7 of the Best Financing Options for a Small Business

Have you experienced any of these money situations?

• You need more inventory so you can make more money, but you need more money to buy supplies first.
• How about this? You want to hire another employee to grow your business, but you need a bigger budget so you can hire them.
• You need to run a new marketing campaign to bring in more sales, but first, you need the money to finance the campaign.

This double-sided coin is a common struggle for small business owners. Where can you get the money to finance your business so you can grow?

Hopefully, the list I’m about to share with you will help. Here are 7 of the best options to finance your business.

1. Federal, Provincial or State Small Business Loans

It took a pandemic for the world to realize how important small businesses are to our communities and global economies. This has resulted in a spike in government funding for small businesses. For example, in 2021 the Canadian government added $560 million to help small business owners in the Small Business Financing program.

Are you eligible for government loans in your region?

2. Unsecured Line of Credit

This funding option is suitable for smaller loans. Think somewhere between $5,000 and $10,000. People are usually quickly approved for an unsecured line of credit. This is because there are no assets or collateral needed for this loan. The downside to an unsecured line of credit is that it has a high-interest rate.

What perks does your bank have for business owners? Don’t be afraid to switch banks if someone else has a better offer.

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