Excellent question, lendinero. Thank you for asking it. I would imagine that many new business owners have wondered about the possible financing challenges they would face.
I encourage and invite some of our community members who have been in business for a while to share a challenge or two they faced when they were just beginning. Your story just might be the one that helps another - and isn't that why we are proud to be a part of this community?
We will be watching to see the challenge(s) you all have - and are - facing. AND how you are working through them.
Good question, lendinero!
I feel that finding the right funding solution is very important.
The business should consider loan repayment schedules and rates when weighing the options. There are many small business grants and loans programs to help businesses expand but due to many limitations, owners end up deploying either their personal savings or take on high cost debt.
The business owners would do well if they can find a trusted alternative lender well before it is needed. This can be a huge advantage when business demands additional funds, such as fulfilling an unexpectedly large order or hire more staff for a new project.