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  • Finding “seed” money to start a business

    updated 2 weeks, 4 days ago 0 Member · 1 Post
  • Charles

    Member
    October 27, 2019 at 7:32 pm

    I spent quite a bit of time a few years ago trying to get “seed” money to start a business. I’m in Richmond, Virginia. We have an influx of people moving into the City. We have a lot of older neighborhoods that became “run down” over the past few decades. One particular organization, lisc.org has local units that attempt to establish ways to jump start businesses and jump start neighborhoods. It is worth looking into what they offer in your area. In my area, LISC got corporate partners to fund the seed money for entrepreneurs that would locate their business in one of the neighborhoods that are struggling. We also have resources via the State Economic Development and City Economic Development departments. They offer incentives to entrepreneurs such as reimbursing you for equipment you buy and hiring employees. Personally, I never won any of the seed money competitions. A friend of mine got over $10,000 a year for 5 years, plus he got reimbursed for all the equipment he bought for his business. Starting a retail location in a struggling neighborhood is risky. The locals usually don’t have much discretionary income. I saw many of the businesses that were awarded the seed money fail and/or struggle to be open just a few hours a day because of cash flow. This is the link for LISC in my state. http://www.virginialisc.org/services/neighborhood-building/ – by hq overview ChiliDogTags – –

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