The only thing harder than starting a business is funding a business. With the business comes many expenses, from renting an office or production space to buying goods and hiring staff. Unfortunately, it’s difficult to know how much money you will need in the beginning, so you may need more funding as your business develops. Here are four unexpected ways to get business assistance.
Unexpected Places to Get Business Assistance in Denver
- Purchase order financing. Everybody knows that you can receive a business loan. Did you know that you can also use your purchase orders for financing? With large orders where materials must be purchased to produce the goods, purchase order financing can ease the burden.
- Product pre-sales. If your business is all about selling one product, you can raise money by utilizing pre-sales of that product. The major benefit to pre-sales is getting a good idea of how many products you might sell. Rather than have a warehouse of unsold goods, you will know exactly how many products to manufacture.
- Contests. This may come as a surprise, but you can also gain business assistance through contests. Some organizations offer rewards and financing for businesses that enter the contest. However, eligibility requirements, entry fees, and the judging criteria can vary widely.
- Microloans. Finally, microloans are also an option for businesses. These are usually reserved for nonprofit organizations, but these loans are given to organizations that would not qualify for traditional bank loans. Microloans organizations allow individuals to invest in nonprofit companies.
It’s common to think the only way to fund a business is with a traditional loan. However, this isn’t the case. There are many ways to fund a business, even if you’ve been denied a traditional loan or need funding in addition to having a traditional loan. If you are looking for unique solutions to gather the funds needed for your business, you can contact Aspen Commercial Lending and speak with our team of professionals about your needs and goals.