Alternative Funding Sources for your Business: The Money Is Out There!

Many people with a fantastic business idea simply cannot get it off the ground due to lack of funding.  However, funds are available in many ways depending on the type of business idea.

Most for-profit businesses start out seeking private investors, small business loans, or even grants. These sources may provide some, but not all of the funding needed.

Additional resources are available for not-for-profit ventures, as well as businesses that somehow help the community in some way. Native Americans have additional funding sources available. This funding for non-profits is well known. However, what about for-profit businesses? Are investors and small business loans the only options? Not necessarily, as for-profit businesses can receive alternate funding if they highlight certain key elements.

Will your business add jobs? Does it serve a certain community? Does it add value to the community in some way? If so, you may be very surprised at how much funding is available, beyond the traditional business loan route.

Some of these resources are listed on fantastic sites like these listed below:
The Opportunity Finance Network
Association For Enterprise Opportunity
Coalition of Community Development Financial Institutions

However, for-profit businesses have challenges getting funding. But it is not impossible, if somehow it can be demonstrated that jobs can be created or somehow the community is served. Find ways to show these particular values in your business plans and presentations, follow whatever guidelines are required for the application process, and you may find yourself getting the crucial funding that you need.

These alternative sources require patience and a substantial amount of research, with no guarantees of success. However, the potential for funding outweighs the time spent. The important thing is never to give up, if you have what you think is a great business idea, for-profit or otherwise. Develop a solid business plan, hone your elevator pitch, and seek out any and all possibilities for making your dream come true.