Starting a small business is an extensive and expensive undertaking. Finding funding for a small business can be one of the biggest obstacles to overcome. Fortunately, there are many options available to secure financing. With the help of an experienced broker, finding funding for a small business will be a much smoother process.

If you would like to discuss options for funding a small business with a qualified broker, the team at POM (Peace of Mind) Capital & Funding Services knows the strict regulations and requirements to help you smoothly secure funding for your business endeavor.

Typical Options for Funding

There are several ways to find funding for your small business. Banks are just one place to get approved for a loan. The Small Business Administration (SBA) is another great resource for new business owners.

If you’re looking to find funding without a loan or to significantly reduce the principal amount, there are other ways to get start-up funds. Applying for a grant can provide significant funding that you won’t be required to pay back. Although being awarded a grant is difficult, with the pandemic still in full swing there are more options specifically targeting small businesses. There are several grant finding websites available to help you locate opportunities specific to your business industry.

Other Funding Options

While loans and grants are great venues, there are many alternative options for finding funding for your small business. Investors are a great source of financing, especially if you’re in a fast-growing industry with a stellar business model. But if you are unable to attract the attention of a lucrative investor, there are still other methods to try.

Business credit cards are another possibility, but beware—these come with high interest rates, and you may not be approved for as much financing as you would with a loan or grant. Credit lines can also carry hefty fees. Business credit cards may not offer purchase and fraud protections as a personal credit line. Be careful to use your business credit card only for business expenses to keep your bookkeeping organized for both filing taxes and securing future financing as your business grows.

A more recent option to fund a small business is crowdfunding. Some crowdfunding sites accept public pledges as a product presale to help you acquire funds. Equity crowdfunding is another type, selling securities to gain financing. Both types of crowdfunding are dependent on public interest and your ability to fulfill your promises.

Help with Funding Options

At the POM Capital & Funding Services, we can schedule a consultation to learn more about your options and what to expect when securing funding for a small business. Coming prepared with the right financial documents and project expectations will help your broker become familiar with your circumstances to get you the best loan possible.

If you would like to discuss options for funding a small business with an experienced broker, call POM Capital & Funding Services at 631-354-9290 or write to us at [email protected] to schedule a free consultation with our team.

POM Capital & Funding Services is a leading provider of alternative funding solutions for businesses of all types and sizes, offering commercial finance solutions and products to businesses in the Centerport, New York area and throughout the state of New York.