Ah, youth — the time of a million great ideas that are a million dollars short of ever coming to fruition. Of course, if you believed that, you wouldn’t be an entrepreneur.
In truth, while finding financing for a business run by a young entrepreneur may be difficult, especially considering the current economy, it’s not impossible. In fact, some funding sources are practically designed for the unique needs of young entrepreneurs.
To the collective sigh of young entrepreneurs stateside, the Small Business Administration (SBA) offers several loan programs that don’t penalize you for lacking experience. Most of these programs are administered through banks and underwritten by the SBA, so make sure you ask your bank’s commercial loan officer about SBA-related options. (more…)