Startup Funding
Startup funding provides necessary capital to convert a business idea into reality. Primary options beyond angel/seed funding include business loans, crowdfunding, business plan competitions, and bootstrapping own resources.
Loans from banks or alternative lenders provide influxes of capital but require repayment. Crowdfunding raises funds from a large pool of contributors. Competitions award capital for promising concepts. Bootstrapping utilizes personal funds.
Securing startup funding often involves combining sources such as a small business loan, crowdfunded amount, personal savings, and possibly friends/family loans.
To learn more about how our startup funding options can help your business today, complete our 15-Second Online Application here to speak with a business financing advisor.
Tips for Utilizing Startup Funding
Structure financing strategically based on amount needed, repayment requirements, and equity implications. Consider crowdfunding to validate the idea and make initial connections.
Research lenders focused on funding startups and high-growth small businesses. With loans, only use funds for clear growth activities with ROI timeline. Manage repayments diligently.
Explore competitions for innovations in specific sectors or geographic regions. Pitch the idea effectively emphasizing major problems solved for a broad audience.
Benefits of Startup Funding
The right funding mix allows startups to secure required capital with favorable terms based on business stage and projections. Funding fuels growth rather than stagnating the idea.
Crowdfunding serves as market validation and a source for initial seed customers. Lenders provide mentor relationships beyond capital. Competitions open up networks of support.
Rather than diluting equity with angel/VC investors initially, other sources allow founders to get started with full ownership and control of their idea.
Startup Funding Requirements
- Personal credit score 650+
- No minimum time in business
- No minimum monthly sales
- Projections supported by market research
- Clear startup and growth costs mapped out
- Collateral such as property or equipment
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Can I get a startup business loan to fund a new business?
Yes. There are financing options available for businesses, regardless of how long you’ve been in business, your revenue, or credit score. However, your options will be limited if you’ve been in business for less than 6 months or have less than $15,000 in monthly gross revenue. Getting a loan for your startup through a bank is unheard of due to strict lending guidelines that require an established record of business and proof of income. Applying with ROK Financial provides you access to a dedicated Business Financing Advisor at no-cost to discuss how to get a startup business loan and review other potential business financing options. Getting the capital you need to fund your business can be essential for most startups. You may be facing inventory, equipment, or other challenges that require an unexpected cost. ROK Financial is here to provide all business owners with the best financing options available with flexible payment options, terms, and high approval amounts. To learn more complete our 15-second application.
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Where can I get a startup business loan?
Obtaining business financing for your business may be difficult if you’ve been in business for less than 6 months. This immediately classifies your business to be considered a “startup”. With bank lending guidelines getting more stern, typical financing institutions may not be able to provide business financing for startups. However, you can qualify for business financing regardless of how long you’ve been in business or your gross revenue through an alternative financing company. ROK Financial is a leader in alternative financing that can provide your business with the best loan options for startups. After a simple online application, you’ll be paired with a Business Financing Advisor that can help you get in order what’s needed to review financing options and terms.
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Can you get a startup business loan with bad credit?
Yes, you can qualify for a startup business loan with bad credit. As long as your credit score is 620 or above, we can provide you with business loan options. Additionally, there are no requirements for time in business or gross revenue. However, your options may be limited. Most financing options require 6+ months in business, or $15,000 in gross revenue per month. If you meet these standards, be sure to let your Business Financing Advisor at ROK Financial know. You may no-longer be considered a startup to some lenders, and get even better terms with flexible repayment options.
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Does the SBA offer startup business loans?
Yes, the Small Business Administration has financing options for business startups. The SBA offers various startup loan options, such as a Micro Loan, 7(a) or 504/CDC Loans, or you may qualify for one of their investment programs. However, you may find challenges to get approved and the time to get funding may not be sufficient. To go through a fast and simple process for business financing, complete our 15-second online application. You can then speak with one of our Business Financing Advisors to determine if an SBA Loan will be the best option for you, or if there are other financing options available.
