan officer what you
can do to increase your chances of getting the loan. For example ,
one option might be to have a relative who is financially secure
cosign a loan with you.

As they say, the best time to apply for a bank loan or line of
credit is when you don't need it. Once you are in the black and have
some income in the bank, apply for a line of credit. Believe me, it
will come in handy. Business is cyclical and you will likely find you
need the extra money at some point.

Small Business Administration

Another resource for small business funding is the u.s. Small
Business Administration (SBA), www.sba.gov. This governmental
agency was established to help small businesses in many different
ways. The SBA's basic 7(a) loan is their primary small business loan
program. It allows the loan to be funded for a variety of purposes,
such as "working capital , machinery and equipment, furniture and
fixtures, land and building (including purchase, renovation, and
new construction), leasehold improvements , and debt refinancing
(under special conditions)."