The Challenge of Funding a New Business

More people than ever before are starting their own businesses. The Internet and new mobile technology has made it relatively easy to get a website up and running and social media has made marketing a more level playing field. Despite some lowered barriers to entry due to new technology, the fact remains that starting a new business venture requires dedication, time, and money. Often, finding the money is the most difficult aspect.

Getting Your Business Started

The problem for many people is that they may have struggled in the past with a poor credit history or a failed business attempt. Regular banking institutions look upon these people as bad risks and are hesitant, if not outright hostile, when it comes to lending them money for a new business venture. Understandably, this can place lots of people in a vulnerable position where they feel that they have no real options.

New business loans are crucial for anyone wanting some seed money to buy IT equipment, register a business name, do some marketing, and start to develop some products. The good news for anyone who has a questionable credit history is that going to a traditional bank is not the only option to get a loan anymore.

Due to the global economic downturn in recent years, banks are not willing to lend money to business startups with no track record. They would much prefer the loan to be as risk-free as possible and invest in a business that is already well established and profitable. So, where does this leave someone with a good business idea who just needs some seed money to get the ball rolling?

Borrow Money the Easy Way

The fact is that there are lots of people around the country who are on social security benefits and who would like to start their own businesses. Given how much traditional work is now slowly being replaced by robots and automation, it makes good sense that more and more people should start their own businesses. This gets them off welfare and creates possible new employment opportunities. The challenge is that the big banks are just not interested in people such as this even if the business idea is a good one. This is where an independent funding company can really help.

Unlike a big bank, some independent funding companies offer the following:

  • A five-minute preapproval time through a special online portal
  • A real interest in people who want to begin their first businesses even if they have no or poor credit

Getting off welfare is the key to progressing one’s life and contributing to the community. The problem is that banks make funding decisions based on very narrow criteria. This leaves out people dependent on welfare and those with bad credit histories. The good news is that some independent funding companies offer a great alternative to the big banks.