During the COVID-19 pandemic, many businesses have struggled to overcome the financial difficulties that this year has brought. While the government has provided funding for some businesses in the meantime, this isn’t always going to cover all of the expenses for those who have had to shut.
The good news is that there are additional funding solutions for businesses during the COVID-19 pandemic. Read on to find out what these are.
In many small towns, there are businesses that the locals rely on to provide them with what they need. For this reason, locals are usually willing to invest some of their own money to help businesses that are struggling. Crowdfunding is a viable source of funding in 2020 and many business owners around the world have been giving it a try this year. Not everyone can give during the pandemic but those who might be able to make a big difference. There are plenty of crowdfunding sites that you can make use of.
Economic Injury Disaster Loans
Depending on where you are based, you could find that there is government support or grants that can help you get through this pandemic. For many, the Economic Injury Disaster Loans have been extremely effective in keeping a business afloat. If you visit Become.co, you can get advice on how to apply for this loan and also find lenders quickly. Make sure to consider this carefully.
Small Business Loans
Have you ever considered applying for a small business loan? These loans are not suitable for all kinds of businesses but they can be effective if you get one that you need. When applying for a small business loan, you need to make sure that you are choosing the right lender and that the interest rate is suitable. Don’t ever ask for more than you need as you could struggle to pay it back in the future.
While the idea of an angel investor coming in and saving the day in your business might sound a bit unlikely, it is possible. Angel investors often have the funds and the capital to add to your business and help it grow. If you don’t yet have a team of investors on board then this might be a viable funding solution for your business during the pandemic. There are some sites that you can use to find angel investors but you will need to show them that your business is worth investing in.
If you are struggling to make it through the pandemic financially, you should try to find some funding. This is often easier said than done but the options that we have discussed could come in handy. Start with any government funding that is available and then focus on crowdfunding and loans. Once you figure things out, you’ll be able to make it out the other side of this tricky situation that we are all facing.