SPRINGFIELD, Mo -- Fifty percent of small businesses fail within the first 5 years. The economy certainly hasn't helped those businesses lately.
Getting the money even to start that business is feat all in itself. Getting a bank loan for a business is tough--banks are more conservative now. If you can't get that loan, not all hope is lost. There are many creative ways to get your business up and running.
"This has been very difficult, very straining." Mike Taylor opened Migulito's Wrap and Roll Café January 4, 2011. Finding start up capital wasn't easy.
"Even with my credit rating which is very good, it was tough, it was really really tough. We could not get any bank financing, he said, "not at all.
He turned to where many turn for money--friends and family. "Our state tax and utilities that was $9,000," Taylor explained.
It's not uncommon says John McKearney. He's a counselor with SCORE--a resource of the Small Business Associaiton.
"People who are wanting to start a business are finding more resistance," he explained.