How to Find the Money You Need for your Business
9:18 PM
A good friend of mine
recently called me inquiring about an investor. Lack of money is one, if not
the primary, reason some people feel they cannot get their business started.
There are so many avenues available for entrepreneurs. The key is finding the proper
fit for you and your business needs.
If you currently own
a business and have at least $20,000 in sales during the past 12 months and
have at least 90 days of payment processing through Paypal, you may qualify for
PayPal’s Micro lending Loan Program.
An identity and credit
check will be done, as to be expected, and for just 2 to 11% APR a loan can be
yours. PayPal offers approved borrowers the option to take a loan that is
equivalent to 8% of the annual sales made through PayPal. There isn’t a
due date on the loan and the payment is automatically drawn for the account
after a sale is made, until the loan is repaid. Once you have paid it off, you
can apply for another loan.
If you have an idea
and just need an investor, try an angel investor. Here are a few sites I found
for my friend with a description of what each company is about.
Invstor.com helps entrepreneurs by offering guidance throughout the fundraising process
from identifying a solid capital raising strategy to finding investors to
preparing the pitch.
Gust is a global
SaaS funding platform for the sourcing and management of early-stage
investments. Gust enables skilled entrepreneurs to collaborate with the
smartest investors and angel investor networks by virtually supporting all
aspects of the investment relationship, from initial pitch to successful exit.
The SaaS funding platform is endorsed by the world's leading business angel and
venture capital associations, and powers over 1,000 investment organizations in
80+ countries. More than 200,000 startups have already used the funding
platform to connect and collaborate with over 45,000 investors. The company was
founded in 2004 under the name Angelsoft and is privately held. Gust is based
in New York, New York, with a European office in London, United Kingdom.
CircleUp helps consumer
entrepreneurs and investors do what they do, better.
Fundbox is fixing the small business economy by
offering business owners a common-sense approach to cash flow management,
powered by science. Our mission is to give you the peace of mind you need
to focus on your work instead of worrying about your cash flow gaps. We believe
that you have all the potential you need to make your business flourish, and
you can do it without any stressful long term commitments. We’re here to make
sure that when you need your hard earned money, it’ll always be available.
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