These funding options will help you get the dough your small business needs.
There are numerous ways you can obtain funding. You’ll need to plan and research which ones will be best for you. While some require will your own money, there are other options available too.
Here are 7 types of funding for small businesses.
If you’re selling a single product, one of the easiest ways to raise funding is to pre-sell. This will ensure you don’t have too much inventory. You’ll need to have a solid timeline and follow through with orders on time.
Multiple crowd funding sites are popular among inventors and entrepreneurs. Some of the top choices are the following:
Each of the mentioned sites has different pros and cons. You should research which options work best for your small business.
Small Business Administration
The U.S. government has invested in the continued growth of successful small businesses. That’s why the Small Business Administration (SBA) offers multiple small business loan types. You can discover the available SBA loan options online.
You may have an easier time getting outside funding once you invest some of your own money into the business. A smart way to raise your own personal financing is to save for six months or longer first. If you’re willing to take out a second mortgage or sell some assets, you may be able to reach your personal funding goals.
Angel investors are different from other options because they’re constantly looking for the next investment. At its most basic deal, you’ll exchange some share of equity in the small business for funding. If you find an angel investor, make sure you follow any regulations required for transactions.
Small Business Grants and Local Funding Options
Once your small business is up and running, you can begin searching for free cash in the form of grants. They usually have specific requirements you need to meet to apply. You can start your search using government databases and check with your local small business administration chapters.
Obtain a Choice Cash Title Loan
A Choice Cash Title Loan uses a vehicle’s equity to provide funding. Their differences make them beneficial for borrowers, for instance:
Bad credit isn’t always a deterrent
They have easy, low payment options
No early payment fines or penalties