You are already nervous, and to make it even worse, now you need to go looking for money to open your new business. Here are a few tips on where to start and how to do it.
Locally
Are there credit unions in your area? Did you know, of all the banking institutions in the country, the credit unions were the only ones that did not need bailing out when the economy tanked? They hold themselves in the highest of regards and do not buy or do anything until they have the money to do it.
So, with a high credit rating, march into a local credit union and have a meeting. Have your business plan ready and your options for your future. Be prepared for a tough road, but don’t give in, they just might have the steps for you to travel to a secure future as well as the funds you need for your small business funding.
Small business administration
Do not mistakenly look into the SBA for money. They don’t loan money. They send you to some bank that they will back the loan for you and your business. Before you actually get sent there, you have miles and miles of paperwork to fill out and even then, there are no insurances.
Credit cards
Nothing is as easy as it used to be. Getting a credit card is still easier than asking for a bank loan. Just know as you go into this, your desire for a high amount, won’t happen. You better have a great credit record and realize that $1,000 won’t be as easy as $500. Not exactly what you’re looking for either.
Don’t go out with the premise that you can get a ten thousand dollar credit card, when you are more likely to be approved for a lot less. But, don’t shy away from trying. If you have an impeccable credit history, you just might be able to. Just remember, as you use it, you need to pay it off as soon as possible. Each month would be the best way to handle that. Only spend what you think you can pay off before the end of the month. That way you pay little to no interest and you can sleep better at night knowing it’s paid.
Merchant Cash Advance
These programs are designed to assist anyone that has a merchant account. Apply with your merchant account servicer and see what you can get. They loan anywhere from $500 up to $250,000 depending on who the servicer is.
The repayment program is easy to fit into your budget and they even have a new program for a traditional monthly payment. See if the daily credit/debit card repayment is for you or if you need a once monthly payment plan.
They are out there
They aren’t easy to find, but they are out there. Take the time to search and just maybe you can locate the loan for your business that you need. Good luck and don’t forget to NOT give up.
