Demand for residential and commercial real estate in Chicago is rapidly rising. Therefore, it is the ideal time to use the market demand to advantage. If you are planning to start construction services in the city, this is the right time for you. You need to, however, have the necessary certification, business plan, and all the required municipal approvals to get started. Adherence to the rules is very important; otherwise, you will have to bear heavy penalties. There are several ways in which you can get funding for your business start-up. Some of the government-supported funding programs are as follows:
Capital Access Program (CAP):
This program is designed for giving financial aid to businesses or non-profit organizations that are unable to obtain capital from other sources. Funds obtained through such a program can be used to finance a company’s working capital requirements, purchase or construction of a real estate property (not the company’s headquarters), and getting equipment on lease or purchase.
Enterprise Zone Program (EZP):
This program encourages local business construction company in Montgomery communities in economically backward areas to enter into partnerships with Chicago. The objective of the program is development of the economy by way of expansion of the job market in economically backward states.
To participate in this program, local communities or those in the state need to choose a particular company to make it their Enterprise Project. The government accepts the applications by such communities every quarter. The approved projects can apply for sales in the state and use tax refunds on all the qualified expenditures.
Business Development Corporation (BDC):
This program encourages businessmen earning low or moderate income to participate in the state’s economy by giving them funds for business expansion. Only those business people who are not eligible for conventional credit methods can apply for this program. Funds obtained from SBDC can constitute 50% of the entire project cost, and the funding amount cannot exceed $50,000. The remaining portion of the project is funded though private equity or contributions from the participating lender.
Make a Complete Business Plan:
A business plan is very important to keep you going fulfilling the targets and competing with peers. Such a business plan will serve as a blueprint for your growth in the future. Such a plan will be extremely beneficial if you intend to expand. It will enable you to seek potential investors; the investors will readily invest in your business if your business plan is strong enough to boost their investment decision. Such people are constantly looking out for growth potential in businesses, so if your business has this in it, you are bound to attract these investors.