1. Create a business plan & get financing

1. Get Help Creating a Business Plan

 Before you get your business license, find a location or buy supplies, it's important to plan out your business. This will help you understand how much money you will need and how much money you will make over the next few years. Having a business plan can prevent you from going into credit card debt and or experiencing other kinds of financial hardship. 

Request Help from the Business Assistance Center

Business Plan Templates

Local Business Plan Classes and Advisors 

The City of Springfield's business development staff can also help you learn more about your potential market including: 

  • Neighborhood profiles
  • Demographic reports
  • Industry sector reports
  • Traffic counts
  • Sales tax trends
  • Local taxes and costs
  • Labor force information
  • Major employer information

 

2. Get Financing for Your Business

 

Small Business Loans

OBDC Website

Peer-to-Peer Donations

Kiva Zip Website

Local Financing Programs       
SBA Good Local Money Guide

 

If you need money to start or grow your business, think about what type of financing will best fit your business. Different financing options include:

  • Loans from Community Organizations & Institutions
  • Loans from Community Banks
  • 0% Loans from Peer-to-Peer Platforms
  • Crowdfunding – Reward or Donation-Based
  • Crowdfunding – Investment-Based
  • Angel Investors
  • Impact Investment Funds

There are several local organizations that can help you get funding for your business. The Springfield Business Development Center (OBDC) can help you secure small business loans ranging from $10,000 to $25,000. Kiva Zip is a peer-to-peer service that can help you secure donations for loans up to $25,000. You can learn more about these organizations by visiting their websites or by reading the Small Business Association's Good Local Money Guide.  

3. Open a Business Checking Account

In order to obtain a Business Checking account, account you will usually need the following:  

  • A Business Tax ID Number
  • A Business Name Filing Document (Fictitious Name Certificate)
  • An Organizing Document (Articles of Incorporation or Bylaws) 
  • A Corporate Resolution identifying authorized signers or officer names

It is in the best interest of your business that two signers are required to open the account and to sign checks.

 

 

 

 

 

 

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