Beginning a business requires startup capital. This can be found through business loans especially designed for a new business. This allows the business to cover initial costs to lay the groundwork for the new company to grow. Ideally, it will also give the company some backup funds in order to get the business through the first few months where it may not be able to yet make a profit. One Michigan company has been able to secure its startup capital through the Michigan Microloan Fund Program.
Start Garden, a venture capital project in Michigan, is backed by $15 million provided by a family that is earmarked for individuals to compete for investment money. Entrepreneurs participate in Start Garden by laying their ideas out on the table for a chance to win $5,000 in investment funds. Three participants have been declared winners of this weekly project and will receive $5,000 in funds to help get their idea up off the ground and move forward with their business formation and planning.
Starting a business is by no means an easy task. It takes careful planning from the get-go. And to begin, you need a solid idea to work from. However, even with an idea, it can be hard to get a business up and going without investors. Luckily, Michigan entrepreneurs may get motivation for their business formation from an accelerator program based in another state.