Financing Your Business

Getting your business funded and started is one of the most challenging steps in starting your business. However, there are many different ways to get funded. Below are some ways for you to try:

1. Fund it yourself!

Pros: Increased Motivation

Cons: Could lose a lot of your own money/increase personal debt

2. Raise money from family and friends

Pros: Support from family/friends

Cons: Risking relationship (make sure there are agreements), gain debt

3. Apply for Government Grant

Pros: Free Money

Cons: Typically need additional funding sources to apply, takes time

4. Crowdfund

Pros: Free Money (no debt), Increase awareness of your business

Cons: Takes time, exposes your business idea to other entrepreneurs

5. Banks

Pros: High Lending potential

Cons: Typically avoid lending to startups, increase debt

6. Investors

Pros: High investment potential, can gain mentors

Cons: Typically take equity in the business, you need to know people in the investing network

7. Startup incubator or Accelerator Program

Pros: Can gain mentors, can win money

Cons: Limited amount of programs, competitive

8. HWCC- Yes we can help fund you :)

Pros: 3 different loan programs, free business consultation

Cons: Higher interest rates than banks (mandated by the government)

Learn about our Business Loans here.

Our Tips on Getting Funded

Be honest with your business plan and financials. Banks take these very seriously and failure to provide them is a major reason why startups don't get funded. In addition, they will look at: your experience, business transaction, and you.
If you want to stay debt-free try putting your startup on crowdfunding sites like Kickstarter, Indiegogo, and GoFundMe ! If you do put your startup on these sites, understand the rules and how much they will charge you for using their service.
Talk to HWCC about our business loan programs. Our goal is to help your business get funded. We can fund your business up to $70,000. If you need more, we can partner with financial institutions to provide a larger business loan. (We've gone up to funding a $1,000,000+ project).