Money may not buy happiness, but it sure will help you get your new business
off the ground.
Unfortunately, finding outside money for a new business isn't easy.
Banks are notoriously reluctant to lend money for startups. Typically,
you'll need to show at least two years of profitability to win a
conventional bank business loan. To get their businesses going, most small
business owners start out by relying on their own assets. Here are some options
Use your savings.
Take a loan against the equity you've built up in your home. You have
two options. You can either get a home equity loan or a home equity line of
credit. But one grave drawback: if you default on payments, you could lose your
Sell some investments.
Sell some assets.
Borrow against your 401(k).
Apply for a grant.
Get credit card advances.
Note: Use this option carefully. The money is easy to get, but it
comes with a hefty price tag of high interest rates.