A recent article on financing for small businesses in New York notes the “liberating and lucrative path” that select company owners are able to forge when they do things right in the commercial realm.
That realm is of course vast, complex and ultra-competitive, with the above business report accurately stressing that the securing of financing on good terms can be an especially challenging proposition for small and mid-sized enterprises.
And companies – both startups and more established concerns – need financing. They need it to buy equipment and inventory, to lease land and buildings, to construct and renovate company real estate, to fund new ventures, and for other concerns.
Where does that money come from?
Concededly, it is made available through a number of sources, each with specific terms and conditions attached to its disbursal. A given company might sensibly seek financing through one or more outlets, based on its objectives and type (e.g., nonprofit group with civic-minded goals, high-tech software company, municipal entity, traditional retail, minority or women-owned business and so forth).
Funding specifics are highly differentiated, especially as to their repayment terms. In fact, some businesses are eligible to receive grant money that doesn’t need to be repaid at all.
For many smaller business, conventional loans are a common financing source. Investment funding also makes sense for some businesses, often entities with expectations of high growth and the future managerial involvement of parties like venture capitalists.
Every case is different, of course, as will be the requirements imposed on financing applicants.
We know a great deal about that at the established Manhattan business law firm of Rich Michaelson Magaliff, LLP. We have represented diverse commercial clients for many years across the entirety of business challenges and opportunities. We duly note on our website that, “Our business finance and commercial contracts practice encompasses a wide range of transaction types.”
We welcome the opportunity to discuss the advocacy we routinely bring to bear on behalf of business owners and entrepreneurs seeking financing to promote their corporate vision and future success.