Funding Sources
The following is a list of links to economic development agency sites that may be able to answer your specific financing questions.
Some sources to consider:
- Personal Savings: The primary source of capital for most new businesses comes from savings and other personal resources. While credit cards are often used to finance business needs, there are usually better options available, even for very small loans.
- Friends And Relatives: Many entrepreneurs look to private sources such as friends and family when starting out in a business venture. Often, money is loaned interest-free or at a low interest rate, which can be beneficial when getting started.
- Banks And Credit Unions: The most common sources of funding, banks and credit unions, will provide a loan if you can show that your business proposal is sound.
- Angel Investors And Venture Capital firms: These individuals and firms help expanding companies grow in exchange for equity or partial ownership.
Financing Sources
- Small Business Grant Programs - The Small and Minority-Owned Business Assistance Program provides a statewide platform that fosters the growth and development of small and minority-owned businesses in Tennessee.
- Tax Information for Small Businesses - The Tennessee Department of Revenue offers a variety of resources for those interested in starting a new business in Tennessee.
- Small Business Resource Web Portal - General guidelines on starting your business.
- TNInvestco Program - The TNInvestco Program is designed to increase the flow of capital to innovative new companies in Tennessee in the early stages of development.
- Angel Capital Group - An Angel network of investors located in Tennessee that provides assistance in finding angel investors for entrepreneurs.
