| Free Money to Start Your Own Business |
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fultron
Preferred Member
Cash: $ 3.50
Posts: 103
Joined: 15 Sep 2005
Location: NJ
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| Free Money to Start Your Own Business |
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So you’ve got a great idea for a new product or business that you just know will take the world by storm and turn you into a millionaire. There’s only one problem. In order to make your dream a reality, you need some cash to develop, manufacture, and market your idea to the masses.
The big question you have to ask yourself is:
How Can I Get Money To Start My Own Business?
Well, let’s go over your options.
1. You can take the money from your personal savings. This assumes that you have a huge wad of cash lying around and nothing else to use it for. It’s nice if you can pull it off, but few people have the necessary resources on hand.
2. You can borrow from friends and family. This option works well when you don’t need enormous sums of money, but beware that business deals gone sour can spell doom to even the best of friendships.
3. You can take out a loan from a bank. You’ll need a solid business plan but if you work with your local Small Business Administration office you may be able to get a decent rate. Keep in mind it may be difficult to pay the loan back in the early years before your small business really takes off.
4. Borrowing the money on your credit cards is rarely a good idea. While it is convenient and readily available, the interest rate will cost you a lot more in the long run.
5. Angel Investors and Venture Capitalists are hard to come by when you are just starting out. Unless you have a business plan that promises high returns quickly, they won’t be interested. Another downside to dealing with this type of investor is that they demand equity in your company and they can be meddlesome in your affairs.
6. Perhaps the best place for a small business to raise capital is through state and federal grant programs. The government gives away billions of dollars in grant money every year, and much of it goes to support small businesses.
There are far too many grant programs to name here, and eligibility can vary. Your best bet is to access a Grant Directory that has a searchable database of all active grants. They usually charge a small, one-time fee but it is money well spent since it will save you hours and hours of tedious work.
The most complete and up-to-date directory I’ve seen is called Uncle Sam’s Money. You can search through thousands of state and federal grant programs at http://www.topratedproducts.info/mt-grants
Saving Money
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Sun Jan 21, 2007 3:02 pm |
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pennant
Member
Cash: $ 0.85
Posts: 17
Joined: 24 Jan 2007
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thank u. very useful! 
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Wed Jan 24, 2007 8:31 pm |
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algrant
New Member
Cash: $ 0.85
Posts: 4
Joined: 18 Jan 2007
Location: PEI, Canada
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| NICE |
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Thats pretty good, I wish there was a list like that for Canada.
Do you know if there are any US grants available for cCnadian companies that will be operating in the US?
Thanks
Alastair
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Thu Feb 01, 2007 8:44 pm |
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MidshoreMoney.com
Member
Cash: $ 4.15
Posts: 20
Joined: 10 Feb 2007
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I know that in Canada, if you're under 30 or 35 (I can't quite remember), you can get a grant to start a business worth up to $30,000! Also, high school students in Ontario can have grants to start a summer business.
A good place to find all of the information about Canadian grants, etc. is at your local business centre. An example of this can be found at the following address www.regionalbusiness.ca
Hope this helps
Pat
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Sat Feb 10, 2007 2:28 am |
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Offshore-Wealth.com
Senior Member
Cash: $ 14.80
Posts: 601
Joined: 20 Jul 2005
Location: FREEDOMLAND
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| Recession makes it impossible to get business loans |
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Interesting,
My, what a difference a year makes. The list posted here is totally useless now, and with so many bank failures, most will never get approved for a loan no matter how good a business plan they have or how good their credit may be. There are very few options left this year, and it looks to be getting worse with housing collapse in most areas of country.
Good luck to all, Mike
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Wed Aug 27, 2008 2:46 am |
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marshtric
New Member
Cash: $ 1.00
Posts: 5
Joined: 25 Dec 2008
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Thanks dude
it was very useful
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Thu Dec 25, 2008 6:46 pm |
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anthonygj
New Member
Cash: $ 1.05
Posts: 5
Joined: 05 Jan 2009
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Very informative post for earning money. Nice post.
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Tue Jan 06, 2009 2:08 am |
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subho
Member
Cash: $ 2.40
Posts: 12
Joined: 08 Nov 2008
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Will check it out for sure.
[edit]
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Tue Jan 06, 2009 1:59 pm |
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multimastery
Full Member
Cash: $ 8.35
Posts: 53
Joined: 20 Dec 2005
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Great tips!... other alternatives to major banks are credit unions and private lenders. Usually they are more lenient in their approval process. Here are some more ideas of where to get money to start a business
http://www.qassia.com/where-can-i-get-money-to-open-a-business
Last edited by multimastery on Wed May 13, 2009 6:04 pm; edited 3 times in total |
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Fri Jan 23, 2009 12:03 am |
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bhanvid
Member
Cash: $ 3.85
Posts: 19
Joined: 07 Apr 2009
Location: usa
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sounds pretty tough., 
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Thu May 14, 2009 7:59 am |
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Design
Member
Cash: $ 2.85
Posts: 14
Joined: 16 May 2009
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The best way is to earn money from internet and and invest there only and build your business.
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Sat May 16, 2009 10:24 am |
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