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jacks47
Level 1

Re: Finding Financing

Chef,

I successfully raised 10k on Kiva for my free range duck business. 0% for three years is excellent terms but I had to put in work to generate a video, write copy, and e-mail potential lenders. If you have a community, this would be a great way to go.

I would avoid the crowd funding platforms where you have to pay back in stuff...unless you could do fancy dinners and really get a good return on your time invested.

I would also second the other poster who mentioned where the borrowed money will be used. It's a lot easier to spend other peoples' money than your own. Bootstrapping is the best, but can be limiting. If you really need the money, make sure that ROI is there!

Good luck, and let us know if you figure it out.

RickB
Level 6

Re: Finding Financing

Funding sources will depend on the type of funding you need, first and foremost.  Do you need money for equipment and capital purchases, then seek out an equipment lease company.  Do you need funding for handling cash flow issues like payroll, receivables, etc. than consult your bank for a line of credit.  The biggest funding challenges will come from what your source of collateral is.  No longer are banks in the lending business...they are in the collateral lending business.  Signature loans are all but a thing of the past for businesses.  Collateral will come from what you are purchasing with the money, or from what you already have in exchange for the borrowed money should you not repay.  I always recommend your local bank as a starting point because you can get honest advice and clear direction without a credit hit and without lots of people calling and harassing you like with an online lending portal.