Finance

6 Ultimate Ways to Fund Your Business

There are many sources who offer business funding today. Knowing the different sources will help you find the best funding options for your business. Remember, most of these funding sources you can access right through your funding suite with us. So, reach out to me to receive more information about the specific funding that will work for you and your business.

In the meantime, look at some of the many sources of funding that are available today.

Business Charge and Credit Cards are a fast and easy way to access cash for the business. You can use the money for any purpose, and you can be approved for business credit with no personal guaranty or credit check. Many merchants will approve you for individual credit cards of $10,000 or higher.

Angel investors have been responsible for funding over 30,000 small businesses every year. With over 250,000 active angels in the country, you may want to consider an angel investor network to simplify your search. Manila angel investors and startup funding Philippines are great source of funding when banks won’t approve you, and perfect for projects where you need a lot of money.

Asset Based Funding is perfect if your company has collateral such as accounts receivable, inventory, equipment, purchase orders, or real estate. These assets can be used to secure the financing you need, and you can secure asset-based funding even if your credit isn’t very good.

Bank loans are still available, although they have become harder to get approved for. Many large banks tend to be much more conservative in lending, so you may want to consider a community bank or credit union for a small business loan.

Lines of Credit are perfect sources of working capital. A line of credit works like a revolving credit card but with much lower interest rates and higher available credit limits. You can get credit lines over $150,000 and write checks from the account or use a debit card to withdraw funds or use for purchases.

Merchant Cash Advances and Merchant Lines of Credit are perfect for businesses who process credit card payments. This type of financing will advance you money against future credit card transactions. You can even get a debit card to use the funds you secure.

Microfinance loans from licensed moneylenders in Singapore are less difficult and time intensive to qualify for with loan amounts ranging from $500 to $35k. Many businesses use several micro and flexible loans to get money for their business versus applying for one larger loan due to the easier qualifying criteria.

Venture capital is neither easy nor fast to be able to tap into but can be a viable source of funding. This is a great source when you need higher loan amounts, and don’t mind giving up a potential stake in your company. Plus, you don’t have some of the headaches that come with conventional funding.

Is Equity Funding The Best Option For Your Startup?

To get your business off the ground, as well as keeping it there, you need the cash to do so. Getting this cash can however often be a difficult process and will be made more difficult if you have other commitments already such as a mortgage, car and a family to support.

The traditional route of gaining business funding has always revolved around visiting your bank for a bank loan; however this route isn’t always the best to approach when you are looking for start-up business funding as banks are known to not like providing new, small businesses with money as your business will have no financial history and you will more than likely have no assets on offer to secure the loan.

When starting a new business venture, it is important that you get the start-up funding from somewhere that can provide you with what you need and that you will be able to have a good working relationship with.

One thing that you could do to get the start-up funding that you need is to look at your personal finances, your ‘inventory,’ to find out if you would be able to fund your business yourself. This concept is highly unlikely, but some people have managed it. You should look at the money being brought in by a part-time job, a life insurance policy and family and friends as well as any money that you have at your disposal from a credit card.

By using personal finances, you in effect become your own boss, which gives you control over your money. If like many you can’t afford to use personal finances you have the option of borrowing money or getting the help of an investor. You may want to borrow finance to cover aspects such as day-to-day expenses. The main way that this is done is through a loan; however, as previously mentioned, many banks are reluctant to give a loan to a new business venture.

The best way in recent times for a business to gain the finance that is needed is through the use of equity funding. Equity funding is share capital, which is invested in your business in return for you handing over a share of your business. Whatever business funding you decide on you need to ensure that within your business plan you have stated how much funding you are hoping to gain as well as what you want this funding for.

The Basics to remember when Borrowing Money

For one reason or another, many of today’s wage earners are now applying and getting financial loans from various financial institutions. For some salaried individuals who have little chance of BORROWING from large banks, it is not surprising that small lending companies that offer PAYDAY LOANS and other high-interest loans are starting to be the popular “go to” lending institution today. Payday loan as we all know is a small unsecured loan package provided from a money lender to a needy individual. It is usually short-term and its interest is a lot higher than those offered by bigger financial lending companies.

Borrowing Money from Various Financial Institutions

Whether it is a payday loan or PERSONAL LOAN, there are various ways and reasons why people borrow money. For most businesses, bank overdraft is common. This is where a bank allows its client to withdraw more than what is actually in the businesses’ bank account. For individuals, however, getting cash loans is the most common. Unsecured and secured loans are the ones most applied for from various lending companies. Unsecured loans, as the term connotes have a higher interest rate than the secured loan. The reason for this is that unlike secured loans, unsecured ones do not require the borrower to provide collateral for the borrowed amount.  One of the easiest ways to borrow money is to mortgage any of your personal assets for cash. However, the disadvantage of this type of a loan is that more often than not, the amount provided by the lender against the asset is usually way below the actual value of the property.

The Basic Principle of Borrowing Money

Private individuals and businessmen, borrowing money will have a different goal. For an individual, loans are needed basically because of a financial crisis and that borrowing money will not be a financial advantage. The goal is to be able to meet the unexpected expense and to repay the loan without bringing a larger financial crisis to him.  To a businessman, the basics are to be able to get a loan whose interests and cost of obtaining the same should be less than the value that has been created in getting the loan amount.

5 Reasons Why You Should Send Application in Lending Offices

Online loan application has become the norm in the lending scene today. Through numerous online lending websites, borrowers can get their money in a snap and they can even examine the available rates. While this method of application can help you save valuable time, visiting the lending office can still be advantageous.

These following reasons will help you realize the importance of visiting loan offices:

You Can Observe Effectively

If you’re in the lending office, you can observe anything that’s happening. From the customer service process down to the way, the reps answer your questions. Through careful observation, you’ll know if the lender can indeed be trusted or not. Also, it’s important if the lending office gives you a homely feeling.

The Process Will Be Transparent

During the whole transaction, you can see all important phases. Everything is transparent and you won’t be caught off-guard. If you have questions in-between, you can ask the rep directly and the answers will follow. Such transparency is important in deciding if you’re gonna borrow or not.

You Can Reexamine the Options Well

Now that you’re aware of lender transparency, you’ll be able to reexamine your options properly. Typically, the speed of fast cash loan applications can lead to wrong decisions and unforeseen circumstances. Many borrowers are victimized by this because they tend to focus on the rewarding feeling of getting the money. With the options presented in front of you, only a few details can escape your attention. If the rep has also offered you an irresistible option, you can quickly make a decision. The diversity of options presented to you could be better than what you can get online.

You Can Present Your Side Confidently

If the online loan application is all about speed, in-person application emphasizes deep communication. Typically, borrowers explain their situation to the lender. Most of the time, lenders take this situation as part of their analytical process. Now if you’re applying online, you have limited means of explaining your side. The lender rep will just call you or you’d be presented with a form to input your digital explanation. Backed up with your documents, your application can be approved. In person, you can convince the lender at a better rate. You can handle the situation with ease.

Reps Might Give You Valuable Tips

In any lending company in Manila, reps are tasked to help all borrowers with their concerns. While they will just give official information about your loan or other related processes, they may also leave some helpful tips for you. Keep in mind that this depends on how you treated the rep. If your attitude is great, you’ll get useful information.

Do you think these five reasons are enough to convince you in applying on-site? If the answer is right, then you shouldn’t waste time – visit a lending office today and file your application!