10 Funding Options for Small Businesses

A wide range of funding options is available for small businesses. Choosing the right one is important to minimize the costs of borrowing, while still making the most of the money.

For small business owners, a big part of ensuring the company’s success is to make sure there is adequate funding to cover day-to-day operational expenses. Common examples include payroll, marketing, inventory, and rent. Having enough funding can also allow small businesses to continue growing by investing in things like research and development, marketing, and acquiring additional real estate.

Many sources of funding exist for small businesses, but the best one will depend on the company’s goals and specific circumstances. This article, written by Andrew Wan for TechRepublic Premium, goes through 10 different funding options that can be utilized.

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    3. Business credit cards or credit lines

    Businesses that want a convenient way to cover expenses or have access to funds on an as-needed basis can consider business credit cards or business lines of credit. Credit cards can be used for daily or recurring items, and many carry rewards to reduce the effective cost of running a business. Many credit cards also carry benefits like purchase protections to guard against things like accidental damage or theft. Interest rates tend to be high, however, so carrying a balance regularly may not be the best option.

    Business credit lines allow you to get cash deposited into your business bank account only when you request a draw. It can be a good option to consider for businesses wanting a way to cover unexpected expenses or temporary cash flow shortages.

Discover great funding options with our nine-page PDF. This is available for download at just $9. Alternatively, enjoy complimentary access with a Premium annual subscription.

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October 30, 2024
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