U.P. Entrepreneurs learn importance of raising capital

HOUGHTON — Entrepreneurs in the Upper Peninsula are getting tips on how to raise capital for their businesses.

It’s a problem most small business owners are going to face at some point where to find money to keep things moving forward.
There are many options available and the State of Michigan wants to make sure entrepreneurs are aware of what they are.

State of Michigan’s Examinations Manager Linda Cena said, “Quite often, a new business will get to a point where they’ve raised as much money as they can from friends, from family, from loans from banks; and they’re looking for more options,
and one of the options is actually to do a securities offering or some type of a debt offering where people can loan money to them.”

The program was funded through the state’s Securities Investor Education Fund and the Department of Licensing and Regulatory Affairs has held about eight of these seminars so far in Michigan. Top security attorneys help entrepreneurs develop a plan for raising capital for their business.

Cena said, “One of the hardest things with starting a new business is that you don’t have the money to hire a good attorney. These attorneys have donated their time, volunteered their time to speak and to help these entrepreneurs get started, so it’s
very valuable information that they’re giving.”

Missed the seminar? You can still find help by visiting the state of Michigan’s Securities website by clicking here.