How do I get funding for a small business startup?by Finway FSC Empowering People Financially
One of the biggest challenges a new start-up face is obtaining the necessary finance or funding to support their initial phase. In order to proudly turn on your venture into a full-fledged successful company financial component play a significant role. Likely you need to have access to money in the form of a business loan or capital funding.
A business starts up loan is a meant to support the financial needs of a start-up. Small business loan proceeds can go towards things like working capital; the purchase of machinery, supplies, equipment, inventory, and furniture; and the purchase or construction of real estate.
If you’ve already on looked out for a loan, you’re well aware that there are seemingly infinite options available in the marketplace. To help you get started with we have listed a few viable options that would help establish your business
Consultants help you connect with large-cap companies and find funding. They help you cover all the requirements to qualify for the initial round. They charge a premium amount but is worth a shot.
Banks traditionally offer lending opportunities generally only available to establish your start-up. Specifically proposed to pay for the purchase of equipment and machinery, this loan is similar in structure to conventional ones, having monthly repayment terms over a long period of time. The lending policies are less strict and hold the purchased types of equipment as collateral, allowing the bank to seize the machinery in case of missed EMI’s. The only catch situation is the loan amount can only be used in the purchase of types of equipment. However, if you have a good relationship with your bank, you might be able to work with your bank to secure equipment financing. As traditional loan will not be the best option with strict small business lending standards in place.
Business Credit Cards
Business credit cards help you separate your personal and business finances helping you sort out on the expenditure. Business credit cards or cash cards are issued based on your credit score and combined income. Most cards even offer to sign up bonus and great rewards with a repayment window of 9, 12 or 15 months without any interest.
Micro lendersMicro lenders are non-profit organizations that offer secure financing in small increments. SBA, Accion, and KivaZip are the top best lenders that allow you access to capital promoting a positive impact on your venture by providing loan to start your new business.
Created on Mar 26th 2019 00:17. Viewed 812 times.