Month: October 2018

Are you planning to set up a business? The major challenge that you are going to face is finding the funds to go ahead in a turbulent economic scenario. Here, we bring you top five ways that can help you get finance for your business.  

Dip Into Your Savings

Though it is not advisable if you have substantial money saved only for this purpose, you can use it judiciously and start with your business. As you go on, you may need some extra infusion of money; then you may have to look for another way to add to your own money used for the purpose. It is advisable to prepare and establish a small business credit plan. This way, you will know the immediate expenses necessary to help your business take off.  

Friends and Family

You can also seek help from your friends and family members who can help you in this endeavor. Availability of funds at the right time is very critical for the success of your business. You can seek help from them and later pay them back once your business starts working well. You can also ask them to join you as partners so that they can have a pie of the piece once your business becomes successful.  

Crowdfunding

In a way, crowdfunding is just an extension of financial help received from friends and family members. It is a small pool of investors who make finance ideas in start-ups and businesses looking to expand their operations. These days, this concept has gained a lot of popularity, and many businesses are making use of it.    

Hard Money Loans

Another option available with you is seeking hard money loans from non-institutional lenders. If you do not enjoy a good credit score, the chances are slim that you will be able to get a loan from banks. Choosing hard money loans seems to be the best option in such a case as it gets quickly approved, payments are flexible, and there are fewer requirements to fulfill. Here, credit score is not an issue and no zero prepayment penalties.  

Bank Loans

You can apply for loans from a reputed bank or a financial institution. Approval of loan may depend on several factors. Your credit score is one of the vital factors. If you have negative comments in your credit history despite taking care of the same, the chances are slim that your loan gets passed. If you are keen to get help from a bank, it is imperative to ensure your documents are in perfect order and you have had no issues in the past regarding payments. It can surely help you to get timely approvals for finance.       … Read the rest