Do you worry about a lack of finance for your small business to survive and grow?
Working from home is a great way to find the perfect work-life balance. In many ways, it has never been easier to set up a home-based business right now.
That is whether you turn your blog into a business or set up your own online financial company.
However, on the flip side, it has never been easier for small businesses to fail. If you don’t want that to happen to your company, one of the most important things you can do is get your finances straight.
Around 30 percent of all small businesses in the USA fail because they do not have enough capital to sustain themselves.
You need to do everything you can to ensure that doesn’t happen to you!Did you know around 30 percent of all small businesses in the USA fail because they do not have enough capital to sustain themselves? #smallbusinesses Click To Tweet
Take Several Measures for Lack of Finance
Luckily, you can take several measures from offering more products and services to your customers. You need to boost your bottom line to cut your production costs as far as you can by negotiating better deals with suppliers. Or switching to cheaper hosting services for example will help you.
You may also want to look into non-traditional forms of lending should you need to take out a loan to see you through a tough period in your business, However, you should note, that getting a business loan for a home-based business can be tough.
The following infographic will show you just how tough it can be to get a business loan and stay afloat as a small company.
As well as, it will also show you that there are alternatives available to help you keep your business going when a lack of finance hits.
Infographic created by: Commercial Capital Training Group
Funding for Small Businesses During Pandemic
The Paycheck Protection Program, a key part of the federal government’s economic response to the coronavirus, is nearly out of funding today. Only $8 billion remains in the program, which has distributed nearly $800 billion in forgivable loans since launching more than a year ago. (According to CBS news.)
The program was set to end on May 31. The SBA said it will still fund loans that are already in the application process but they will not be taking new applications.
So what is a small business with a lack of funding caused by the pandemic to do?
Applying for Grants When a Lack of Finance Hits Your Business
A grant is a way that some people or the government funds your ideas and projects to provide public services and stimulate the economy. Most types of grants, unlike loans, are sources of free money that generally do not have to be repaid.
You can apply here in the United States for grants. The process can take quite some time but with due diligence, it may help your small business survive.
Grants can come from the federal government, your state government, your college or career school, or a private or nonprofit organization. You may have heard of the Barstool Fund started by Dave Portnoy.
The Barstool Fund raised over $39 million to support 341 businesses to date. That is a form of a grant where the money does not have to be paid back.
Anyone can also donate to the fund to help small businesses in the United States.A grant is a way that some people or the government funds your ideas and projects to provide public services and stimulate the economy. #smallbusinesstips Click To Tweet
Is a Lack of Finance for Your Business a Problem Today?
Have you had to apply for funding for your small business? Or have you applied for grants before? I’d love to know how you did it via the comments below.