When it comes to growing your business, there are many things you need to consider. Apart from the business idea and location and team setup, you will need funds to improve the growth. This is especially if you do not have your savings to start up or to get your business running. There are many ways you can get funds for your business, and the most common one is to request funds from your family and friends or banks. There are however several other means of getting funds that most people do not know about or are afraid to use and the best is the Burns Funding. Let’s look at different ways by which people get funds for their business.
Requesting for Loans
Once you have started getting down the business idea and you have started making money and gaining traction and that once you get a loan, you will earn more and more enough profits, then you may be qualified to request for a traditional bank loan. Most of these banks like Wells Fargo and Bank of America have committed to helping the growth of small businesses. While there may be differences between businesses and banks, you may get funding of between $5,000 and $500,000 for your business.
Look to Angels
If you are starting a tech business, you are likely to need more funds for your business to get going; like to get office space or to hire people to work with him. The fund you will need will be more than the one crowd-funding and bootstrapping will get for you. You will then have to reach out to outside investors to invest in your business. The best way to get started is by starting with angel investors; these are established business professionals who have a high net worth and are looking for startup companies to invest and help them grow. Typically, an angel investor can invest anywhere from $10,000 to a couple of million dollars.
You can ask other entrepreneurs in your business network to find angels or check out the Angel Capital Association. This association has more than 330 angel investor groups nationally. You can also check the AngelList website where entrepreneurs are connected with interested investors; the website has helped more than a thousand start-ups get funded. In addition to getting direct loans to startups, angels investing groups also host competitions or events that will be of help to new entrepreneurs to get additional networking opportunities.
Apart from standard bank loans, you can turn to receivable specialists to borrow funds against your accounts receivables. The main reason why you will be doing this is to get funds to support cash flow in your business especially when your business is short of cash. Interest rates and fees of receivables may be relatively high, but most entrepreneurs found this source as the only way to get funds for their business. The lender does not take the risk of payment in most cases because whether you make a profit or not, you must pay the money back.
None of the above sources come with smaller interest rates, but you have to make use of them only if you don’t know any other funding source for your business. When Peter J. Burns III sees all of these interest rates, he came up with a no-interest Burns Funding source for startups to grow their businesses. This is the easiest way to get funds because it will take you 12 to 21 months to pay the loan back. There are up to $175,000 funds for entrepreneurs to build. Peter J. Burns III has designed burns Funding for both businesses and direct consumers. What else are you waiting for? Contact Peter J. Burns III for your next business loan.