Starting or running a successful business requires money. Whether that’s a boost to get your idea off the ground, or a more substantial loan to grow your business, funding for businesses is essential. Business loans are made for this purpose, but sometimes they can be hard to qualify for and you may have to look at other loans if you find yourself in difficulty, such as short-term or bad credit loans. If you’re looking to secure funds without taking out a loan, here’s how you can find hidden funding for your business.
- Grant finders
Using a grant finder is a great way to keep up to date with the grants that are available within your sector. This search function allows you to have a database of grants at your fingertips and can help you to research funding that could be perfect for your business. You can search various criteria or subscribe to regular emails to make sure you don’t miss your chance. There are grants for a range of things such as emergency reparations of damaged facilities, to support projects that can help the community and grants that can help businesses to recover from the impact of the pandemic.
- Government schemes
There are various government-backed programmes that can be utilised by a variety of businesses and consist of schemes that are paid either partially or in full by the government to help your business succeed. An example of this is a programme that the government has put in place to help you to develop management skills, helping your business towards reaching its full potential. It is 90% funded by the government, so you can use it to benefit your company and only pay 10% towards it.
- Local schemes
The hidden market is easier to access than you think. If you’re a small business and finding that you are being rejected for business loans time and time again, looking a little closer to home can help. Searching for business funding in your area could be advantageous as local high streets in towns across the country are always looking for new businesses and opportunities to arise within the community. Networking with different groups or businesses like your own can be advantageous.
- Small business loans
If you’re starting your own small business, you may be finding it difficult to receive funding from banks or lenders as you’ve not been trading long enough to meet their loan criteria. But you don’t have to worry, there are small business loans out there perfect for starting up on your own. You can get government-backed start-up loans that even provide you with options to help you write a business plan and access mentoring. They are specifically designed for businesses that have been operating for less than 2 years.
If you’re struggling to get your business off the ground, you could try fundraising. Crowdfunding is a popular way of fundraising for new businesses. You could create a presentation or product that appeals to your target audience as a way of raising funds and if successful, this could help to kick start your business. This is not a quick fix as successful fundraising takes time, rigorous planning and can sometimes leave you with nothing to show for it.