Looking for a way to catapult to business success? Here’s the ultimate guide that will help you!
99% of the operating companies in the US and Philippines are made up of small businesses. However, in the US, 82% of businesses fail because of poor cash flow management while 38% shut down due to running out of purchasing capital. In the Philippines, 3 out of 4 micro, small and medium-sized enterprises (MSMEs) can’t secure sufficient business funding.
One of the ways to stay afloat in the business industry is having a Small Business Funding. It is a financial support received by aspiring entrepreneurs to serve as their business capital. It acts as a safety net during global crises or low sales. There are 5 types of business funding namely (1) bank loans, (2) a business line of credit, (3) crowdfunding sites, (4) funding from personal savings, and (5) angel investors.
Business funding works in 5 steps. First, identify how much funding you need. It is setting a realistic rough estimate of how much you’ll need. Next, learn about the requirements. Increasing your chance of having an approved loan is what will happen by understanding the requirements and qualifications. After this, develop a business plan. This will give the lenders a gist of your business. Remember to make this in a way that will increase their confidence in your business. Then, assess the amount and frequency of your payments. Know what will benefit your business — will it be daily payments, monthly or annually? Lastly, choose the best suited loan. There are different types of loan ranging from short term loans, equipment loans and invoice financing. Knowing the right loan type will bring you one step closer to success.
If you want full control over your borrowed money, low and affordable interest rates, improved business credit, with easy process and convenience, then business loans is what you are looking for. It is designed to give you a safe first step in entering the competitive business world.
