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110 Gage Blvd., Ste 100 | Richland, WA 99352

Financing Your Business

Generally, business financing can take two forms:  debt or equity.  Debt means borrowed money.  Equity involves giving up an ownership interest.

New businesses often need capital for the initial outlays prior to opening a business.  A business might also need financing when they undergo an expansion or during peaks of a seasonal business.

Common sources of debt financing include:

  • Vendor or trade credit
  • Credit cards
  • Family and friends
  • Banks
  • Small Business Administration (SBA) Guarantees
  • Leasing companies
  • Customers or clients
  • Specialist lenders
  • Investors

Equity financing sources include:

  • Venture capital companies
  • Private individuals

Regardless of the type of financing you’re looking for, the process of obtaining it is the same.  Develop a business plan that addresses these 5 basic questions:

  1. What is your business proposition and how will you make it successful?
  2. Do you have the necessary experience and have you done your homework?
  3. How much money do you need?
  4. How will you spend the money?
  5. How will you pay it back?

The business plan usually covers a 3 to 5 year period and includes financial forecast.  Financial forecasts are like weather forecasts-the farther out you go, the less reliable they become.

Insight can assist with putting together financial forecasts and  business/financing plans.  Because we’ve been practicing in this community for a long time, we have numerous referral sources for financing options.  We are pleased to make introductions as appropriate.

Fax - (509) 388-0087

110 Gage Blvd., Suite 100
Richland, WA 99352

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