How and From Where to Get Startup Loans

by Finway FSC Empowering People Financially

If you have a brilliant idea and want to turn it into a business, you will need a loan. In India, only 1 percent of startups are getting amount from outsiders while most of the entrepreneurs spend their own money in fulfilling their dream. In this article, you will get to know from where and how you can get the startup loan for new business.

Startup India Loan Scheme

The Indian Central Government has decided to fund the startups and initiated a new loan scheme for the entrepreneurs who want to open their own company. You will be able to get small business startup loan under this scheme. The entire loan process is also pretty simple.

· Make the project ready. Get your plan into place and make sure that you have everything ready to show the officials.

· Prepare project report on the idea that you have.

· Identify the place where you want to establish your startup.

· Go to the official website of Startup India loan scheme apply for the loan.

· You have to attend an interview conducted by the officials in your nodal agency.

After the completion of interview, the officials will decide whether you are eligible to get a business loan and then the procedure will be forwarded.

BootStrapping

Yes, you can invest in your idea on your own. This is not something that will be possible for all the entrepreneurs, but if you can then it is better to invest in the startup by yourself. Zoho, a Chennai based company which wasn’t funded by any investors earlier and it now turned into a unicorn.

Accelerators

There are so many accelerators out there who encourage new ideas and entrepreneurs. You can approach them and present your business plan. If they find it eligible, you will be funded by these accelerators.

Hackathons and Startup Competitions

The hackathons and startup competitions are very common these days and they will pay you a good amount of money too. Some of the popular business competitions are

· Rice business plan competition

· TIE-ISB Connect

· Wharton India Startup Challenge

Crowd Funding

There are so many crowd funding platforms out there. If you are building a tech product with good consumer reach, then you can approach these crowd funding platforms to get funding for your venture.

These are some of the ways for you to get funding for your startup.