The best way to finance a business startup or expansion is to not have to take out a loan in the first place. The lower your expenses, such as on monthly debt payments, the more money that you have to invest in the promotion of and securing of supplies and material for your business.
However, there is a place for debt. If you truly need a loan to support your business plan or operation, there are loans available through both for profit and not for profit sources.
Your plan may be able to be financed with a relatively small amount of capital. In such an instance, a “micro loan” may fully satisfy your business start-up expansion needs.
Micro loans generally range from $500 to as much as $35,000, depending on such factors as the economy in which your business operates and the institutions that service your area. Because the cost of supporting such loans is relatively high, and because the loans are often not secured by collateral, micro loans are mostly offered by not for profit organizations.
Put your plan in writing, and use information found here to determine whether a micro loan is appropriate for your business and to enhance your chances of securing an approval of your application.
There are institutions that offer micro loans in New Orleans. Do an online search of “New Orleans Micro Lenders”. Visit the websites of some of the lenders, and apply, if the opportunity serves your needs.
The nation’s and the local economies continue to expand. Take advantage of this fact. I wish you the best in securing the capital needed to finance your business idea.