Most small businesses, will, at some point, be looking for ways to raise capital to fund growth and expansion projects. Borrowing from the bank is only one possible solution, and not always the right one.
So it’s useful for small business owners to explore other options, then weigh up which one is right for them. The first option they might consider are their own profits or savings. And family’s also a good option, especially if they’re business-minded themselves.
Government grants and subsidies are also worth checking out. The US Small Business Administration, which is set up specifically to help small businesses succeed, is a good place to start when researching what funding might be available through the government.
Then there are investors – venture capitalists, angel investors etc. These are good sources of capital, but they’ll want a stake in the business so it’s really only an option if a business owner is willing to hand over some control of their business.
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