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    What are the best ways to get finance for your business?
    I am currently considering a number of options for a new business. All of these would require some level of finance. Is it better that I save up, go to an independent lender or go to my bank? I obviously want to avoid any unnecessary costs and overheads.


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    The best cash you'd get for your business is that kind you don't have to pay back. That could be your savings, money you get from family or money you can obtain from selling an asset you don't need that much.

    However, since these options may not be available to many people, you'd have to settle borrowing money. If you are a member of a credit union, you could try getting money from them because it's easier to get a loan there than in a bank.


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    In my opinion, it's best to save up and get the business started and then just go to the bank for a loan when you can prove that the system is working, as I think it just makes everyone a lot more comfortable with the situation and also it lessens the risk for both sides. However, if it would take you a long time to save, then I don't see why you shouldn't start off with a loan from either an independent source or a bank, as long as you have a good and solid plan that you are confident in enough to make promises of future profit.


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    Savings or Financing?
    #4
    Join Date
    Mar 2014
    Location
    Pretoria, South Africa
    Posts
    31
    When you look at financing for your business there are some factors that you need to consider. The type of business and the start-up costs are very important. You also need to draw-up a business plan in order to forecast your potential sales, costs, profit or loss for the first 12 months. If you are able to save enough money to start your business, then that would be the way to go - no interest and less pressure on your business.

    Most new businesses will start with a combination of savings and financing through banks. Be careful of lenders that charge high interest rates, it is not worth your while. Always make sure that you will be able to repay the monthly instalments on your loan if you should decide to finance your business


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    Getting financing for your business idea is one of the most difficult task associated with starting a business. Every method has its set of pros and cons. For instance, if you take up a loan from a bank, it will result in an interest burden and you will also need to put up a collateral for it but you are free from other obligations. And though the investment of the independent investor comes without such riders, it results in too much influence of the investor which might harm the business. So, I would recommend you to weigh up the pros and cons of various methods and then decide.


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    Save up for sure! You will value the money more and spend it more wisely. You wont owe anything to anybody as well.


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    Business loans
    #7
    Join Date
    Dec 2017
    Location
    http://www.davidallencapital.com/101992350
    Posts
    4
    http://www.davidallencapital.com/101992350 I just wanted to introduce myself I represent small business lender who like to lend to small business. Process is simple and fast. Approve in 1 day- Funded this week. Value cash flow over credit. In case you have opportunities you could pursue, or if you're in a pinch.


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    hii , u can finance your business by taking loan


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    #9
    Join Date
    Dec 2017
    Location
    http://www.davidallencapital.com/101992350
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    http://www.davidallencapital.com/101992350 I just wanted to introduce myself I represent small business lender who like to lend to small business. Process is simple and fast. Approve in 1 day- Funded this week. Value cash flow over credit. In case you have opportunities you could pursue, or if you're in a pinch.


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    #10
    Join Date
    Sep 2014
    Location
    USA, Colorado Denver
    Posts
    40
    Quote Originally Posted by Taru View Post
    In my opinion, it's best to save up and get the business started and then just go to the bank for a loan when you can prove that the system is working, as I think it just makes everyone a lot more comfortable with the situation and also it lessens the risk for both sides. However, if it would take you a long time to save, then I don't see why you shouldn't start off with a loan from either an independent source or a bank, as long as you have a good and solid plan that you are confident in enough to make promises of future profit.
    I totally agree with you first start the business from your saving and then go to the bank for a loan. It would secure to get loan from bank then any independent lenders.


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