Click here for a .pdf version of this page

Funding for your Business

Grants - Grants are funds given by the government or other entities to help you start or expand your business. You do not have to pay back monies toward the grant. Government Grants, private organizations and foundations, and corporate community grants can be found through the links provided above or through your favorite search engine.

Loans - Loans are the traditional source of funding for the majority of small businesses, whether they are just starting up or expanding operations. Loans are generally offered by banks, but can also be offered through community agencies and other financial agencies. Comparison rates can be found through sites such as bankrate.com.

SBA Loans - These loans are guaranteed by the U.S. Small Business Administration and are usually used in conjuction with conventional business loans from the bank. SBA loans are used when a lender needs additional security before the loan can be issued. There are a number of SBA loans available, including LowDoc, SBA 7a and microloans. http://www.sba.gov/financing/

Outside Investors - In general, outside investors are typically known to the business owner. They are usually a relative, friend, neighbor, or other acquaintance who is interested in funding the business for a nominal return on investment. Sometimes these investors are refered to as Aunt Sally as a representation of the closeness of the investor to the business owner.

Angel Investors - Angel Investors are usually successful business owners or a small group of participants who wish to invest in startup and growing businesses with the purpose of making a moderate return on investment. They differ from venture capital groups in the type, size and risk of investments they pursue. There are a number of angel investor networks, including ActiveCapital which is sponsored by the US SBA. See the sites listed by Inc. magazine for more information. http://www.inc.com/guides/start_biz/24011.html

Venture Capital - Venture Capital companies have very specific interests and types of businesses that they are looking to fund. For more information, visit the following sites: vfinance.com and National Venture Capital Association.

Other Resources:

BusinessFinance.com has a listing of resources for all types of financing. Search the funding criteria of over 4,000 sources for business loans, venture capital, equipment leasing and commercial real estate financing.

Local Banks

Charter One Bank
Cortland Banks
Farmers National Bank
Fifth Third Bank
First National Bank
First Place Bank
Home Federal Savings & Loan of Niles
Homes Savings & Loan
Huntington National Bank
JP Morgan Chase Bank (formerly Bank One)
Key Bank
National City Bank
Sky Bank
US Bank