December 14, 2022
Most businesses require tools, facilities, and ongoing expenses to get work done. Here are some ways to secure funding to get your small business started and stay successful.
Loans to support day to day operations, equipment and startup costs can be important for the success of a small business. In order to secure these loans from a bank, having a good credit score is essential. Before you apply for a small business loan through Citizens First Bank, be prepared to provide a credit score, your business filing documents, organizing documents, and a plan of action for the next few years. That way, you better understand what you are needing as far as funds, and the lender will be more likely to finance your ask.
There are many grants that small business owners can apply for to help fund their business. Some grant types include: federal, state, regional, and corporate grants. Similar to scholarships, grants are considered to be “free money” that does not have to be paid back. The U.S. Small Business Administration website is a great resource for all kinds of businesses and nonprofits to find grants.
Another way to help fund your small business is by utilizing a financial strategy called crowdfunding. Crowdfunding is when a business owner utilizes online platforms such as Kickstarter, Indiegogo, and Patreon to raise money through contributions. Crowdfunding is also a great way to “test” ideas or product effectiveness so you can get a general idea about what may or may not be working for your business.
Chances are, if you’re looking for some extra funding, a great place to start is by seeking support or loans from family, friends, and throughout your network of relationships. People who you have personal connections and relationships with oftentimes want to help promote and support you and your small business in any way they can.
Want to start your small business’s path to financial growth? Check out the Business Checking section on our Citizen’s First Bank website to learn more. Feel free to stop in, give us a call or visit our website today.