You can get the business money you need if you use unique ways to overcome poor credit, lack of credit history, past credit problems, and other reasons for loan turndowns. This chapter gives you many more unique ways to get the business money you seek.
How can you raise money for your business that does not have to be repaid? Here are five ways you can raise no-repay money for your business. Each is a possibility for you—if you have a good business plan for what you want to do.
Get a grant from state, corporate, foundation, or federal sources. Using the Phone-In/Mail-In technique (see the Appendix for details on the grant kit by that name), you can get a grant sooner and with much less paperwork than in the past. You must, however, perform the tasks for which you're seeking the grant. And these tasks must, in general, benefit a large group of people. Grants are made for a variety of purposes, such as educating the jobless, housing the homeless, restoring a city's historic buildings, improving the health of children and adults, and so on.
Sell stock in your corporation to public or private investors. By selling less than 50 percent of the authorized shares, you can retain control of your corporation. An initial public offering (IPO) takes more work than a private offering (PO) in which your shares are handled by a stock brokerage house and resold to its clients in just a few hours. The more promise ...