How To Get Funding for a Business
Ever wondered how to get funding for a business when a bank loan wasn’t possible? Banks aren’t eager to lend money to a company that has the odds stacked against them. There are ways to get financing without going to the bank. It requires a person to be creative and think outside the box. Keep in mind WG Financing is here to help you.
Here are the top five generic ways to get business loans without using a financial institution.
1. Peer to Peer Lending
One of the greatest ways to get financed is through peer lending. Going online to one of these sites can be just what the new business needs to get help. These sights are full of people, who have money, and are ready to help a business get off the ground. While these loans also are based on credit scores, they are much easier than getting a bank loan, though the interest rates may be higher.
2. Retirement Accounts
When someone needs funding, they may want to look at their 401K accounts. They offer interest free loans that have up to 60 days without costs. If the loan is repaid, there are no penalties. Borrowing from oneself is often risky, when it involves retirement, but easier than dealing with financial institutions.
3. Micro Accounts
These new loans can get a person up to $10k. They have only been in the US a short period of time, but it’s a good alternative. These loans are based on a person’s experience and their passion for the new business. Some organizations that do these loans are Kiva and Accion USA.
Bartering is not for money, but rather for products and services. In the early days of the US, bartering was how things were acquired, because there was no currency. Nearly 25% of the world’s trading is still done through bartering. This is a great way to find customers and to conduct transactions with other business that can help grow a new business. IMS Barter is a great website to check out.
5. Government Grants
Those who want to know how to get funding for a business cannot forgo the idea of a government grant. Those who have little to no options should check out this method of lending. Sure, government grants have been glamorized a bit, but the fact is there are many grants to choose from. The internet is a great source of information and can be very beneficial in getting the process started.
No collateral is required for merchant cash advances. Specializing in alternative financing, not traditional loans.
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