0% Intro APR on Purchases
Purchases: 0% Intro APR on Purchases, 12 months
Balance Transfers: N/A
18.49% - 24.49% Variable
On Chase's Secure Website.
N/A
Purchases: N/A
Balance Transfers: N/A
21.24%-26.24% Variable
The key to a successful crowdfunding campaign is engagement. You'll need a compelling story and clear communication about your business goals, how the funds will be used, and what contributors will get in return. Videos, blogs, and regular updates can help personalize your campaign, making it more likely to resonate with potential backers.
Crowdfunding not only raises capital but also validates your business idea through public interest. It's less risky in terms of debt and doesn't require giving up equity -- unless you opt for equity crowdfunding. However, the success of crowdfunding is not guaranteed, and it requires substantial marketing effort to reach your target amount.
When more traditional methods are preferred, small business loans from banks, credit unions, or community-based lenders are a go-to. These loans are specifically designed to meet the needs of small businesses, offering lower borrowing amounts with feasible repayment terms.
Additionally, the Small Business Administration (SBA) offers a variety of loan programs that assist small businesses in securing loans from $500 to $5.5 million through guaranteed backing by the SBA, which makes lenders more willing to take a risk.
Prepare to face rigorous scrutiny when applying for a business loan. Banks will examine your business plan, credit history, financial projections, and preparedness to ensure the risk they're taking is minimal. The better your preparation, the higher your chances of approval.
Don't forget to explore community-based lenders who may have more favorable terms or greater interest in supporting local businesses. SBA loans can also be a fantastic route due to their lower interest rates and longer repayment terms, making them especially attractive to new entrepreneurs.
The advantage of a small business loan is clear: you get the funds you need without giving up any equity in your business. You maintain full control. On the flip side, these loans can be hard to qualify for, especially if you're a new business owner without financial history. Plus, failing to repay the loan can negatively impact your business and personal credit scores.
Securing funding for your startup or small business involves weighing options, strategic planning, and a bit of courage. With the right approach and a little persistence, you'll find the funding you need and build a solid foundation for your business's financial future. Remember, the most successful funding journey is the one best aligned with your business goals and values.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.
Jordi Lippe-McGraw is a freelance personal finance writer who has appeared in publications such as Forbes, The Wall Street Journal, TODAY, and Saving for College. In addition to personal finance, Jordi has a passion for travel. She's visited all 7 continents and over 55 countries, writing for outlets such as Travel + Leisure and Conde Nast Traveler.
Share this page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Related Articles
By: Cole Tretheway | Published on June 7, 2024
By: Lyle Daly | Published on June 5, 2024
By: Christy Bieber | Published on June 5, 2024
By: Lyle Daly | Published on June 4, 2024
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2024 The Ascent. All rights reserved.
9 Tips On How To Get Funding To Start Your Small Business
One of the most significant barriers to entry for many aspiring entrepreneurs is securing the necessary funding to get started. Without adequate capital, even the most innovative and promising business ideas can remain unrealized.
This financial hurdle often deters potential business owners from pursuing their dreams, as they face the challenge of covering initial costs such as inventory, equipment, marketing, and operational expenses. The lack of funds can also impact the ability to attract and retain talent, secure a suitable location, and invest in essential technology.
Overcoming this barrier requires creativity, persistence, and a willingness to explore diverse funding options, from personal savings and loans to grants and investments.
1. personal savings.
Using personal savings is the most straightforward way to fund your business. It allows you to maintain full control without taking on debt. However, it's crucial to avoid depleting your savings entirely. Ensure you still have an emergency fund to cover personal expenses for a few months.
Borrowing from friends and family can be a quick way to obtain funding. When going this route, treat it like a formal business transaction. Provide them with a solid business plan and agree on repayment terms to maintain clear expectations and avoid potential conflicts.
Kamala harris’ vp shortlist: cooper, whitmer out as announcement expected this week, ios 17.6—update now warning issued to all iphone users, 3. business loans.
Traditional business loans from banks or credit unions are a common funding source. These loans are typically more challenging to secure and often ask for a detailed business plan and good credit history. It's essential to shop around and compare terms to find the best loan for your needs.
Types of Business Loans:
Grants are an excellent source of funding because they don't need to be repaid. They are often offered by government agencies, private corporations, and nonprofit organizations. However, grants can be highly competitive and may require a detailed application process.
Where to Find Grants:
Crowdfunding platforms are gaining popularity and allow you to raise small amounts of money from a large number of people. Successful crowdfunding campaigns often provide backers with rewards or early access to products. A compelling story and robust marketing strategy are crucial for success.
Angel investors are wealthy individuals who want to give back to the entrepreneurial community and often bring valuable industry experience and connections. To attract angel investors, you need a scalable business model and a strong pitch that highlights your business's potential for high returns.
Venture capital is another form of equity financing but typically involves larger amounts of money from firms that manage pooled funds from many investors. Venture capitalists look for high-growth potential and are often involved in the management and strategic direction of the business. This option is more suitable for businesses that require significant capital to scale quickly.
Business incubators and accelerators provide not only funding but also mentorship, office space, and resources. These programs can be highly competitive but offer invaluable support and networking opportunities.
Bootstrapping involves using your own resources and revenues generated by the business to fund growth. While it may require more time and patience, bootstrapping allows you to retain complete control over your business.
The bottom line is that securing funding to start a small business requires diligence, research, and a willingness to explore various options. By leveraging a combination of the strategies mentioned above, you can overcome financial barriers and take the first steps toward launching your business. Remember, the right funding source for you depends on your business model, the amount of capital you need, and how much control you're willing to share. With a solid plan and determination, you can turn your entrepreneurial dreams into reality.
Melissa Houston, CPA is the author of Cash Confident: An Entrepreneur’s Guide to Creating a Profitable Business and the founder of She Means Profit . As a Business Strategist for small business owners, Melissa helps women making mid-career shifts, to launch their dream businesses, and I also guide established business owners to grow their businesses to more profitably.
The opinions expressed in this article are not intended to replace any professional or expert accounting and/or tax advice whatsoever.
One Community. Many Voices. Create a free account to share your thoughts.
Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.
In order to do so, please follow the posting rules in our site's Terms of Service. We've summarized some of those key rules below. Simply put, keep it civil.
Your post will be rejected if we notice that it seems to contain:
User accounts will be blocked if we notice or believe that users are engaged in:
So, how can you be a power user?
Thanks for reading our community guidelines. Please read the full list of posting rules found in our site's Terms of Service.
Jill Vonier
Growing your business typically requires financial support outside of your own business revenue. For many small businesses, getting a business loan is essential for financing growth, managing working capital, investing in equipment and technology, procuring inventory, and funding marketing and advertising. However, navigating the loan application process can be daunting, especially for those unfamiliar with the complexities involved. Gaining a business loan can be intimidating. This is because of the financial commitment, potential debt, intricate application requirements, rigorous criteria, and fear of being turned down. Fortunately, applying for a business loan doesn’t have to be difficult.
BusinessLoans.com is here to help you with the business loan application process. We will explain the process step-by-step. This way, you can get started with confidence and ease. In this blog post, we will provide a comprehensive guide to the business loan application process, giving you valuable insights and practical tips to help you understand and successfully navigate this important aspect of business financing. Read more to learn about the business loan process and get you started on funding your specific business’s needs.
Securing a business loan is a vital step in realizing your entrepreneurial dreams.
By understanding the loan process, gathering the necessary documentation, and working with the right lender, you can increase your chances of obtaining the financing you need to start growing your business.
Remember, preparation, attention to detail, and open communication are key elements in navigating the business loan process successfully.
At BusinessLoans.com , we make the business loan application process as simple as possible. All it takes is 3 minutes to fill out our easy application, upload a few documents, and get the funding you need in as little as 24 hours.
Apply at BusinessLoans.com today and get paired to top lenders without impacting your credit score.
Most Popular Posts
Set your business up for financial success.
Ready to get started?
Between 2020 and 2021, the UK government spent £7.8 billion on business grants , targeting businesses that had to close during the pandemic. Small business grants for 2023 will again be extended in line with the amended Local Government Finance Act 1988.
But what is a grant in business , and are there business grants for women ? Do you have to pay back a grant , and when does it make sense to take a business grant? Keep reading to find out.
Business grants are non-repayable financial aid provided by government agencies and philanthropic foundations to businesses that need money. The main advantage of a__pplying for a grant__ over other funding options is that you don't have to pay the money back, and you don't have to give away any equity.
Depending on the type of business grant you are applying for, you could get the money in the following ways:
Small business grants can be difficult to obtain because they target specific types of companies. For example, grants may be focused on specific geographic regions, industries, business types, or community groups. There are also specific business grants for women , so other business owners may not qualify.
Some factors that can affect your chances of getting a small business grant are:
Direct Grants: Small business grants often come in the form of direct funding, which is provided directly to a business to support the cost of a specific project.
Resource Grants: Business grants , like Innovation Vouchers, help small businesses get the resources they need to develop projects.
Tax Reliefs: More often than not, the UK government provides tax relief schemes to small businesses, such as those offered in the wake of the COVID-19 pandemic.
Soft loans are another option for small businesses, but they are technically not grants since they need to be paid back. However, the repayment terms for these loans are often more generous than other loans, and the interest rates are low.
Grants are highly competitive, so it's important to have a well-written, compelling proposal that clearly explains your goals and how you plan to achieve them. It makes sense to apply for a business grant if you find yourself in one of the following situations:
For example, if you just want money to hire people, it might not make sense to apply for a grant, but if you want to expand, a business loan might be a good idea.
However, if you are a small business or non-profit organization with limited financial resources , you might be able to find a grant that will help you achieve your goals without taking debt.
The competition is fierce, as there are many businesses looking for grants and only a few small business grants available.
Funds: Most grants require businesses to put up 50% of the money for the project they are taking a grant for. Make sure you can put in the remaining 50%.
Mission and Values: If the grant aligns with your mission and values, it makes sense to apply for one, seeing as you are more likely to use the funds effectively and with integrity.
Requirements: If you can meet the eligibility requirements, including any deadlines and reporting requirements, it makes sense to apply for the grant. The eligibility requirements of small business grants differ as per the grant, so make sure to read the documentation properly.
The best ways to apply for a government business grant in 2024 are as follows:
Find a grant you’re eligible for : You can use the business finance support link to apply for the government business grants you are eligible for.
Research: Once you’ve chosen the grant, read the objectives of the grant. Figure out if the time frame of the grant would be okay for your business needs. If possible, contact the awarding body to assess your chances of winning it.
You also want to verify whether you would be able to produce the remaining 50% of the funds for the project.
Applying for a business grant can be a wise choice for small businesses and non-profit organizations with limited financial resources. With the government and philanthropic foundations offering non-repayable financial aid, small businesses can achieve their goals without taking on debt.
The eligibility requirements for business grants vary, but it's important to research, understand the objectives, and present a well-written proposal that matches the grant’s goals.
201 Borough High Street London SE1 1JA
P roject 2025, the policy agenda for Former President Trump’s potential first year back in the White House published by the far right conservative think tank the Heritage Foundation, has been making waves recently. Some of the many destructive proposals within the agenda include the elimination of the U.S. Department of Education —along with federal education funding and any civil rights protections—and the diversion of public money to private school voucher programs instead.
Make no mistake: The goal is to end public education. But dismantling our public schools isn’t just the plan if Trump is reelected—it is already happening.
We are on the brink of a new wave of public school closures , another step in the decades-long project to divest and dismantle the institution of public school. Disguised as “school choice,” federal, state, local, and private actors have prioritized paying for private and charter schools, hoarding educational resources for the haves and depleting resources for the have-nots.
The policies that Project 2025 plans to prioritize—government payments to families sending their children to private school and creation of new charter schools that are run like businesses—have expanded in the last few years, starving public school districts that serve all students of already insufficient resources. In the 2023-24 school year, at least 70 school districts, including in San Antonio, Texas , Jackson, Mississippi , and Wichita, Kansas , announced permanent closures of public schools, impacting millions of students. These districts are resorting to the harmful, discriminatory, and ineffective so-called ‘solution’ of closing schools in Black and Latine communities, stripping those communities of their local public schools.
Read More: Everything Biden and Trump Have Said About the Controversial Project 2025
Here’s how it works: Concerned about shrinking enrollments and budget crises, district leaders conclude that they must close schools, often without any evidence or analysis that it would save money—and, indeed, it hasn’t been shown to save money unless coupled with mass layoffs. They hire consultants who come up with “utilization” rates and then recommend closing schools with the lowest rates to “rightsize” the district—their euphemism for their misguided belief that school facility usage should be guided by arbitrary numbers instead of meeting communities where they are.
The problem is that “utilization”—a school’s enrollment over its supposed capacity—is stacked against schools that have experienced historic underfunding and disinvestment in facilities repairs, curricula, extracurricular opportunities, and staff. These same schools disproportionately serve Black and Latine students, English Learner students, students with disabilities, and students living in poverty.
Closing schools is demonstrably harmful—and has real-life impact. Research on the mass urban school closures from 2012 to 2014 overwhelmingly found that academic outcomes suffered , particularly for low-performing students. A May 2024 study from Brown University linked the experience of a school closure to “decreases in post-secondary education attainment, employment, and earnings at ages 25–27.” Additionally, closures force families to travel farther to get to schools that are not in their communities, making it harder to form relationships with staff, join extracurriculars, or get involved in parent organizations.
These communities are also often the first to lose access to the benefits of neighborhood public schools, which act as essential gathering places for social services and community resources like adult education, polling locations, a place to hold community meetings, and access to democratic community control through school board elections.
There are more equitable and educationally sound approaches than the lazy, unjust, self-sabotaging—and all too common—approach of spending money on consultants to tell districts what they have already decided to do: close the schools they value least, relying on metrics that target symptoms of their systemic neglect, and playing into the conservative agenda to make public schools obsolete.
Districts have better options to address budget woes. They can start a community-driven process to reshape the budget, wherein multiple stakeholders—rather than a selected few—play an active role in setting district budget priorities. Districts can also employ community-led assessments of how they use buildings, allowing school communities, particularly those historically marginalized, to request the resources, support, and spaces they need.
At the very least, districts should integrate equity requirements into school closure proposals, for instance, by incorporating community-based equity audits into decision-making. States can also follow California’s lead by requiring and robustly enforcing equity safeguards for any decisions to close schools.
Young people and their communities deserve better than districts repeatedly making the same mistakes. District leaders must stop listening to expensive consultants and closing much-loved and needed schools, and instead, must listen to the communities they serve and focus on solutions that put students first. Local, state and federal governments must fully and equitably fund public schools—schools obligated to take and educate everyone—and stop diverting money to a system of charter and private schools where students and families are forced to compete for a limited pool of high quality resources for a select few.
Project 2025 is not an inevitability—it is a call to action for anyone who cares about public education in this country. Our public school system requires more resources to create better school environments for everyone. We need investment in our public schools—not closures.
Contact us at [email protected]
City spokeswoman says negotiations have been completed on lease, funding.
MOBILE, Ala. ( WALA ) - The City Council next week will consider a long-stalled plan to return passenger train service to the Port City for the first time since Hurricane Katrina.
Candace Cooksey, a spokeswoman for Mayor Sandy Stimpson, told FOX10 News that the city and Amtrak had finalized the language for a funding agreement and a ground lease to pave the way for a train stop downtown. And City Councilman Josh Woods, who had opposed subsidizing Amtrak, told FOX10 News that he has changed his mind.
Woods said after reviewing the latest version of the agreement, he is comfortable voting “yes.” That would appear to ensure at least five votes, the minimum necessary to pass most measures.
Woods said he is confident that the city’s share of the subsidy does not bind the city after the initial three-year period and that other sources would have to be found.
“We’re not intending to be on the hook for Amtrak for the rest of our lives,” he said.
The plan is to run two trains a day from Mobile to New Orleans, with four stops in Mississippi, and two trains a day in the other direction. The service would be sponsored by the Southern Rail Commission, comprising Mississippi, Louisiana and Alabama. But while the state governments in Mississippi and Louisiana are picking up their share of the operating subsidy, the state of Alabama had balked.
That left the full $3.048 million to fall on city taxpayers. There have been recent signs, however, that the city would get help. The board of the Alabama Port Authority voted last month to contribute $1 million toward the total. And Alabama Gov. Kay Ivey, though lacking a specific commitment, indicated a new willingness to explore state funding.
Ray Lang, the vice president for state supported services at Amtrak, welcomed Wednesday’s developments.
“We’ve listened closely to the mayor and city council and this agreement is the result of that collaborative process,” he said in a prepared statement. “We also thank the Port of Mobile for agreeing to help carry the first three years of Alabama funding, together with the city.”
Lang also indicated that Amtrak would support the Southern Rail Commission’s effort to win state funding for rail projects in Montgomery, Jackson, Mississippi, and Baton Rouge, Louisiana.
The Southern Rail Commission issued a statement of it’s own/
“We are so pleased to hear this news and appreciate the efforts of Governor Ivey, Mayor Stimpson and the Mobile City Council, the Port of Mobile, CSX railroad and all of our partners who have worked towards this progress,” commission Chairman Knox Ross said in the statement. “We eagerly anticipate the approval of the land-use agreements and funding plans for the Mobile station and passenger service. We will continue to work with Amtrak and our local, state, and federal partners to secure funds that support this service in the future.”
Updated at 5:47 p.m. with reaction from Amtrak and the Southern Rail Commission.
Copyright 2024 WALA. All rights reserved.
Latest news.
IMAGES
VIDEO
COMMENTS
Funding Requirements Presentation. The example below shows the funding requirements information, giving summary details of when the funding is needed, for how long, the amount, and a brief comment on what the funds will be used for. This is part of the financial projections and Contents of a Business Plan Guide, a series of posts on what each ...
A business plan contains many sections, and if you plan to seek funding for your business, you will need to include the funding request section. The good news is that this section of your business plan is only needed if you plan to ask for outside business funding. If you're not seeking financial help, you can leave it out of your business plan.
The funding request section of a business plan is an outline of the future funding requirements of a company. The name and nature of the company, location, owners, service or product offered, target audiences, etc., must be included in the section. It must specify if the company is looking for a short-term loan or an investment in exchange for ...
A good business plan guides you through each stage of starting and managing your business. You'll use your business plan as a roadmap for how to structure, run, and grow your new business. It's a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners.
Here are the core components of a successful business plan for funding. 1. An Executive Summary. The executive summary should cover the essential information about your business: what it does, who it serves, and what you're looking for from the people who read it.
3. Announce how much funds you need. When you explain the situation in brief and have all the facts and figures put aside, narrow it down to your requirements. Mention how much money you need. For that, you will need to calculate your startup costs or the total costs of the activity for which you need funding.
Step 5: Write out your sales plan. Here are a couple of steps you'll want to take to outline your sales plan. Have some branding ideas on hand: These might include a company name, logo, color ...
1. Create Your Executive Summary. The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans. Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.
The business plan funding request section of your plan outlines your financial needs for the future, including how much money you require and when you will need it. You should also mention the various sources you could use to secure funding, such as loans or crowdfunding. Remember that you can constantly update this section in the future if you ...
Step 2: Do your market research homework. The next step in writing a business plan is to conduct market research. This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to ...
Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. A good business plan is much more than just a document that you write once and forget about. It's also a guide that helps you outline and achieve your goals. After completing your plan, you can ...
Otherwise known as bootstrapping, self-funding lets you leverage your own financial resources to support your business. Self-funding can come in the form of turning to family and friends for capital, using your savings accounts, or even tapping into your 401 (k). With self-funding, you retain complete control over the business, but you also ...
For many new business owners, the top motivation for writing a business plan is to secure funding. M&T has the experience and expertise to help you assemble the information that's going to be key to a successful proposal. Having a viable plan for business success can help you get the financing you need.
Use the numbers that you put in your sales forecast, expense projections, and cash flow statement. "Sales, lest cost of sales, is gross margin," Berry says. "Gross margin, less expenses, interest ...
Startup Funding Requirements Profile. At this stage, the business could simply borrow the peak funding requirement of 175,000 for the term required of 4.5 years. This would ensure adequate facilities are available to cover the planned development. However, doing this would result in unnecessary high interest charges, as the peak facility is not ...
When most entrepreneurs need funding to start or grow their business, they quickly learn one key fact: They need a business plan. Just as you need a resume to apply for a job or a completed application to gain admittance to a university, business plans are required to apply for business financing.. And like resumes and college applications, business plans are viewed as a necessary evil by most ...
2. Cuttles. Cuttles helps entrepreneurs and business owners plan and grow their businesses using a fully interactive and guided business plan software. The software provides features and guides to create a startup pitch, write a business plan, define a startup team, and do budgets and financial projections.
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
This business plan help video is for small business owners or potential small business owners needing to write a funding request for a business plan. In thi...
What are funding requirements in a business plan? This is what your entire business plan has been building up towards. If you follow these steps for calculating funding requirements, don't you think you'll have an enormous amount of insight as you launch your startup? This is the culmination of all the hard work you've put into your ...
1. Time in Business. Every lender will ask how long you have operated your business. The longer you've been in business, the better it is for your application because it shows a lender that your business has had long-term success. Ultimately, the threshold that you should keep in mind is two years.
2. Money from friends and family. Money from family and friends, which you'll also see called "love money," is a viable source of funds in your business plan. However, just as it's risky to get your own money wrapped up in a business, it's dangerous with other people's finances too.
Introducing how to get funding requirements in your business plan.Learn Business Planning for Beginners course - https://www.youtube.com/watch?v=sUn9DogKUzE&...
1. Venture capital: The big-league booster. Venture capital (VC) isn't just for tech giants and Silicon Valley startups. It's a viable option for various businesses with high growth potential.
Types of Business Loans: SBA Loans: Backed by the Small Business Administration, these loans offer favorable terms and lower interest rates. Term Loans: These are lump-sum loans repaid over a ...
Each option has its own requirements, terms, and eligibility criteria, so conduct thorough research to find the best fit for your business needs. II. Gathering Documentation: Business Plan: Prepare a comprehensive business plan that outlines your company's history, objectives, market analysis, financial projections, and repayment plan.
Is It Different From A Business Plan? A business loan proposal is a detailed presentation of your financial needs when seeking funding from a lender. It includes the desired loan amount, purpose, repayment plan, and collateral offered. Unlike a business plan, which provides a broad overview of your company, a loan proposal focuses on financial ...
Types of Business Grants. Direct Grants: Small business grants often come in the form of direct funding, which is provided directly to a business to support the cost of a specific project. Resource Grants: Business grants, like Innovation Vouchers, help small businesses get the resources they need to develop projects.. Tax Reliefs: More often than not, the UK government provides tax relief ...
At the very least, districts should integrate equity requirements into school closure proposals, for instance, by incorporating community-based equity audits into decision-making.
MOBILE, Ala. - The City Council next week will consider a long-stalled plan to return passenger train service to the Port City for the first time since Hurricane Katrina.Candace Cooksey, a ...