Looking for startup funding for your business? In this video you will discover five funding options that will provide your startup access to cash and credit in the shortest period of time. One of the greatest challenges facing a new small business is access to funding.
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Unfortunately, 94% of startups fail within the first 2 years because of a lack of funding. What frequently goes wrong, and leads to a startup running out of money, is that the business owner failed to gain access to funding before their cash dried up. It’s important to plan for growth right from the beginning as opposed to waiting until your business really needs the cash.
The first type of funding you can get is startup business credit cards. This particular type of funding is based on the personal credit of the owner. Since the business is new and does not have a track record, bank card issuers will rely on the owner’s personal credit.
With our business credit card funding program, we get startups set up with 4-5 business credit cards. This helps a newly formed business the opportunity to build business credit while protecting the personal credit of the owner.
A second funding option for a startup is a business line of credit. This line of credit is not a traditional business credit line issued by a bank. The lender for this line of credit uses the business checking account to determine eligibility. If your startup is growing in revenues and can show $4k+ a month in bank deposit activity than consider this option.
Another option for startup funding is a personal business loan. A personal business loan is money borrowed from a bank or lender that you pay back in fixed monthly payments with repayment of two to seven-year terms. To qualify, banks will look at your personal credit and personal income as a qualifier.
This type of program provides a cash injection into your checking account which you can use for any purpose and without any restrictions. Many small businesses start with several loans before graduating to conventional loans.
It’s important to realize any time you are searching for funding as a startup, you need to be able to show that you have the ability to repay. This is best accomplished with a good personal credit report and personal income.
Once you have established the initial track record for your business and established a business credit report, more funding options will become available to you.
If you have good personal credit and decent income consider a personal line of credit as another funding option for your startup. This credit line is issued by a bank and allows you to draw funds up to the entire credit limit issued. You can borrow money against the line whenever you need it.
For more details or to apply for startup funding for your business check out the following websites.