I am thinking of starting my own computer book store. I have researched the idea very well, and I know that it'll be successful. But my main problem is funding, do you think SBA will be my only hope, or are there some other ways to do that?

Business Financing Options

You may want to consider focusing on funding sources in your local community. If your business requires less than $35,000, the Small Business Administration Micro-Loan Demonstration Program may be able to help. This program makes funding available to non-profit organizations in your area, who then make loans to qualifying businesses.

Micro-enterprise-development programs in your community comprise a viable funding source. Numerous programs are set up to fund new businesses directly, or make funds available to lending associations (intermediaries) who then make loans to businesses. These lenders can be non-profit, governmental, or private, and take an interest in businesses which provide a good fit for the community based on the program's goals.

There are hundreds of these programs operating across the country. The Association for Enterprise Opportunity lists many organizations and programs.

You can locate other programs by visiting your Chamber of Commerce, local university, small business development center, and other community development organizations. Make sure your business plan is tip-top shape, and you're well on your way to finding a suitable lending source for your business.

For more information, read this article for more funding ideas you can explore.