Finding the Right Source of Funding for your Business

One question we hear a number of times from entrepreneurs starting out is “what type of funding is available to me as a new business owner?”. The good news is there are a number of funding options available to small businesses. Picking the right one depends on how long you have been in business and your current financial situation.

While Creative License does not offer funding assistance, we can help connect you with resources to help make your search easier. Here is a list of the most popular sources of funding for small businesses and which of these are the best option is based on how long you have been in business.

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While you can still choose one of the items marked for established businesses if you are a newer venture, however, expect a high level of scrutiny during the application process and potentially a higher interest rate than if you’ve proven profitability for a longer period of time.

This is not a fully inclusive list either. There are less common financing options such as:

  • Community Development Finance Institutions (CDFI)

  • Personal Loans

  • Family & Friends Financing

  • Personal Credit Cards

The important thing is to do your research. Be honest with yourself about how profitable your business is, calculate your ability to repay, and figure out how much you need to be successful.  With so many options out there for your business, there is bound to be an option that puts your business in the right position.

Chanel Currysmall business, funding, loans, money, finance