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Your Personal Savings or 401(K) Savings
No Income Verification Business Line of Credit
Real Estate Line of Credit
No PG Business Credit Cards
Equipment Leasing & Financing
The good thing about each type of financing I’ve discussed here is that in some cases, they can (and should be) obtained simultaneously. That means you will end up with more money than you would have if you only take advantage of one of these financing options (at a time). Also, just because you obtain them at the same time doesn’t mean you have to use all of the money at the same. For example, I obtained a microloan and no income verification business lines of credit at the same time to fund my business. I only used the microloan funding (as needed) and I keep the lines of credit for a rainy day. Having that extra working capital “stashed” away so I can use it when I need it does come in handy. Managing my business finances like this requires strict discipline but it helps me keep my business capitalized. (Generating consistent revenue from my clients also helps me keep the business capitalized but that’s a story for another article).