Business Credit: How to Finance Your Own Business
To succeed in your own business, you’ll likely need capital at some point. Whether you borrow it, get it from investors, crowdfund it or yank it out of your savings, how and when you fund your business can make all the difference in your financial future.
Most businesses have no idea where to find the myriad funds available to small businesses, how to get them, and how to make sure they don’t get burned in the process.
That’s where our new book, Finance Your Own Business: Get On The Financing Fast Track comes in.
You’ll learn how to find money and how to use it the right way to protect your personal credit and finances, all with the goal of giving your business the best possible shot at success. (Fill out the form on this page to get discounts when the book is on sale.)
For your convenience, we also have listed small business resources.
List of Small Business Resources
Jump to any of the resource sections by clicking below:
- Small Business Financial Resources
- Lending Resources
- For Profit Microlenders
- Business Legal Services & Asset Protection
- Business Development Resources
Fill out the form on this page and we will let you know when discounts on the book are available. Plus you’ll get a free guide today – The Levels of Business Credit. (And don’t worry: we know you’re busy so we won’t flood you with email.)
To succeed in business it is important to use all the available tools. One of the key tools is business credit. Too many entrepreneurs rely only on their personal credit to carry it forward.
Then when that great opportunity or big order comes in, their personal credit is tapped out. There is a second line of credit – business credit – which you need to build up as you start to grow.
Our corporate credit success resource section provides you with valuable contacts to begin building your business credit and to create corporate credit success. Finance your business and grow the way other savvy entrepreneurs do it.
Small Business Financing Resources:
When it comes to your small business, it’s hard to know who to trust. The following resources can help your business grow. Note: We are an affiliate of some companies we feature. Keep in mind, though, your business success it always our top priority.
Get a free business and personal credit score summary and score. No credit card required. Easy to use and valuable insights all in one spot.
Authorize.Net enables merchants to authorize, settle and manage credit card and electronic check transactions via Web sites, retail stores, mail order/telephone order (MOTO) call centers and mobile devices.
Fundera is the safe, friendly, and free way to find your lowest rates on small business loans, guaranteed.
Kabbage gives you the security of working capital whenever you need it.
Funding Circle offers fully secured, small business term loans with monthly payments. Loan approval is generally much quicker than getting an SBA or bank loan. Once all documents have been turned in, you can get a loan within three to five days. Funding Circle typically offers larger loan amounts than other alternative lenders ranging from $25,000 to $500,000 with interest rates spanning from 5.49% – 22.79%. Loan terms typically last 1 to 5 years.
OnDeck delivers true small business loans using our OnDeck Score™ technology, which focuses on the health of your business – not your personal credit score. To get the offer, please type MRP-CRP-001 in the form field listed as Partner ID.
Protect yourself and your business from criminals that steal business identities. Business identity theft not only hurts the company, but also employees, suppliers, and even customers.
- Association for Micro Enterprise Opportunity
- California Association for Micro Enterprise Opportunity
- Community Development Financial Institutions
- Opportunity Finance Network: Search for a CDFI near you at http://ofn.org/cdfi-locator
- Credit Unions
- State Loan Guarantee Programs: Under the State Small Business Credit Initiative (SSBCI) participating states can use $1.5 billion in federal funds for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs.
- Grameen Bank is entering the market to create volume for very small loans under $5,000.
- Kiva funds loans under $10,000 in the U.S. through its crowdfunding platform.
- Local Economic Development Programs:
- Many states have an organization devoted to local economic development. For example, the California Association for Local Economic Development (CALED) www.caled.org is a collection of “public and private organizations and individuals involved in economic development: the business of creating and retaining jobs.” Micro-business increasingly is becoming a job creation strategy that local municipalities are formally embracing.
- Search for “Economic Development Corporation” and “YOUR CITY/COUNTY”
For Profit Microlenders
- Lending Club and Prosper are funding borrowers with good credit.
- Progreso Financiero and Apoyo target the Latino market; www.progressfin.com/en, www.apoyofin.com
- Social network sites such as Kickstarter and Indie-a-go-go offer peer crowdfunding opportunities: www.kickstarter.com, www.indiegogo.com
Business Legal Services & Asset Protection
- Corporate Clean Up: If your corporation or LLC is not up to date and needs to be cleaned up to avoid piercing the corporate veil, please visit: www.CorporateDirect.com/corporate-clean-up/
- Corporation, LLC and LP Formation: To form your entity the right way at the start to help attract financing opportunities please see: www.CorporateDirect.com (Mention this book and receive a discount.)
- Free Trademark Book: To receive a free book download entitled “Winning With Trademarks” please visit: www.CorporateDirect.com/asset-protection/winning-with-trademarks/
Business Development Resources
- Micro Enterprise Development Programs:
- Regional SBA office
- Small Business Development Centers
- Women’s Business Centers
- The National Business Incubation Association
- Double Digit Academy: A fundraising intensive for women-owned businesses led by Julia Pimsleur (Mentioned in Chapter 14 of Finance Your Own Business)
- Ali Brown: Resources for female entrepreneurs
- Is Your State Business-Friendly? Find out at https://www.thumbtack.com/survey#/2014/1/states
The State of Small Business Lending: Credit Access during the Recovery and How Technology May Change the Game. A whitepaper by Karen Gordon Mills and Brayden McCarthy, Harvard Business School