Your business plan should outline the financial needs of your business, and include an assumption of how much capital is required in order to get started. Use your business plan and personal finances to determine how much you can contribute to starting a new business, and then identify other sources of loans or financing. In general, business owners must contribute between 25% and 35% of the funding necessary to start their business, and to obtain additional financing, lending institutions are looking for:

  • strong business planning
  • collateral in the form of valued assets, property, and inventory
  • demonstrated business knowledge

The U.S. Small Business Administration has numerous resources for financing, including:

Banks and Credit Unions

Community banks and credit unions offer business loans, but typically will only lend to individuals or businesses that have established multiple funding sources and have a clearly outlined path to repayment. A unique facet of banking in the Tri-Cities is that our credit unions are community based, and you do not need to work for or be a part of another organization to become a member of the credit union. Whether you decide to seek financing from a bank or a credit union, compare the requirements, interest rates, and penalties of each organization to determine what will work best for your unique business.

Click here for a directory of both Banks and Credit Unions from the Tri-City Regional Chamber

Grants, Financing, and Gap Funding

There are numerous grants, financing, and gap funding available through Tri-Cities organizations, but many of these resources are primarily for established businesses. Click here to see a City maintained list of grant and financing issuing organizations we are aware of.