Michelle Thornhill is the Senior Vice President and African American Segment Manager at Wells Fargo/Wachovia. Michelle has over 15 years of experience developing consumer initiatives for diverse audiences in the financial services and non-profit sector. Michelle earned a Bachelor of Science from Virgina Polytechnic Institute and State University, a Master of Science in Administration from Central Michigan University and a Master of Public Administration from Harvard University, the John F. Kennedy School of Government. Michelle resides in Charlotte, N.C. with her husband and two sons.

This financial tip has been sponsored by Wells Fargo. Here’s Michelle Thornhill.

The old phrase, “it takes money to make money” is one that still applies when opening or running a small business. There are many options out there for those looking for ways to finance their businesses.

One option is to open up a Small Business line of credit. Wells Fargo offers BusinessLine®, which allows customers to access up to $100,000 for business purposes quickly and conveniently. Business lines of credit are best used for short-term purchases. Another option is an SBA, or Small Business Administration loan. SBA loans come in a variety of options to suit your needs so you can decide which type of financing would be right for you. Other alternatives include applying for a Small Business government grant, enlisting investors, or seeking a financial partner. Try to strike a balance and keep a close eye on your budget and cash flow so that you know which option is best for you to finance and grow your small business.

One last tip is to develop a strong working relationship with your banker or lender.

The more they know about you and your business, the better they can advise and assist you. Join us next week as we discuss tips on how to prepare for home ownership.

For more tips and information, visit wellsfargo.com.