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March 23, 2020
Ideas for financing bussiness
I want to invest in my own bussiness - clothing brand. But I probably won't have enough money. Ideas for financing it?
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March 24, 2020
March 24, 2020
►No equity or personal guarantees
►Get funded quickly, and top up as needed
Investing in your own business allows you to be your own boss and develop the entrepeneur side of you. Even though it can get rough when you do not have enough funds to finance it, there are other ways to cover the investment and finally make your business dream come true.
What we highly recommend is to get a small business loan for entrepeneurs like you. It is a type of loan oriented for small businesses and can either help you get started or address specific needs along the way. Lenders offer them based on a set, pre-specified agreement to repay that sum plus interest over a period of time. It is very similar to a personal loan but designed for business purposes.
If you have good credit score, you may want to try a long term loan, which will allow you to get large amounts of money for a period repayment of 1 to 5 years. To get one of this loans, you will have to follow these steps:
- Decide what do you need the finance for: Make sure you have your motives very clear either if it is for starting a new business, cover daily business expenses, buy equipment, etc.
- Find the type of loan for credit your business needs: Analyzing the type of credits that are offered in the market can help you have a clearer view of what your business needs.
- Choose your creditor fit: Research about the lender available for the type of loan you want and decide if you want a traditional bank, an online lender, maybe a particular investor or a nonprofit organization for entrepreneurs.
- Ensure your eligibility: This not only means to make sure you are eligible for the type of loan you will apply for but also check if you will be solvent enough to face the debt with responsibility and discipline.
- Gather paperwork and apply!: Collect the forms your future credit requires, apply and go for it!
When shopping around for products and lender options, we recommend you to check out our partner Kapitus. However, if you end up choosing to consolidate your clothing business with a digital focus - such as an ecommerce - you can evaluate Clearbanc as a powerful option. If the amount you will need is accesible, you can also try to get a personal loan.
To find the best loan for this or any other needs, try our loan comparator now!
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