As an entrepreneur, studentpreneur, petty trader, or a business owner, do you face challenges raising capital for your small business? Have you tried to no avail, at getting investors?
Well, below are 3 alternatives to sourcing capital investment for your growing business.
1. Family and friends:
Raising capital from family and friends to expand a business is certainly a guaranteed means to raising funds. Most times, family and friends are the first set of people to understand and be able to relate to your vision.
This understanding leads to a willingness to see you succeed. As a result, they are open to funding your business and supporting you however they can. Before shutting down this option, why not give it a try?
Collaboration is the game of champions. The question is, how strong is your social capital?
People are your greatest assets. Leverage people you know who have the means to fund your business. People who have what you lack or people who believe in your vision are the kind you want to develop partnerships with.
These potential partners do not have to be in your circle. Reach out to people who you know will be interested in your vision and pitch your idea to them. Don’t build alone, build with people.
This is one of the primary ways to raise capital for your business. Loans give you the opportunity to receive needed funds with an agreement to return said funds, usually with an added interest.
Unfortunately, taking loans can be quite difficult as demands for collateral and other such conditions may interfere with the process. With ExtraCredit, you need not worry about such conditions and can access interest rates as low as 3.3%.
Extramile Africa has chosen to be the best financial partner to MSMEs on their journey to wealth and influence, so welcome on board!
Download the Extramile Africa App today and access loans that will serve as capital for your business.
Visit the Extramile Africa website for more details on ExtraCredit or other exciting features.
Article Written by Adeniyi Oluwakemisola.