Do you know that there are over 100 alternative small business financing options excluding bank loans? Well, you will get to learn about these small business finance options today?

Raising capital is one of the most challenging tasks for entrepreneurs; especially those who are new to the game. In fact, the inaccessibility to business capital is more profound for entrepreneurs in developing countries like Nigeria. This is why i wrote an in-depth guide on how to finance a business successfully.

I have met people with brilliant ideas but they are making no headway because they don’t know how to finance a business without going to the bank. Do you think banks are the only source of funds for business? Well, I will advice you think again.

There are well over 100 alternative avenues for small business financing and I will be doing my best to share these ideas with you. Most people are aware that banks grant loans to small businesses at an agreed interest rate but they don’t know that there are sources of funds that don’t require you to pay back or even give up control of your business or ideas. Do you want to learn of such sources of funds? Then read on.

100+ Sources of Small Business Financing Options without Going to the Bank

Are you really ready to raise capital for your business?

Most people rush out to raise money for their business or ideas but after a few disappointments; they give up and quit the process. They may have good business ideas but since they lack other supporting factors, no one will fund their business. Now what are the supporting factors that can speed up your chances of getting capital?

7 Essential Factors that can Help you Raise Capital or Finance your Business Faster

  • You need a good business idea or a thriving existing business
  • You need a good business plan that clearly states how you plan to utilize the money raised
  • You need good business skills and examples of such skills are presentation skills, negotiation skills, sales skills, etc
  • You need to understand your business or idea in and out
  • Having a business team also will increase your chances of raising capital
  • You need industry credibility or at least have some of high reputation stand for you
  • The need for collateral depends on the source of your fund

100+ Small Business Financing Options without Going to the Bank

Five Critical Steps to Follow If You Must Raise Capital

Step 1: Decide exactly how much money you need for your business or idea.

Step 2: Note the different types and sources of funding available to you.

Step 3: Decide what source of funding is the right fit for your situation.

Step 4: Find the best source of funding which matches your needs.

Step 5: Put together a deal that makes sense for you today and down the road.

At this point, I believe you are now ready to learn how to raise any amount of money you need with ease. So to make this fundraising process easy for you, I have compiled a report on 100 Alternatives Ways to Finance a Business in Nigeria without Going to the Bank.

100+ Small Business Financing Options without Going to the Bank

100+ Small Business Financing Options without Going to the Bank

  • Start an investment club and use the money to finance your business
  • Join professional associations
  • Sell your business ideas outright
  • Consider commercial bridge loans
  • Get tax incentive from the government
  • Sell shares to your employees
  • Increase the price of your products
  • Consider reverse mergers
  • Approach startup incubators like YCombinator
  • Hire a money finder
  • Use Purchase Order Financing
  • Sell a Franchise of your business
  • License your idea
  • Use Vendor Financing
  • Enter for business plan competitions
  • Enter for entrepreneurship competitions
  • Use Export Financing options (Letter of Credit)