Starting a business is not easy.

There are a lot of considerations such as:• Where am I going to get the money I need to start and continue in my first year?• Am I prepared to work long hours to get the business up and running?• Where is the best location and how much will it cost for rent or to purchase a location?• Should I rent for a while instead of buying the property?New business owners often find that the easiest component in the whole process is actually coming up with the business idea.Potential business owners often struggle to find those first dollars for startup.Asking for help to find grants, or "free money," is a request we get frequently at the CCEDC offic.However, while there may be some small grants, these are not common.The bottom line is that any new potential business owner needs to have funds available to invest in their new business.So, how do you get the cash you need?"Bootstrapping" a business startup, or using some simple means to finance the business, is common. Here are some ideas.• Use personal savings. If you don't have any savings you may need to put your business idea on hold for a while until you 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. Staying in your current job means you'll still have a guaranteed income and keep your benefits, giving you financial security.• 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 full time.• Turn to family and friends for startup funding but make sure you put all agreements in writing. You do not want misunderstandings to cause a problem in the future.• Use credit cards cautiously for two reasons; first, you may need those funds to help you through the initial period when your business generates little income. Second, you are putting your credit history at risk, and you may need good credit for a future business or personal loan.Remember that the first dollars into your new business are usually yours.At the startup stage getting a banker or investor is difficult because a new business has no track record of success, plus the cost of their money can be high. If a banker does decide to give you a loan, they will probably ask for a personal guarantee and may want your house or other personal financial assets as collateral.Have questions on starting a business or have an existing business and need help? Call us. We work with Wilkes University's Small Business Development Center.Their representative will meet with you here in Lehighton or Jim Thorpe at no cost to you for consultation services on starting and growing your business.If you need financing, we offer great terms with low interest rates starting at 2.25 percent and because we don't have to abide by the same rules that banks do, we can be more flexible.Call us today at 610-379-5000.Let us help build your dream.