How to Get Money to Open a Business
Many dream of opening a business of their own but financing hinders them from doing it so.
But there are available means and ways to get the money to open a business. Read on and learn what they are.
It is no secret that many dreams of opening their own business and eyeing on the goal to be financially independent as soon as possible. There are many schemes for a business like a shop, store or restaurant that runs in their head. But like many wannabe entrepreneurs the first hurdle that they meet to put up a business is how to get money to open a business of their own. Financing is a very crucial factor in every business venture and the lack of knowledge on how to get money to open a business is the one that hinders them to pursue their business venture.
Setting the business philosophy that any business problem can be solved and impossible problem can be solved in time, then the issue of how to get money to open a business is just a problem that can be solved. Here are some possible solutions so this problem can be addressed.
The Usual Ways on Getting Money to Open a Business
There was once a study done in 1998 by Thompson Lightstone and Company that 50% where people get money to open a business came from financial institution like banks. Other means of getting money to open a business came from loans from friends and relatives. And some use their credit cards to finance their business.
All of these ways can be considered wise way to get money to open a business. Through the entrepreneurial skills of anyone, these paths on how to get money to open a business are valid and invaluable.
Loan Programs on Opening a Business
Unknown to many, there is one good option open for any business minded person to get money to finance his business venture. One of them is the SBA or U.S. Small Business Association. This program can offer primary loan up to $2,000. SBA can also guarantee a loan to a maximum of $1M.
Another loan program (which is also under SBA) is the CDC or Certified Development Company which is classified as a 504 Loan Program. This loan program provides long-term, fixed-rate financing so that businesses can afford to buy machineries or equipments for expansion or modernization.
As there are many options and ways on how to get money to open a business, the keen, intelligent and entrepreneurial mind of the businessman then has to decide which one is applicable for him.
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