When looking for financing to take your business to the next level, you can increase your chances of success by setting your sights far beyond the traditional business loan.
Here are numerous sources for achieving your aim:
1. Community bank:
large banks may not be open to fund your business, community banks like credit union, micro finance banks, cooperative institutions are good funding sources for your business at a low interest rate. Surely there is one close to your business and in your field.
2. Venture capital:
They invest in business in exchange for capital, Nigeria is growing in SMEs and the venture capitalist is fast increasing.
3. Government funding projects:
Different states and Federal small business funding can help your business. The bank of industry (BOI) issues billions yearly to small businesses. Enroll in one of the programs to fund your business today.
4. Crowd funding:
There are different crowd funding options today helping businesses fund equipment and acquiring assets.
5. Angel investor:
High net worth individuals are able to fund businesses with their personal funds. There are groups of angel investors looking out for viable business opportunities, but note that the business must be able to provide the angel investor an exit, in form of public offer or a buyout by bigger organisation.
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Regular fees:
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This article was first published on 3rd July 2018
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