So let's talk money! Everybody needs it right? But how to get for your business? Businesses need startup capital to meet preliminary expenses, purchase of fixed assets and operating or working capital.
There are several avenues where you can get funding. See the listing below:
Personal assets
All prospective entrepreneurs have to be concerned with their savings/contribution to their business. Once you approach a financial institution for funding, it will require that you make a contribution to your future business. This can be your personal/family savings, fixed deposits, insurance etc.
The National Integrated Business Incubation System (IBIS)
Through the Ministry of Labour and Small and Micro Enterprise Development- this program provides small businesses capital for clients (from $5,000 to $50,000). However, IBIS will create a facilitative environment so that clients may source additional funding from NEDCO or other financial institutions to fully fund their projects.
National Entrepreneurship Development Company Limited -NEDCO’s Loan Ceiling
The company has increased its loan entry ceiling from $100,000 to $250,000 for first-time borrowers, and up to a maximum of $500,000 for second-time borrowers. More info can be sourced from this link ⇒ http://www.nedco.gov.tt/OurServices/LoanServices.aspx
Commercial banks and other financial institutions
Ok, so you have the option of Republic, RBC, Scotia, FCB. Banks require a business plan and collateral to secure the loan. I have included a link to help with writing your business plan ⇓
https://www.sba.gov/starting-business/write-your-business-plan
I have only include three options for funding but there are soooo many more out there. You just have to do you research.
I hope this information was helpful.
Until next time
Your Trini Baker :)
Some good info!
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