Sometimes creative businesses require some creative financing to get off the ground. The reason for this is that it is often hard to get lenders to take “creative” ideas seriously. They need proof that a business can work before they are willing to invest, and sometimes the only way to get that proof is to get the business started and let them see how it grows. Then, they may be willing to finance the growing business to help it thrive.
What is Creative Financing?
Creative financing could mean all kinds of things. In East Texas, artist Julia Mauldin had to get really creative with only $50. She knew there was no way a lender would lend her money for marketing and art supplies to start a face-painting business, so she spent the entire $50 on art supplies and worked birthday parties on weekends around her full time job. Eventually she had enough for marketing and better supplies. At one point she even used her car payment money for one month to rent an additional tent needed for one of her first big events. It paid off.
Can I Get Creative without Using My Car Payment?
Of course, not all of us are willing to do that. Other options for financing a small business without a lender include selling items that you don’t need (or are willing to go without for a while), using savings, borrowing from friends and family, and even tapping into retirement savings from the job you already have (a costly option). These things can fund supplies and marketing to at least get the fire started, and when it is blazing and you have something to show for it, that is the time to go to the lender.
There are all kinds of small business loans for women starting a business. Once a lender sees that the business is growing on its own and that the owner has put the time and effort into it to get it to that point, they are going to be much more willing to let go of some of those loans for women in business to help. There are SBA Loans for women, as well as minority business loans for women and first time business loans for women.
Looking for and applying for these loans can be stressful and time consuming however. Biz2Credit can help. Borrowers submit pertinent information via a fast, simple online form, which is provided to a network of over 1,200 lenders. Biz2Credit can help you find the financing you need to help your business grow to new heights. Visit Biz2Credit.com today for more information.