Question: What do I need to set up a business bank account and is it difficult to get funding for my business if it’s a really good idea?
Answer: In order to set up a bank account and pay taxes for your new business, you will need to get an employer ID number, visit http://www.irs.gov/Businesses for more information. Another good place to start is the Small Business Administration (SBA), which provides information on business financing.
Regarding funding your business, many business owners are often concerned about obtaining financing to start their business. When dealing with banks and credit unions, if the owner of the business does not have several years of experience managing the same type of business, it can be difficult to obtain start-up loans. We do, however, caution against taking loans from unconventional sources.
We encourage you to speak with a professional who can offer you detailed information and guidance specific to your business. Two free, online sources for assistance include: www.richmondscore.org and www.VirginiaSBDC.org.
If you want to do business within the State of Virginia, you can register at www.eva.state.va.us.
A strong, faith-based resource for business owners is www.crownbiz.com.
Additional resources are available at www.inc.com and www.entrepreneur.com.