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Access to capital is often the backbone for business growth, more critical for businesses today as interest rates rise, the supply chain wobbles, and international events unbalance world politics. Charlie Zanazzi who heads up HarborOne’s Boston lending team, shares several tips and insights to help ease your journey to raising capital in your business.
Certain types of capital will be more appropriate depending on your industry or stage of business, and it’s ok to have multiple sources. So it’s useful to clarify the difference between debt capital and equity capital.
The most common form of raising capital is Debt Capital, or money you’ve borrowed, usually from financial institutions like banks and credit unions (or sometimes friends and colleagues). It could be short-term funding like an overdraft, a line of credit or a longer-term loan for buying new equipment, or commercial real estate. Loans are usually guaranteed by security (often your house or business assets), though there are many variations such as SBA guaranteed loans.
Benefits:
Constraints:
Often, it’s easier and less complicated to use debt capital especially at the start of a business. An existing business with a significant amount of fixed investment (for example, buildings and equipment) is best suited for early debt, as many banks will lend against hard collateral over longer periods of time (20 to 30 years). Early stage companies should keep fixed costs as low as possible to conserve cash flow.
Opposite to debt, equity capital is where you raise cash in exchange for selling part of your business, giving up some of the ‘equity’ or ownership. Selling part of your business could be to investors you know from your network via word of mouth, or from formal networks such as angel funds and venture capitalists.
Equity can be a lower risk strategy initially, but you’re selling a portion of your future potential. It’s often more viable if the company is assessed on an idea, intangible value, or expects high growth and high pay-off, all which attract equity providers.
Other increasingly popular ways to raise capital especially for micro businesses includes crowdfunding and peer to peer lending, where other business owners contribute cash to your business.
There are also corporate and business capital opportunities, where a customer, competitor or supplier either buys a stake in your business or provides finance to help you grow.
Government and State funding may also be available. Find your local Massachusetts Small Business Development Center here for help identifying what you may be eligible for, and review the Massachusetts State site for small business programs and grants.
Don’t forget your own professional network of accountant, financial adviser, or attorney who may have access to local networks.
Regardless of where you get capital from, do your homework on what the provider will require in advance. The more prepared you are the better. For example:
Don’t be too quick to accept the first offer of money for equity. Make sure you’ve completed your own due diligence on potential investors, so you can decide which will work best with you and your business.
Potentially you could find some of the cash internally, which reduces the amount of capital you need. For example, selling equipment you don’t use often (and leasing it when you do). Other tactics include:
You’ll be surprised at how much all these savings add up, generating more cash to reinvest in business growth.
Whichever provider you choose, check that they’re offering a wider perspective than just access to cash. If you can, write up a Request For Proposal (RFP) for them to complete, to be confident they know your business, have asked the right questions, and will provide a level of insight and expertise that you don’t have yourself. Money is usually easier to access than great advice.
If you’re talking to your banker, check their experience and how they partner with the wider bank or branch network to make your everyday banking easier. Ideally the bank provides a holistic approach to being in the community, such as providing education and specialty programs, serving the not-for-profit sector, SBA lending, and even micro loans for the very small business needing up to $5,000 to get up and running.
I’d suggest using a team-based approach to find a solution that fits your business, rather than rely on one or two people. Bring in your lawyer, accountant, financial adviser, and business colleagues to vet your ideas. From a bank point of view, make sure your banker listens and understands your goals and expectations to access the help and advice you need. Your banker should also tell the story of their bank—sell you on them. You need a bank that’s willing to develop a relationship, not just make transactions.
For more free business help and tools, visit HarborOne’s Small Business Hub, packed with articles, videos, templates, calculators, checklists, and case studies.
May 16, 20234:30pm – 8:00pmOmni Boston Hotel at the Seaport
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