As a young company, you do not have the means and the financial resources necessary for the proper functioning of your team?
Entrepreneurs regularly apply for loans from banks to support them in their growth.
That said, many young people or small companies are denied such loans on the grounds that the risks are too high for banking institutions.
These are still cautious with small businesses, specifically in the start-up and initial growth, while yet they are periods when small SMEs require more funding!
But how to get a loan of money? And who to turn to when one is a start-up SME? Discover the various options available to you.
How to finance your SME when you are not eligible for business loans?
The assignment of the lease
If you have a vehicle or vacant space in your office, consider renting the use of one or the other to people outside your company.
This will allow you to receive cash, which you can place elsewhere.
If you do not have access to a business loan, the government offers different financial support for businesses, in the form of loans, grants and financial aid.
You can call governments, provincial and federal, or search online for help you may be entitled to.
Each company is not eligible for all types of financing. These may depend on the company’s mission, the size, the age of the entrepreneur or the company, and so on.
Some private payment options are also available for entrepreneurs who have not been able to obtain traditional financing.
Do you know Kickstarter? Online financing platform, Kickstarter makes it possible to share the mission and details of your project to the users of the website. In return, private investors who believe in the project offer the amount they want to the entrepreneur.
These donations from contributors then make it possible to pay part of the expenses.
It goes without saying that this financing option is unpredictable. The enthusiasm (or absence of) that the business plan will bring to the public can not be predicted.
In exchange for the donation, the initiators of the project can offer exclusive access before the official launch date (in the case of a software for example), the inclusion of the name of the donors in the official documents that are related to the project or a share of the profits generated by the marketing of products.
Visit the Kickstarter website for more information!
When you are looking to borrow money to finance the growth of your SME, it is always advisable to develop a specific plan that defines how you plan to repay this loan.
Of course, this often means that you will have less money to pay for daily expenses.
Although NCR Loans does not offer financial support to businesses, we are here to help you maintain a comfortable financial position while investing in the future of your business.
To inquire about our loan options, contact us!
Apply for a loan online today!