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H1 – Alternative Funding Options and Financing Sources For A Business Startups
Securing startup funding can be challenging, especially if you’re hoping to work with a traditional lender. Banks can be particular about who they give business loans to and usually want to see high sales volume, cash reserves, at least a year of business history and strong credit. Many new businesses can struggle to meet these strict lending requirements.
However, there are plenty of startup business funding options available outside of banks and more traditional lenders. Knowing your financing needs and business goals will help you choose the right type of startup funding.
Startup funding — or startup capital — is the money needed to launch a new business. It can come from a variety of sources and can be used for any purpose that helps the startup go from idea to actual business.
H2 – How Is Startup Capital Used In A Business?
Startup capital is the money used to start a business. It covers the expenses necessary for getting a new company up and running, such as:
Renting or leasing space
Furnishing the office
Paying bills or utilities
Buying equipment and supplies
Hiring professional services (accountant or lawyer)
The costs of starting up will vary depending on the type of business, the industry, the location, and other factors.
-How It Works-
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Step Blurbs – Fast & Easy Application Process
No-cost, no-obligation application with funding in as few as 24 hours1
Step Blurbs – Helpful Loan Guidance
A Funding Specialist will contact you to help you choose the right business financing option.
Step Blurbs – Quick Decision, Fast Funding
You could be approved, and funds deposited into your account, in as little as 24 hours.
H3 – Alternative Startup Financing We Offer
-650+ credit score
-No recent late payments
-No charge-offs, liens, bk’s
-2+ years of credit history with at least 1 revolving line of $4k+ limit
-recent credit card inquiries will effect potential funding amount
-A business partner or spouse that meets the above requirements can also apply
-Funding can be for any industry.
-Having a business is not required
STARTUP FUNDING PRODUCTS
-0% interest credit cards for 9-18 months and amounts up to $150k depending on client qualifications
-Personal term loans, 3 or 5 years from 7% interest
-No upfront fees.
-Up to $250k total startup funding
H3 – How to get funding for your startup
To determine the right type of startup funding for your business and improve your chances of receiving it, follow these steps:
Identify how much funding you need. If you want to finance a larger one-time purchase, a business credit card might be the right move. If you’re looking for substantial funding, an investor might make more sense. Calculate how much money you need before you start submitting applications or reaching out to your network.
Write a business plan. Many lenders and potential investors will require a business plan. This document should outline your business model, funding needs and how you plan to turn a profit, among other things.
Compile key documents. These can include business and personal tax returns, bank statements, business financial statements and any legal documents relating to your business (such as articles of incorporation, a commercial lease or profit and loss statement).
Decide which type of funding is right for you. Do your research to make sure you understand which type is best for your business and then target your applications accordingly.
Make sure you can pay it back. Map out a plan for how you’re going to repay any money you borrow before you borrow it. Using a business loan calculator or credit card payoff calculator can help you estimate your payments and ensure they fit into your budget.