It’s invigorating to watch a business idea come to fruition. Launching a new business is exhilarating, exciting, and thrilling. As much pleasure there is in starting a business, it’s just as equally demanding, challenging, and tough, especially in the financial department. As a business owner starting a new venture, it’s important to understand that you have alternative business loan options. Creating a new business takes time, savviness, and tenacity… and also a substantial amount of working capital. More likely than not, you’re going to need to seek out a business loan to get your company off the ground. Fortunately, there are options other than burning through your savings or soliciting loans from friends and family.
Crowdfunding websites like Kickstarter and Indiegogo have become increasingly popular for people looking to finance their small business ventures. By using such websites, you can easily promote your business idea and seek donations through your social media network, which is great in theory, but not necessarily a solid choice in practice. There are some issues through using such websites making them time-consuming and unreliable – if you don’t make your campaign goal within the timeline designated; you lose every penny you’ve raised thus far.
Another option is organizations such as Accion and Opportunity Fund, both nonprofit organizations dedicated to building financial stability. Accion is dedicated to developing, nurturing, and advancing a network of world-class microfinance organizations for the benefit of creating lasting economic change for small business owners and their communities throughout the US. Opportunity Fund is the largest leasing microfinance provider in California. The organization is making several times as many loans as it did five years ago, according to Bloomberg Business week, deploying $115m and helping more than 12,000 people since 1994.
If you’re looking to quickly and easily get your small business operational, alternative lending broker Capital Inc. is a secure choice. You can apply for a loan online in mere minutes. Capital Inc. will do all the work for you in finding a lender that is best suited for you and your new business. Alternative business loan options are worth considering if a traditional bank loan is out of the question and you’re in need of expeditious working capital.