Every business owner should understand that sales alone are not always enough to keep a company properly funded and moving forward. As such, knowing how to access additional capital can be a key factor in the success of a business.
Download the Free Guide to Accessing Capital Here: https://investaurora.org/financial-assistance/
Reasons a business needs capital
There are many reasons that a business might need extra financial support. Of course, starting a business often requires a substantial financial output to cover office space, furniture and supplies, equipment, inventory, licensing and incorporation fees, payroll and more. But even established businesses may require additional capital in any of the following circumstances:
- Expanding the business by moving into a larger location or adding additional locations
- Covering everyday operating expenses during periods of fluctuating sales revenue
- Equipment upgrades to keep up with changing technology and meet customer demands
- Renovations to revitalize your current business location
- Unexpected expenses such as broken equipment or property repairs
Identifying your financial needs is the first step you need to take in order to determine the best way to access the capital you need.
Discover the Next Steps – Download your Free Guide to Accessing Capital here: https://investaurora.org/financial-assistance/
Ways to access capital
Different businesses have different structures, goals and financial needs. Therefore, there are a number of ways a business can access capital. Based on qualifying factors such as credit history, amount of capital needed, purpose of the funds and more, a business could access the capital they need from one of the following options.
- Bank loans
- Credit union loans
- Private investors
- Micro lenders
- State of Illinois
Each of the above sources offers both advantages and disadvantages, so it is best to take the time to compare each option thoroughly to determine the best solution for your business.
Be prepared in order to achieve the best results
Qualifying for financing is not always easy, and the application process can be lengthy. However, one of the most important ways to increase your chance of an approval is to be fully prepared right from the start. During the application process, it is crucial to have all of your important supporting documentation gathered and ready to submit along with your application. This will include items such as your business financial records, as well as a detailed business plan. Find more details about the important components of your business plan in your Free Guide to Accessing Capital: https://investaurora.org/financial-assistance/
Contact Invest Aurora for assistance
Invest Aurora is dedicated to providing important business support resources to the Aurora business community. One way we do this is by working with our current businesses, as well as those looking to locate in Aurora, to identify possible financial opportunities. Additionally, we can assist in preparing a complete application, crafting an effective business plan, digitizing business documents and more. Schedule a consultation with one of our knowledgeable economic development professionals by calling 630-256-3160 or by email at firstname.lastname@example.org.