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.