The more people that form part of the financial equation the better. If you approach a department and you already have some financial assistance secured from a financial institution, this lends credence to your proposal. If you already have support from another department or agency and a bank, that's even better. You should also be investing some equity yourself. It shows that you are willing to share some of the risk and that you are committed to the venture.
Few things are less appealing than a proposal that relies solely on government financing.
Next installment I'll examine the environment in which economic development departments and agencies are operating in and how this affects the application process. All Rights Reserved.