Small Business: Raising money
Bank vaults have been slammed shut this year to small businesses, but entrepreneurs are pulling cash from other places to get their ventures off the ground.
Victoria Pavlov
In the past year, I made two attempts to take out a loan for my startup graphic design business. All banks demand proof that our business is successful and earned money for the past two years. I tried to make them understand that our business cannot bring in any money — we need equipment that can only be bought with a loan. If I get it, my company will create new job opportunities that will be beneficial for our economy. However, with that said, all banks remain ignorant. What is the best way to take out a loan for my business?
For retailers that don't want the overhead of stockpiling merchandise, drop shipping can be a cost-saving option.
Mike, Queens, NY
I started a home-based wholesaling business six months ago and got four credit cards totaling $18,000. I was scammed out of $10,000 and invested another $4,000 into a Web site and advertising. Now my cards are almost maxed out, and I need the cash or credit to purchase merchandise. Business people tell me it takes a few years before turning a profit, but I've worked like the devil these past six months to finally get the contacts and deals I've been searching for, only now I don't have the cash or the credit. Is there anything I can do?
Environmentally friendly practices can help your business grow – and grants and low-interest loans are available to help.
John, Lynnwood, Wash.
“I'm looking to make my auto detail shop very green. Are there any government grants that I could get to convert everything to the greenest detail shop you've ever seen?”
Grants for small companies are almost as rare as unicorns. Here's how to protect yourself against fraud.
Adriana Matteo, Warwick, R.I.
I'd like to start a small business and need a grant to start. How do I go about it and who do I need to contact? Everything seems to be a scam, but I know there are grants out there for young women who want to start a business.
"Factoring" can be a godsend for growing businesses that need to smooth out their cash flow. Here's what you need to know about it.
Gary, San Jose
Can you recommend a reliable factoring company? Is there any factor company that can work with us to invoice our clients using our name, so that our client doesn't know we've factored our receivables? Read more…
You can still cut back without shedding staff. Here's how.
Avery Wasoleck, Partner, Lane Office Furniture, New York City
When costs need to be cut, the first thought is often employee layoffs. Is there a more creative way for my business to achieve savings?
A downturn can be a great time to become an entrepreneur – but only if you're prepared, financially and emotionally, to wait out the economic turmoil.
Charlene, Fort Myers, Fla.
I'm interested in buying a small pack-and-ship company. It's for sale for $70,000 with a gross profit of $245,000 a year. As an owner, after making all my bills and deductions, I would make about $60,000. My husband and I want to run it ourselves, with no employees, but we are worried: Is buying a business in the current economy a smart idea? Read more…
If your business is in a target zone, don't miss out on the benefits.
Ros Borden, Miami
My wife and I own a convenience store in a federally designated enterprise zone. We have eight employees and we have owned the store for two years. We are struggling to stay afloat and to hold onto our employees. Can you get us information on how to use this designation to benefit us and our employees? I have already cashed out my retirement money. If we can’t get help, we’ll have to put eight people out on the street. Read more…
Internet databases can get you off to a good start, but be prepared to hire someone to help to narrow your search.
Tyler Lowe, St. Louis
I would like to buy or become a controlling partner in a small/medium size business in the St. Louis area. How do I find businesses that are either for sale, or that have owners who would be willing to discuss a sale? My broker (with a huge financial services firm) has not been able to generate many leads. Read more…
Joanne Carine, Bayonne, N.J.
I am 23 years old, am a hairstylist and the owner of my salon is going to sell the shop next year. I would love to buy the shop and would need a small business loan. I have been a hair dresser for 3 years. I live with my parents but financially they cannot help me purchase the shop for $150,000. Should I borrow the money or wait until I am older and have more experience?
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Detroit's churches are plowing millions into redeveloping local housing and businesses. More -
Winepod attracted a wait list of eager buyers and millions from investors. Then came the recession. More -
As other major banks withdrew, Wells Fargo stepped up its small business lending. More -
Designer Chuck Comeau set up his manufacturing in Plainville -- 240 miles away from a major airport. More -
As staffs shrink, business owners are taking on support duties they haven't had to handle in years. More
