American business history is filled with stories of students successfully launching major businesses from their parent’s garage or college dorm. The entrepreneurial spirit truly knows no age. However, securing financing can be difficult at a young age – especially for students that are either underage or sinking in student loans already.
What are a student’s funding options?
This will likely be the only option when it comes to a traditional small business loan, especially if the borrower is under the age of 18. Even with an income and experience, wisdom comes mostly with age in the eyes of the lender. With a co-signor however, the game changes quite a bit and a promising business pitched by a smart, savvy, and professional young person could just win over the right one.
Friends and Family
The quirky uncle or eccentric aunt may be just the ticket to a young person getting their own business up and running. Supportive parents or even friends can help. Usually in these cases, it is a combination of many funding sources that end up making the complete picture come together.
It is possible for young people to find investors if they know the right people, can work the right connections, and their business idea strikes a chord with the right folks. Of course, this requires a double dose of courage, boldness, and perseverance. For most young people, even getting a meeting with an investor can be challenging, let alone actually going into the meeting and convincing them to invest. This is where a great mentor is particularly useful.
Biz2Credit has a network of over 1,300 lenders that offer a wide range of financing products to borrowers of all types. They can help you find the perfect start up business loans for your business whether you are a college senior or a senior citizen. Visit Biz2Credit today to find out more.