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Because Facebook, Twitter and Snapchat all secured funding via venture capital many new business owners and aspiring entrepreneurs believe that the venture capital model is the best way to fund a startup to launch a business. Reality is that only 1 to 2 percent of entrepreneurs actually secure venture capital, so what are the other 98% of entrepreneurs to do. Continue reading
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Nov 21, 2016 /prREACH/ -- Fundwise Capital is introducing a new startup funding program to fill that void and help all new entrepreneurs by providing creative finance solutions for entrepreneurs. Meet Tara Tara is a successful hair stylist who decided it was time to open her own salon. Venture capital would not help. Local banks said no, so she began to search online. As she searched she came across merchant cash advances, high rate loans, and crowdfunding, but none of those options were affordable or made sense for her business. Finally she came across the new startup funding program offered by Fundwise. It consisted of unsecured credit lines with low, affordable monthly payments. Because the money was unsecured, meaning no collateral was necessary, it looked like the answer to her funding search. When creators fund a startup it is vital to make sure the monthly payments are affordable, these revolving credit lines had affordable monthly payments and because the funding was revolving that meant she would only have to pay back what she used. Use of Funding Tara had calculated that she would need about 40k in order to acquire high end furniture, launch new marketing campaigns and secure the equipment she would need to run a top tier salon. She also wanted to have additional money on hand for working capital since often it takes longer than expected to begin generating sales. "It is important for entrepreneurs to know exactly what the requested funding will go to," explained Tara. Good Credit is Key To qualify all Tara needed to have was a decent credit score, within a few minutes she was pre-approved for the 40k that she needed with this new funding option. Within 24 hours she was connected with her own funding manager who introduced her to Fundwise Capital’s proprietary funding system, which is essentially an online portal with funding education and access to the top funding options for new businesses. Fundwise clients are given lifetime access to the portal so that they have access to funding in the future as well as the present Over the next two weeks Tara was able to secure over $50,000 in funding from revolving credit lines. Creative Financing For the most part startups and newer businesses are generally ignored by banks and sba lenders, so new entrepreneurs need creative funding. The Fundwise Capital startup funding program has proven effective for enterprising individuals to find funding solutions. This program has already helped hundreds of new businesses across the country to launch their venture One of the most effective funding instruments for newer businesses is revolving credit lines with affordable monthly payments which is an integral part of the program. In addition to credit lines the program also includes unsecured term loans and more traditional lines of credit. The Bottom Line At the end of the day entrepreneurs need funding professionals just like they need accountants for taxes and attorneys for legal matters. This unique funding option has helped to solve the unique challenges entrepreneurs face by creating custom funding plans to help them fund any new business looking for a jump start. Regarding her experience Tara said that she was in desperate need of funding for her new business. Leo and the Fundwise team helped her and provided exactly what they promised, while educating her along the way. This startup funding program can be an integral part of jump starting any new business.
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