You’ve looked around and seen how everyone is running their businesses into the ground, and you have innovative new ideas that are a surefire way to profit. So, you decide the time is right to start your own company. Creative business finance solutions can help you turn your dream of running your own business into a reality.
The Usual Suspects
The first place people tend to go when seeking funding for a startup is a bank or other lending institution. This is a perfectly natural first step because banks have:
- Traditional Loans – Banks have access to a large sum of money to lend through traditional commercial loans. They may also be able to help you establish lines of credit.
- Access to SBA Loan Programs – The Small Business Administration (SBA) has several loan programs available for everything from general loans to equipment and real estate funds. The SBA backs these loans.
- Local Presence – Banks are generally local institutions and can be familiar and comfortable places for many business owners to turn when looking for funding.
If a bank isn’t for you, then you can look into more unique business solutions such as crowdsourcing. Crowdsourcing is a way for you to receive donations from the general public to finance your business. These donations don’t have to be paid back, but many times the receiver gives perks to donors depending on how much they donate. These perks could range from a hand-written thank you note, to free products, or even flights to travel to your facilities. Crowdsourcing has become a popular way of financing new businesses.
Outside the Box
There are other more unorthodox, but not always good, ways to finance your new business. Often people seek loans from friends and relatives or even coworkers to help fund their startup. If the business is a success, then it’s great. If not, then it can lead to hurt feelings and anger.
Other options include credit cards, cash advances, and payday loans, but these come with ridiculously high interest rates and should be avoided for financing your startup.
To get your surefire idea off the ground, call us today at 888-788-6456 or fill out our online form to start the funding process.