The financing options for a growing business are many. There are traditional loans, like SBA loans, personal credit cards and even crowdfunding platforms. There are also less traditional methods like partnering with lenders and applying for grants, tax credits, and rebates.

Small Business Administration loans

The Small Business Administration (SBA) offers loans to businesses that have a high probability of success. These loans can be used for many different purposes, including:

• Starting or expanding your business
• Purchasing machinery, equipment and real estate
• Refinancing debt with lower interest rates and longer repayment terms than conventional bank loans

Personal credit cards

If you decide to use a personal credit card to finance your business, be sure that you are clear on what’s a business expense and what’s not. You should also consider the interest rate of the card and how much it will cost you in total over time.

In addition, make … More >>>