Alternative Financing for Your Business

Zen Mensch Accounting

You want to buy a building for your business but the banks want collateral first. Or they can dispense with collateral but you have to go through the arduous process of being rejected by a bank first. You only need $20,000 — chump change for the banks. Are there alternatives?

YES,  more and more of them.  None are guaranteed, some will have higher rates and some may turn out to be outright scams.  But nothing will stand in the way of your  dream, right? You can:

Check your municipality. Some have funds set aside for micro businesses.  Investigate non-profit lenders like SEED in South Eastern Mass/Rhode Island. Universities are getting into the entrepreneurship game big-time, and some have loan funds. Look for private incubators that may invest in your venture as well as guide you. Explore “peer to peer” lending companies like Lending Club. Ask a family member and use a third party like Circle Lending.  You may even have a shot at crowd-funding. More mechanisms will likely emerge as the economy continues to change.

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NOTE: This article is presented exclusively for informational purposes and is not intended to substitute for obtaining tax or financial advice from a tax or other business professional. The mention of any financial institutions herein does not constitute an endorsement of their services.

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