Crowdfunding sites are all the rage. From businesses to charities to families who need a little extra dough, these sites are bringing in big bucks for those who are asking for funds. The social media setting is easy to use, and once someone sees that their friend or family member has donated, they are more likely to do so. States are chiming in, as well. Many states are pushing for private companies to use the method to garner money.
A great thing about crowdfunding is that those who fund you can be given something. Last year, John Dolmayan of System of a Down used a crowdfunding site to help him fund a start-up side band called These Grey Men. In return, he set up price points at which the donator would be given something, ranging from drumsticks to signed CDs. This method can work for many types of companies, and the gifts do not have to be expensive. However, if you are on a shoestring budget, this is not always possible. You need to look for other avenues to go through to obtain funding for your business.
One of the best methods is a merchant cash advance. A merchant cash advance differs from a bank loan, in terms of payment and interest. With a traditional bank loan, you must start paying the loan back almost immediately, regardless of how your business is doing. You are also hit with high interest rates, which can rise even higher if you fail to make a payment. With a merchant cash advance, you do not pay back your advance until you begin to make money. Your funds are also taken out of your merchant account, so it is one less thing you need to worry with. Interest rates are also low. This is a great thing for merchants, but it can be hard to locate a merchant cash advance.
One of the few places to find a reputable merchant cash advance is FAM, we deal not only with “traditional” businesses, but also “high risk” businesses.
For more information about obtaining our merchant cash advance, contact us today.