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How to find alternative funding sources for your business?

By Mario Rotanelli?

If you’re starting a new business and you have just sat down with your enormous SBA Packets, then you should read this article first. There are a few ways that you can fund your new business without going to a bank or selling your soul to the SBA.

Like many people 2008 was a really rough year for me and my business, as a result my credit barely escaped with out dropping into the 500’s. As the economy continued to tumble my regular customers had less and less money to spend in my stores. Finally we had to totally reinvent our brand and follow the herds to new pastures.

Being that my credit starting this venture was not as strong as when I started my first business this posed a few challenges when I started my search for additional start up capital. I knew before hand that I would not quality for traditional funding, so as a result I begin to search the web for alternative funding options. When you’re using the web to find information these days you are really taking a big chance because much of the integrity has Jim Brown Jersey been sucked out of online journalism due to the success of Google Affiliate Market programs.

The best advice I can give you is never pay anyone for an approval. In the commercial lending world there is term known as Due Diligence Fee’s. As a matter of fact the first funding site I landed on was a group of so-called brokers hustling desperate entrepreneurs out of due diligence fees. A due diligence scam requires that you to pay anywhere from $5,000 - $15,000 for a broker and his cronies to research the viability of your executive summery. Jim Brown Jersey How the scam works is Jim Brown Jersey they wait about two months after you have paid the money (via bank wire that is), to tell that your plan did not pass the feasibility study.