Resources abound for business funding in Tucson

According to the U.S. Census Bureau there are more than 60,000 “nonemployer establishments” — companies with no employees — in Pima County.

This is a great place to start a small business, but if your start-up requires significant financial investment upfront, finding funding can be a challenge
as banks won’t take the risk without a proven track record or established business credit.

But help is available through the Small Business Administration and various partners, and a SCORE workshop in Tucson later this month offers some hands-on
help.

According to the SBA, before you risk your life savings or take a second mortgage, consider the following ways to finance your business that you may have
overlooked.

  • Friends and family are a common source of funding for many start-ups. They know you, and often they have quicker access to cash. Select someone with
    business skills who understands the risks and benefits of what they are getting into and show that you’ve done your research. Decide whether you want a
    loan with repayment terms or are willing to offer a share in your business.
  • Peer-to-peer-lending involves pitching your business idea to other people hoping they will invest. Websites like Prosper.com or LendingClub.com connect
    people who want to lend money with those who need to borrow money.
  • Crowdsourcing.org offers a directory of crowd-funding sites like kickstarter.com.
  • Consider a microlender like Accion (accionnm.org); the PPEP Microbusiness and Housing Development Corp. (pmhdc.net); the Microbusiness Advancement
    Center; the Nonprofit Loan Fund of Tucson and Southern Arizona (nonprofit-loans.org); Prestamos Community Development Financial Institution
    (prestamosloanfund.org); the Arizona Technology Access Program (seedloans.net) or CDC Small Business Finance, (cdcloans.com/small-business). A good
    place to start is SBA.gov.

Read the full article here

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