SMALL BUSINESS

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Quiz: How Much Do You Know About Getting Money for Your Business?

Finding financing for your business is often a matter of determining what you need, then locating the right funding sources to provide it. Yet many small businesses – particularly start-ups – pursue inappropriate funding sources. This can be costly both in terms of time wasted and funding opportunities missed.

Don’t let misinformation about financing methods hurt your business. Take the following quiz to help you gauge your knowledge of small business financing.

 
1. Bank loans are not a common source of small business startup capital.
  True False

2. When seeking a business loan, it is a good idea to apply with as many lenders as possible.
  True False

3. Your personal credit history will have an impact on your ability to find funding for your business.
  True False

4. Government grants are an effective way to find “free money” to start a small business.
  True False

5. Banks commonly make loans to loyal customers that are in the midst of a cash flow crunch.
  True False

6. When it comes to getting a loan, your business’ credit history is usually the most important factor.
  True False

7. Credit cards are a reliable way to fund a business start-up.
  True False

8. You can generally use a consumer loan to help fund your small business.
  True False

9. Venture capital is hardly ever available for small businesses.
  True False

10. Loans for as little as $100 are available to small businesses.
  True False

 

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The views and opinions contained herein are not necessarily those of American Express and are intended as a reference and for informational purposes only. Please contact your attorney, accountant or other business professional for advice specific to your business.