When financing your new company, you have to think beyond startup capital to facilitate growth until you achieve positive cashflow. So, while you can look to your inner circle to borrow your initial funds, you will likely need to extend your gaze to capture all the cash you need for growth. Locating those funds is easier said than done, however. Thankfully, founder Paul Saunders at James River Capital has the know-how you need to make that a possibility, as they have extensive experience in helping business owners finance their dreams. Take a look at their top tips for funding your next business venture to get started.
Look to Local Lenders for Loan Funds
Your ideal first stop for business capital is local lenders, as they can offer all the funds you need to start and run your company in the early days. To find reputable lenders, you can reach out to your local chamber of commerce for referrals. You also receive help by going to your local community college or university and asking to speak to someone at the business development center.
Embrace the Power of Crowdfunding
If you have a truly innovative business idea, you can go with crowdfunding to get the funds you need to move full speed ahead. Crowdfunding also helps drive interest in your company, ensuring you have more than enough customers from the start.
Popular crowdfunding sites include:
- Lending Club
The sites vary on their terms and conditions with some requiring you pay back what you received. Others might require that you provide a share of your company to your initial investors or offer rewards for their contributions.
Work with James River Capital to Find Venture Capital
Although local loans and crowdfunding can help you get started, it is not a viable option if you need one million or more in funds. To fulfill that need, you can partner with James River Capital to find venture capital funds. They will help get prepared to pitch your business to venture capitalists and secure the funds you need to facilitate the success of your startup. All you have to do to get started is reach out to the team at James River Capital Corp today with a call to (804) 578-4500.