Review the steps below to find and apply for the right kind of capital for your business startup or growth needs.
Step 1: Calculate
Determine how much money you will need, and for what. Ideally, you should have already outlined your funding requirements in your business plan.
Get Free Assistance
- ChiBizHub Resource Navigator
- Small Business Development Center (SBDC) counselors can help you determine your startup or expansion financing needs
Calculate To Start
- U.S. Small Business Administration – Calculate your startup costs
- Business Calculators Center (Entrepreneur)
Calculate To Grow
Step 2: Learn
Now that you have properly assessed your business financial needs, take the time to find out all of your financing options (i.e. Self-Financing/Bootstrapping, Crowdfunding, Grants, Debt or Equity).
Research financing options
- How to Fund Your Business Startup: 5 Fast and Popular Options (SBA)
- 10 Ways to Finance Your Business (Inc.)
- Bootstrap Finance: The Art of Start-ups (Harvard Business Review)
- USA.gov – Finance Your Business
- City of Chicago, Small Business Center, Financial Resources Home
- Illinois Department of Commerce and Economic Opportunity (DCEO) – Loans and Financing Options
- U.S. Small Business Administration – Funding Programs
- The Research Park at the University of Illinois at Urbana-Champaign – Funding Your Small Business
Take some free business classes, or enroll in entrepreneurial programs, on funding a business
- ChiBizHub Calendar
- City of Chicago, Department of Business Affairs & Consumer Protection (BACP), Business Education
Meet with professional business advisors for free advice and guidance
Step 3: Prepare
After deciding on the appropriate financing option for your business, prepare a business case, as well as any required documentation, including your business financials, for potential crowdfunders, lenders or investors.
Get free assistance from local non-profit business support organizations
- ChiBizHub Resource Navigator
- Small Business Development Center (SBDC) counselors can help you determine your startup or expansion financing needs
- Small Business Opportunity Centers (SBOC), which are delegate agencies in BACP’s NBDC Program, provide assistance with getting the borrower loan ready, and match them with the right lender
Get assistance from a CPA or Attorney registered in Illinois
- Consult with a Certified Public Accountant (CPA); Illinois CPA Society – Find a CPA
- Consult with an Illinois registered Corporate/Business Law Attorney; Illinois State Bar Association – Illinois Lawyer Finder
Step 4: Apply
Select the appropriate business financing provider, submit an application and all required documents.
- ChiBizHub Resource Navigator
- U.S. Small Business Administration – Fund your business
- USA.gov – Finance Your Business
- Illinois Department of Commerce and Economic Opportunity (DCEO) – Illinois Small Business Development Centers (SBDC)
- City of Chicago, Small Business Center, Financial Resources Home
- NBDC Info Sheet – Access to Capital for Start-Ups (PDF)
- NBDC Info Sheet – Access to Capital for Established Businesses (PDF)
After a successful funding effort, make sure to comply with any requirements of your funding agreement including repayment schedules.
Step 5: FYI
Contrary to popular belief there are only a very few grants available to start and grow businesses.
Read The Truth About Free Government Grants.