Small businesses run the U.S. economy. Since the last economic collapse, those that have survived have done so by being creative when obtaining funding. Gone are the days of long, stressful meetings with big bankers. Here are a few ways that high risk businesses, and small businesses in general, are finding much needed funds to start and keep their companies moving.
Some small businesses need quick cash. Alternative loans are acquired more easily and faster than traditional loans. The applications are often a lot simpler and shorter than with other loan forms. Some alternative lenders also provide longer-term loans. However, businesses should be aware that these types of loans can charge high interest rates.
In the social media age, some business owners choose to go right to their audience to raise funds. Websites likeGoFundMe, Kickstarter, Fundable are popular and reliable choices that can generate large amounts of cash for companies if the message is right.
Everyone could use an angel. These investors are often experienced entrepreneurs who offer financial assistance to small business owners in return for a share in returns. If you don’t mind sharing a piece of the pie with investors, this could be a preferable arrangement.
Before applying for a loan or even starting a business, all entrepreneurs should have a nest egg set aside to invest in their business, but be sure to carefully track where and to whom your money goes. It is much simpler and faster to use your own money and to not need the approval or constraints of a lender on how to spend funds.
Small Business Loans
The Small Business Administration (SBA) is now guaranteeing more loans, but there are still certain qualifications that must meet before applying. 7 years ago, the loan amount for new or small operations was lifted to $5 million for the 7(a) loan program.
Don’t let not having a ton of cash stop you from pursuing your dreams. FAM provides no credit check financing along with flexible programs designed to deliver financing within 72 hours. You won’t even have to submit any taxes or financials to qualify. Get the funding your business needs today.