Business Funding Tips

Find money for your business

Find funding for your small business idea.

A constant source of funding is extremely important to ensure the success of your small business. Luckily, there are several options for business owners to choose from when it comes to finding cash. Whether you’re just getting started or looking to grow, options like grants and bank loans will help you make your great business idea a reality!
 
Grants
Grants for small businesses are numerous but may take some research to find the right one for your product or service. Qualifications can be extensive and hard to fulfill, but filling out an application is worth the time if you meet them all. When you apply for a grant, make sure that you fill out your application as completely as possible – and discrepancies could make the process take longer. Keep in close contact and follow up on your application to make sure it doesn’t get lost in the shuffle!
 
Bank loans
Your small business’ success relies on your credit score if you’re looking to secure a bank loan. Compile your credit scores from the top three companies so that you have all of the important numbers right at your fingertips. If you have credit cards you don’t use, cancel them! They could negatively affect your chance to secure a large enough loan. If you have any late payments that you can explain, make sure you do! It’s not an easy process to secure a business loan but it’s worth the extra mile when you really believe in your product or service.
 
Investors
There are four Fs you should rely on when it comes to individuals investing in your company: founder, family, friends and fools. Before you branch out to large investors, try and work within a smaller network of friends and families, in addition to your own funding, that will get your business up and running. Once you’ve established a business plan and are more stable, reach out to investors that will help your business continue to prosper. It’s easier to convince investors to hand over the money when you’ve stabilized your business and are looking for help to grow!
 
Small Business Administration loans
Rather than giving out grants or loans, the SBA acts as a guarantor for business owners looking to borrow from traditional lenders. There are several different loans available depending on what kind of business you’re looking to start. Up to $2 million can be leant to businesses looking to meet public policy goals under the CDC/504 Loan program. The more popular 7(a) loan is helpful for businesses that would otherwise not be able to qualify for standard bank or lender loans. Explore your options to find the right loan the SBA will be able to help you secure.

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