Do you have enough money to start your business? If you don’t have enough money, are there options available so you can make your dreams a reality?
How to Fund Your Business
We recommend visit Fundera and learn what options work best for you! They are a great resource and can help you get funds today! When you work with a trusted company, you waste less time by condensing multiple steps into one while creating a strong relationship with a fantastic financing partner. Here’s how the business funding process works:
- Find out what funding you qualify for
- Get all your financing options up front
- Compare multiple offers at the same time
- Choose which financing product works best for you
- Get better options as your business grows
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<< Click Here for Step 4: Managing Your Business >>
Types of Business Funding Options
Finding financing options for new inventory or a new store can be intimating. Below, we go over a few of the options and simplify them to help you:
New businesses are started every day by people who come from all walks of life. Everyone has a different business idea and plan of execution. Funding a new startup has so many options that a Startup Loan might be perfect for you! Depending on your background, your business plan, and anything else that can affect your loan, it’s important to work with a lender who has many options available, so you get the best financing option for you! When you work with Fundera, they will walk you through the questions necessary to find the best loan fit. You’ll never know how much you qualify for unless you try! << Find My Loan >>
The most popular and easiest loan to get for people just starting out is a Personal Loan. The rates and amount of the loan are determined by your own personal credit – so the better credit history, the better!
Administered by the U.S. Small Business Administration, SBA Loans are great for small businesses who need capital that is more affordable than a traditional bank loan. If you need working capital or want to purchase new equipment, the SBA has several products available which are perfect for those with strong credit and business financials.
The most popular asset-based loan for those who have an existing business, Equipment Financing can help you get the right tools for the job at an affordable rate. But what is an asset-based loan? Basically, this type of load is secured by your business, through inventory, accounts receivable, or property owned by the business owner. Equipment Financing gives you the opportunity to take a loan out for equipment to keep your business running or take it to the next level.
Merchant Cash Advance
If you are a reseller with horrible credit but good sales, you might want to consider a Merchant Cash Advance. When using this type of financing, you repay the loan by using a percentage of your sales plus a fee. Be warned can be expensive! But for a certain few, this can be the perfect because it’s so easy to qualify for!
Business Line of Credit
A great option for those who have an established business with solid financials, a Business Line of Credit enables you to create a cushion of cash for a rainy day. This means that you might not need the cash right away, but at a future date if you need money for inventory or other business expenses, this can come in handy.
Business Credit Card
You can always use your own credit card to fund your business so why use a Business Credit Card? The best reason to invest in a Business Credit Card is to separate your personal expenses from your business expenses. It’s important when you do your taxes that you keep your business separate. Not only do you keep track of expenses better, but you also get a fantastic benefit of saving money on your taxes! Additionally, Business Credit Cards also come with more perks than personal credit cards!
If you are already and business for several years and need a large amount of capital for investing in the long-term growth of your business, then a Term Loan is a great option. This type of loan is more comparable to the more traditional type of lending, usually done through a bank or another short-term lender but with fewer requirements.
Another popular option for getting cash fast, Short-Term Loans are for businesses who only need a small loan for immediate cash needs and are confident that they can pay back the loan fast! The best part of these loans is that they’re easy to qualify for and funding is immediate.
If you invoice your customers and they pay on terms, this funding might be right for you. Sometimes there is a gap in cashflow between the unpaid customer invoices and bills that you must pay for your business. You use your unpaid customer invoices as a form of cash advance just in case you need cash fast!
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