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Business Financing 101: Options That You Can Consider

Posted by Sharan Corbell on March 3, 2019
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Do you plan to open up a business? Do you have a business concept? Do you have a plan on how to go about it – promotions, clients and more? Do you have a location? How about the capital? If you are worried about your starting capital, then do not fret. There is a number of ways how to finance your business. In fact, there are so many alternatives that you can consider. To help you, below is the list of financing options that you should take note of.

Lending Companies

Although the borrowing standards that lending companies like financial institutions employ have gotten a notch stricter, you can still go for it provided that you will submit all their documentary requirements. Well, you can expect a more rigid screening of applicants applying for financing. They will most likely ask you about the purpose of your financing application. Nevertheless, it’s worth a try. However, in case you don’t make it, there are other lending companies which offer same day cash loans. Who knows? You can probably get your business capital in a jiffy!

Credit Card

Although bank financing application necessitates tons of documentary requirements, you can try the credit card to stay away from the hassles of papers. However, you should be reminded that with credit cards, you must not forget to pay on a timely basis. Remember, if you pay on a later time, you might not be able to borrow again through your credit card. Hence, it is important that you remain wary of your bills and other finances.

Crowdfunding

In this day and age when everyone just keeps on being more and more creative, a new way of financing has emerged – crowdfunding. Unlike the lending companies and the credit card, the crowdfunding is the hassle-free way of raising up money. Note that you have to indicate a target and allot a certain timeframe in which you intend to raise the targeted amount of money. Furthermore, you have a large crowd ahead of you as you can collect from your family, relatives, friends, and even strangers. Other crowdfunding requestors offer certain incentives such as giving out a freebie if you invest $10 or so. You just have to be creative in attracting potential individuals, who could help you raise the money that you need for your business. 

Family and Friends

If you find it difficult to apply through the lending companies and the credit card, and if you are shy to raise money through crowdfunding, then you can ask your family and friends for some funds. In fact, this is the most common and easiest way to fund your business. However, you just have to be conscious of the payments since you might ruin certain relationships and certain financial security in the process. Monitor your borrowings and you won’t miss any.

If you find it difficult to raise money for your business capital, there are a number of options that you can consider. Note that you just have to be conscious of your payment periods and never miss out on the deadlines. After all, a late payment would reflect badly on your image. List it down so you won’t miss out.


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