If you’re unable to secure funding with traditional bank loans or an alternative lender, you can consider using a crowdfunding platform like GoFundMe or Kickstarter to jump-start your business fundraising. You’ll have to rally your friends, family and strangers to pitch in, but it’s worth the effort if you need capital to grow your business.
Peer-to-peer lending is another alternative financing option where individuals pool funds toward a business’s specific goal or project. Requirements vary but are often less stringent than traditional and nonbank lenders (although the loan amounts tend to be much smaller).
You can also apply for small business grants, including grants for minority owners and women-owned businesses. In addition, a business credit card can help cover small expenses while helping build your credit. However, aim to pay off the monthly balance to avoid incurring high interest charges.