Most businesses are financed by a combination of owner’s equity (owner’s investment) and a commercial loan. If an entrepreneur is seeking a commercial loan, the lending bank is likely to require the owner contribute 10%-20% of the total amount needed for the project.
The U.S. Small Business Administration (SBA) programs are designed to encourage commercial lenders to make loans directly to business owners or entrepreneurs. The SBA does not make loans directly to businesses.
This is an urban myth. While there are thousands of grant programs across the country, most are not targeted toward for-profit businesses. Careful research may reveal small, isolated opportunities in specific markets from state and local governments. However, as a general rule, federal grant dollars are not available to help most small businesses.
Click here for more information on grants from the State of Ohio.
A borrower’s credit score is critical to the approval of a commercial loan. While there are occasional exceptions, most lenders want a credit score of 650 or better for a commercial loan. In addition, a recent bankruptcy (last 7 years) is almost always a non-starter.
The WBENC certification for women-owned businesses is one of the most widely recognized certifications in the nation. Being certified as a WBE means that a business concern has gone through a rigorous certification process to confirm the business is owned, managed, and controlled by a woman or women. For more information, see http://www.wbenc.org.
There are, but it depends on the target customers the business is seeking. Many government contracts and some larger businesses have set-aside agreements, providing a declared percentage of opportunities for women, veterans, minorities, etc. If the government agencies or these larger businesses are your target customers, then having the business owned 51% or more by a woman may make sense, so long as she is also actively involved and/or in control of the business activities.
Your chance for success is going to be much greater if you are taking on risks that you understand as opposed to risks you don’t understand. If you are going to need a loan to get your business started, the lenders will strongly prefer that you are experienced in the new business.
Key advisors should be knowledgeable about small business issues in general and about your specific type of business in particular. Naturally, the Small Business Development Center at the Clermont Chamber of Commerce is the best place to start. Over the long haul, you will benefit the most from an accountant, attorney, insurance agent and banking relationship.
Entrepreneurs and business owners who understand and are dedicated to good planning are usually the most successful. Good planning generally starts with; selecting the right business structure, setting up correct accounting procedures, obtaining all necessary registrations and licenses, securing appropriate business insurance, and establishing a business banking relationship.
The Small Business Development Center at the Clermont Chamber of Commerce can help the small business owner develop the plan for success.
The Clermont Chamber of Commerce sees its mission as the advancement of the community's overall quality of life.
The Clermont Chamber of Commerce hosts a number of events and seminars each year, whether you are just starting your business or experienced. There are topics for you!
“I am very happy with my membership with the Clermont Chamber. I enjoy the discounts on medical insurance and also the networking events are a great way to meet people and promote my business.”
“I have been involved in the Clermont County Chamber for the past three years. My involvement with the Chamber has helped develop professional relationships to build my business. I feel that the Chamber allows me the opportunity to meet individuals from many different industries. If you are interested in growing your business or looking for a way to get involved in your community the Clermont County Chamber is a great place to start.”
“From the seminars for developing leaders and business growth to recognizing local businesses and individual contributions, the Clermont Chamber of Commerce continues to further the business interests of our community by providing programs and services that are vital for the future economic development of our county. The Work-Readiness program and Golf for Kids event are two examples of how the Clermont Chamber gives back and supports local youth. It’s important to me that where I am spending my time aligns with my personal and professional goals. The Clermont Chamber of Commerce offers me the opportunity to network with like-minded professionals who want to see our county thrive.”
“The Clermont Chamber of Commerce has opened many doors for the Clermont County DD. Not only do we have the opportunity to build relationships with businesses who employ individuals with disabilities from our program, we also get the chance to participate on Chamber committees. The potential to meet new business contacts and gain support for our agency is phenomenal. Our hats are off to the Clermont Chamber of Commerce!”
The Clermont Chamber has been a great resource for me personally and professionally. Before I started working in this part of town, I can say that I had rarely ever set foot in Clermont County and I grew up my whole life in the Cincinnati area. I decided to get involved with the Chamber so I could learn more about this community. Since I attend many of the events and volunteer on numerous committees, I have met so many great people. I am only one of many insurance agents that is a member of the Chamber,and I have received a lot of leads from different people in different industries. But the pleasant surprise is I have also received many leads from some of the other insurance agents with whom I have formed a great relationship. When it comes to Chamber membership, you will always get back what you put into it.
Thank you so much for the warm welcoming into the chamber and all the introductions. It is truly remarkable to see how much better and different your chamber is from really any group I’ve been into, and I’ve been in A LOT of other groups. I am excited to hit the ground running and participate in the chamber where I can.