Small busineses aren’t limited to just borrowing from the bank. In fact, there are a lot of options out there, but typically business owners aren’t aware of them.
For example, just because the bank turned you down doesn’t mean they still can’t help. The U.S. Small Business Administration has a variety of loan programs that work in tandem with banks to help provide financing, and are one of the go-to alternatives for small businesses.
It’s also worth checking out angel investors, venture capitalists, and crowdfunding options. It’s important to be aware that with investors, there’s a chance you’ll have to hand over control of part of your business.
If your business is scientifically-based, you could qualify for assistance through government grants.
Whatever option you go with, it’s important to have all your ducks in a row. A well prepared application goes a long way to securing capital.
The below article looks at many other options SMEs can use for raising capital.
Read the full article at: www.pymnts.com