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Work: Starting Your Own Business

Determine How You Will Finance Your Business

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Options for financing a business include :

Use your own funds

  • Using your own money shows that you are serious, while giving other potential investors confidence.
  • More than one business has been started by maximizing debt on credit cards. If you use credit cards to start the business:
    • Try to get credit life insurance on the card, and hopefully even credit disability coverage. The life insurance will pay off the debt in case you die. The disability coverage will postpone payment if you become disabled.
    • Be careful not to overextend yourself.
    • Think about what would happen if the business fails and you're stuck with the credit card debt.

Friends and family

  • Consider all family members, partners, friends and acquaintances as potential investors in your venture.
  • Money advisors suggest that you do not ask people to invest who cannot afford to lose all the money.

Commercial finance companies

Venture capital firms

Local development companies

  • The federal government funds Community Development Financial Institutions ("CDFI"). To find a certified CDFI institution in your area, call: 202. 653.0421 
  • If you deal with any of these companies, in addition to understanding the arrangement, watch for the details in the fine print.

Small Business Administration Loan


  • Banks cannot ask about your health condition when considering whether to give you a loan. 
  • You are under no obligation to disclose your health condition.

Credit Unions

Veterans Assitance

  • Assistance is available for veterans. For information, see: offsite link

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