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How To Fund A Business - Info For Seniors

If you are about to start your own business, but you lack the financial backup for doing it, perhaps it's time to look around and see what the market has to offer you in terms of financing.  Consider Kickstarter which provides information to large numbers of both small and large investors and takes a 5% cut of the financing for its efforts.

Sites that provide information:

http://www.myownbusiness.org/
http://www.corporate.com/

Note: We believe these sites offer valuable information on getting your business started but suggest you check with your attorney or adviser before starting a relationship with any 3rd party offering advice or counsel.

Business loans, from $5,000 to $25,000, available to older entrepreneurs

Superior Financial Group is one of the largest SBA lenders in the country with over 30,000 loans funded. They are able to offer older entrepreneurs a simple and easy SBA working capital loan. Many financial organizations are not lending to small business in these difficult times. This is not the case with Superior; they are available to help you start your business, expand your business or take your business to the next level .

Here is how

  1. The loan is in the business name
  2. There is no collateral required
  3. No tax returns are required
  4. Affordable monthly payments
  5. Simple Interest
  6. No balloon payments
  7. No hidden fees
  8. No prepayment penalty
  9. Low monthly payments -a fully amortized business loan

For information on qualifying for a loan click here.

Some states assist in starting a business

According to a Wall Street Journal report, several states are now allowing entrepreneurs to collect unemployment benefits—while they're building their business. In these states entrepreneurs who want to launch a business may be able to get a cash infusion from an unexpected source: their unemployment checks.

In the past if you were unemployed and started your own business you would have lost your benefits just when you needed cash to pay your daily living expenses or fund your new enterprise..

Now, under the Self-Employment Assistance program, workforce security information qualified candidates can keep collecting unemployment while they build their business, and can sometimes get state-sponsored training and counseling as well.

There are many difficulties you will encounter if you wish to take advantage of this program and only a few states offer it. In addition you can't apply to extend your benefits if you use this program, so your unemployment checks are cut off after 26 weeks.

Right now only the following states offer the SEA program: Oregon, Washington, Delaware, Maine, New Jersey and New York. (New Jersey's program has recently been revamped and the SEA program is now known as the Entrepreneurial Training Program for the Unemployed.)

If you are interested in this program be aware the selection process is difficult.. States are required by federal law to determine that you would be likely to exhaust your benefits without finding work unless you started a business. Some states such as New Jersey sponsor the training at community colleges. Other states, such as New York, Washington and Maine, require training but you must pay for the courses. States usually review your business plans for feasibility, and once your enterprise is up and running you must meet certain goals and provide a business marketing plan.

In some cases, you must also show that you have the resources to get your business off the ground. In other words you must have additional moneys to insure you can get your business off the ground.

The information above is gleaned from a Wall Street Journal Report: Money Game by Barbara Haislip.

Small business suggestions from our readers:

We've heard from a number of our viewers who have started their own business and many have told us to suggest that starting a small landscaping, painting or dog walking business takes very little capital and can provide extra income. A few have also used grandsons and granddaughters to help in these enterprises as well as neighborhood kids. Grass cutting and snow removal are other areas where revenue can be created as well as cleaning services and one man told us he specialized in cleaning out garages locally and was able to expand to his entire city hiring other boomers to assist in this work.

Several have written us they have started a cupcake business. The investment to do so is small and there seems to be a demand for cupcakes so the risk of success is minimal. Not only are cupcake shops turning up in more and more places, but there are also cupcake trucks and vans selling freshly baked cupcakes from street locations.Click here to see a list of these businesses

Health Care Insurance for Small Business

If you start your own business and pay yourself less than $50,000 a year you will qualify for small-group coverage and a tax credit. If you pay yourself (and your partners) less than $50,000 each for the next few years you should qualify for the 35% tax credit for small business owners which provides medical benefits under the new health-care reform law.

To find an insurance broker to set this up for you click here You could also ask other small business owners for referrals to their insurance broker to help you get signed up for the coverage you need. Costs will vary substantially but should run from $200 a month for an individual to $1500+ for an entire family.

Copyright 2014 by Retired Brains