Step 1: Financing a New Venture Describe at least 3 types of funding sources that are available to entrepreneurs. Discuss 3-4 pros and 3-4 cons of each. Explain what a lender looks for in a borrower and the best way to present the information to a lender. Step 2: Making the Financing Personal Can you afford to start your own business? Go to SCORE search engine and type the words “Can you afford to start your own business” or something similar to find information on this topic. What steps do you need to take now to plan for future entrepreneurial endeavors? Research SBA-approved loans in a state and county of your choice (or surrounding towns) that have been made over the last 3 years. Go to this small business website. Type “success stories” in the search engine. You can also find your local offices by going to your state and again searching for “Success Stories.” By searching Success Stories you can also find some recent loan recipients. You may use multiple locations for success stories. Describe 2 to 3 trends that you see? How much of a loan have they received? What types of businesses are receiving the loans? Select and describe 3 businesses on the list. See if they are still in business and if you think they are successful. Based on your research, do you think you could get an SBA-backed loan in the future? Explain. Please be sure to reference from where you take you information by including citations within your text and by creating a References page. Adhere to APA formatting and reference guidelines when writing your response. Additionally, your response should be free of grammatical errors, use complete sentences, and give specific details to support statements.
