Turn Your Business Into a Successful Story

If you can build a buzz about a new product and get customers to pre-order the item with a promise of later delivery, you can test the sales strength of your product while also raising funds for inventory or other needs.

Often times the most competitive and fair rates for loans can be found through the Small Business Administration (SBA). Born out of earlier programs to help small businesses deal with the Great Depression and WWII, the SBA consolidated its help for American businesses in 1953 and has been an invaluable resource for financing. Check out their variety of loan programs here.

Peer to Peer lending (P2P) has become much more mainstream as many of the big banks are now looking to partner with existing companies or build their own P2P platforms. For great deals with low interest rates look at LendingClub, Kabbage, Prosper or OnDeck. Brick and mortar banks have a hard time matching their prices because these online lending institutions have such low overhead.

Have a great business idea but are unable to finance it? We have you covered with our 7 creative strategies to get the funding your business needs.

When cash is tight and you need money to make money, perhaps you can try renegotiating some of your business deals. Talk to vendors or suppliers, who may be shipping you materials but demanding payment before you can sell them for a profit. It may be possible to extend the deadline. Take a closer look at your business contracts and see if there are ways to restructure the deals to better assist your need for cash.

Credit cards are the last option on our list for a reason but it isn’t always the worst option. Depending on your need and timeline, credit cards can become a useful tool for short-term borrowing. However, with interest rates over 20 percent, they do not make a good long-term strategy. Use plastic only in case of emergencies.