Happy Sunday!

Is it truly possible to get funding for your startup?

I think so.

Actually, the approval email I received on January 30th, 2023 for over 250k in funding proves it is possible.

So, the real question isn’t if it is possible…

…it’s where is it possible!

Where do YOU go for funding?

That’s the question I will try to help you answer in your email.

Because it truly depends…

Where you go looking for funding will depend on what type of business you have and your revenue.

So, I recently got to the bottom of it.

Here are my findings.

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Very Little Revenue

Here’s the truth!

If you have very little revenue your funding options are limited and competitive, but available nonetheless.

Here they are:

• Grants

  • Note: One example is the eBay Up & Running Grant

• Business Competitions

  • Note: Many organizations and universities host startup competitions. Check for those in your local area

• Crowdfunding Platforms

• Friends and Family

• 0% Interest Business Credit Cards

  • Note: Risky but worth it if there is a clear path to sustained profit and the ability to pay back your loan.

• Personal Loans or HELOCs

  • Note: Note: Risky but worth it if there is a clear path to sustained profit and the ability to pay back your loan.

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100K+ in Revenue

In addition to the above methods, if you are making over 100k in revenue (even better if you are profitable) you have a good chance of getting funding from alternative lenders.

Here is a list of reputable online lenders who can typically provide you with a loan to help you grow and scale your business:

• BHG Capital (who I got my loan from)

• Kabbage

• BlueVine

• OnDeck

• Lending Club

• Fundbox

Of course, you could also try your luck with traditional banks but I’ve found the process to be VERY slow and often involve collateral.

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Real Estate Investing

If you are in real estate there are actually quite a few funding options available to you with very little history in real estate needed. You just need to underwrite it well and be sure there is a potential for a return on investment (after financing costs).

Here are your options:

• Hard Money Lenders

  • Note: I would search on Reddit and Bigger Pockets for recommendations on hard money lenders.

• Real Estate Specific Crowdfunding Platforms

  • Note: One example is PeerStreet

• Seller Financing

This list is by no means exhaustive but I believe it is helpful.

Reply and let me know if it helped you at all.

Moving forward, the weekly emails will take on a style that is a bit more condensed but even better for you.

I’m excited for you to see it.

Until next week,

- Keran Smith