What are alternatives to financing my business by borrowing money from a bank?
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Committing personal funds is often the first financing step. It is certainly the best indicator of the owner’s seriousness about the business. Risking personal money gives confidence to others investing in the business.
While banks are an obvious source of funds, consider a partner for additional financing. Other loan sources include commercial finance companies, venture capital funds, local development companies and life insurance companies. Trade credit, selling stock and equipment leasing offer alternatives to borrowing.