Starting a business means a need for money to help pay for a variety of things from permits to getting the store ready for customers, to buying initial inventory or updating equipment or the building. New business owners often struggle to find those first dollars.

I field many requests asking for help to find grants, or "free money."However while there may be some small grants, these are not common for a "for profit" business.That means the business owner needs to have funds of their own available to invest in his or her business idea.So how does the business owner get the cash he or she needs?"Bootstrapping" a business startup, or using some simple means to finance the business, is common whether it be an infusion of money from a family member, or bartering for some services that are needed for the day to day operations.Other ideas include the following:• Use personal savings. If you do not have any savings, you may need to first save enough money to cover some or all of the startup costs.• Maintain some cash flow by continuing to work at your existing job while starting your business at night and on weekends. During that time, you also can focus on building a savings account. In addition, staying in your current job means you'll keep your health insurance benefits, giving you a feeling of security.• Do consulting work while working on opening your business.• Home equity or cash from a retirement plan are possible funding sources. However, you must understand the risks. If the business fails, you may lose your home or have little or no savings to provide retirement income when you want to quit working.• Turn to family and friends for startup funding. Just make sure you put all agreements in writing. Remember, if it's not in writing it didn't happen and you don't want any misunderstandings to cause a problem in the future.• Use credit cards. Be very cautious with this or only use it as a last resort for two reasons.The first is that you may need those funds to help you through the initial period when your business generates little income.Secondly, you are putting your credit history at risk, and you may need good credit for a future business or personal loan.A better option is to contact us here at CCEDC. We offer low-interest small-business loans for local companies just starting out or to existing businesses who need to expand or upgrade machinery and equipment. Some loans can also be used for agricultural related businesses.Plus, we are now certified to offer Pennsylvania Industrial Development Authority loans through the state.The first dollars into your business are yours. Lenders like to see that you have some "skin in the game" and are not just depending on loans to make it happen. Give us a call today; we are here to help!