Page 28 - Everything You Need To Know About Personal and Business Credit by Adrean Yancy

Everything You Need To Know Abour Personal & Business Credit

1. Banks: Conventional banks give and help businesses with solid credit
scores and collateral with funds to grow their businesses. If you do not
have a good credit score or collateral, you can still get a loan from these
banks if you have an insider.

No, the insider won't take a bribe or give you a backdoor loan but will help
with the necessary document in the absence of a good credit score and
collateral.

2. Online Lenders: Many people now patronize online lenders for their

business funds. According to the Federal Reserve report, 5 out of 10
medium or high-risk applicants go to online lenders for fast cash. This
peer-to-peer system has been gaining monument lately, especially now
that the means of obtaining loans from banks are getting more rigid and
chances are slimmer.

3. Crowdfunding: Another novel way businesses get access to funding
these days is through crowdfunding. If you have a business that you feel
will solve your target audience's pain points, then this could be your way of
raising a business fund. And if you want to do this, your business product
must surely captivate to win over your investor's attention.

4. Credit Union: To get a business fund through credit unions, you simply

have to be a member of one. Interestingly, according to a Consumer
Finance Protection Bureau report, the number of unions has doubled. This
means small businesses now have access to credit union funds.

5. Small Business Grant: Do you need business nance that you won't be
asked to pay back? If yes, then what you need is a Small Business Grant
through the help of nonpro t organizations, the government, and
corporations. They usually target this type of grant for some speci c sets
of businesses and not for every business.

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