Financial Planning
Both start-up and existing businesses have a variety of financial needs. Time spent analyzing what those needs are and planning how to meet them will contribute greatly to the success of any business. NLEA offers several tools to aid in the financial planning process.
Financial Statements
Lenders often require projected financial statements, or cash analysis spreadsheets accompanied by a written narrative. This financial picture will make or break your opportunity to secure funding, as it will demonstrate your ability to generate income and achieve your financial goals. SCORE offers some excellent templates:
- Michigan SBTDC Cash Flow Spreadsheets Blank forms are provided to help complete financial plan documents.
- Financial Projection Templates (SCORE) Numerous Excel templates including balance sheet, profit & loss statement, financial ratio, amoritization schedule, and financial diagnostics.
Other Resources
- FAQ's. The U.S. Small Business Association offers extensive information and articles regarding small business financing. A good place to start is in the site's "Frequently Asked Questions About Business Financing" section.
- Equity Financing and Dilution Calculator. This tool helps entrepreneurs understand the impact of raising money for an early stage venture.
- Understanding Small Business Needs and Capital Access Barriers in Northern Lower Michigan. This report was published by Michigan State University Center for Community and Economic Development.
- Business Connect Tool Kit. More than $3 billion initiative for Michigan business.
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Small Business and Self-Employed Tax Center - IRS Small Business Advantage gives you the information you need to stay tax compliant.
Local Lenders Serving Our Region
| Traditional Lenders | Contact Name | Phone |
| Bank of Northern Michigan | Jim Wibby | 231-487-1765 |
| Bay Winds Federal Credit Union | Dave Leusink | 800-638-1182 |
| Charlevoix State Bank | Mike Hinkle | 231-547-4411 |
| Chase Bank | Keith Williams | 231-347-7712 |
| Citizens National Bank | Doug Damm | 888-627-1960 |
| Fifth Third Bank | Bill Marshall | 231-439-8500 |
| First Community Bank | Scott Peters | 231-348-1800 |
| Huntington National Bank | Dan Spagnuolo | 800-480-2001 |
| Northwestern Bank | Steve Weber | 866-935-4357 |
| PNC Bank | Joanna Rautio | 231-347-1951 |
| Straits Area Federal Credit Union | Cindy Harrison | 800-337-9598 |
| Non-Traditional Lenders | ||
| Northern Initiatives | Lori Meeder | 906-250-8861 |
| Northern Shores Loan Fund | Lisa McComb | 231-347-6753 |
Grants
Grant monies are usually not available for new venture businesses, with a few exceptions of high technology businesses. You may find grant information at your local library or online:
Additional grant information is available on the SBA's website:
If at any time you would like the services of a business counselor, simply click here to find out how you can schedule a confidential appointment with a trained & certified MI-SBTDC business counselor; call the NLEA at 231-582-6482 or your local Chamber of Commerce for more information.