Fri 18 Dec 2015 | By:

How to Finance a Business in Illinois: 5 Excellent Resources

Manage Your Business Finances

While there are many tasks to accomplish when you start a business in Illinois from completing business licensing requirements to incorporating in Illinois, one essential process that you shouldn’t forget in the rush of things is to find the right capital funding. If you actually need it, of course.

There are several options available for financing a business in Illinois, but just like any step towards your business formation, you should always bear in mind that an informed decision that explicitly fits your business should be first on your mind. In this guide I’ll show you five great resources for financing your business and the necessary links to get you started.

Quick Note: A great business plan paves the way for getting the necessary capital your business. When it comes to writing a business plan, no tool makes it easier than LivePlan.


1) Learning How to Finance a Business in Illinois

Before you start with the actual search for the capital your business needs, you must have a working knowledge on how to finance a business in Illinois. This Startup Savant guide on financing a business in Illinois will help you with that.

This informational article clearly discusses the ten common options of financing a business. A walk through each option introduces you to its pros and cons and which options are suited for what business type.


2) Illinois Small Business Grants

Small business grants in Illinois is a common financing option to take into account. This option is very popular among small business entrepreneurs for it not only readily provides capital for startup, but the government also provides a host of financial assistance for this funding type.

Before you qualify for this type of financing, though, you must qualify for the grant criteria. Too look into this option, you can start at GrantStar.


3) Illinois Startup Incubators

Startup incubators in Illinois are another option to look into when funding your business. A business incubator is an organization that gives a host of services of which include helping you find the funding capital needed to start a business. Aside from this, startup incubators also provide services such as space lease, management training, etc. for the growth and success of your small business.


4) Illinois Angel Investors

There are many advantages to considering angel investors in Illinois as a way to finance your business. For one, angel investors are willing to take more risks than the usual investor. Although angel investors expect a return of investment, they also look into the passion and commitment of the entrepreneur as a consideration to grant funding. Check this website for a list of angel investors in Illinois.


5) Illinois Crowdfunding

The concept of crowdfunding to finance a business is a relatively newer concept; however, it gained traction because of the ever-increasing power of networking through the Internet – especially with social media. With the creation of crowdfunding platforms in the Web, funding a business through crowdfunding has become widely popular.

Through crowdfunding, you present your business idea to the crowd (often with a prototype or example), and the crowd in turn contributes to the funding capital you need to raise. For starters on crowdfunding to finance a business in Illinois, visit Kickstarter.


Wrapping Up and Bootstrapping a Business in Illinois

Wrapping Up and Starting a BusinessFinancing a business is a sensitive process. A lot of time and effort are required in order to narrow down the right funding options, and it even takes more time to carefully consider if that option is really the best for the business.

As a startup entrepreneur, it is prudent to take time when making the decision, but at the same time go for calculated risks that will benefit the business in the long run.

About Liesha Petrovich

Liesha is a small business owner of 20 years, host of Startup Savant, the owner of a karate dojo in Maine, and creator of Work Mobly. During free time she's with her family and working on a Doctorate in Entrepreneurship.