If you’re considering launching a startup in Boston, make sure you collect the required funds to invest in critical business activities. As a startup, you’ll have to check a lot of boxes off the list: concept testing, business planning, marketing, business structure finalization, budgeting and financing, product/service testing, and more. If you’re looking for business financing, here are five reliable funding sources for startups in Boston:
If you’re considering launching a startup in Boston, make sure you collect the required funds to invest in critical business activities. As a startup, you’ll have to check a lot of boxes off the list: concept testing, business planning, marketing, business structure finalization, budgeting and financing, product/service testing, and more. If you’re looking for business financing, here are five reliable funding sources for startups in Boston:
1. Business Loan
If you’re looking for secure funding, a private business loan is your best option. Work with an experienced business loan agent to create a robust plan that meets your requirements to a tee.
At Whitestone Fund, we provide business loans between $5,000 and $500,000. Enjoy a high acceptance rate of 95%, no origination or processing fees, and a 6 to 18-month loan duration.
Recommended Read: 3 Benefits of Taking Out a Business Loan to Kick-Start Your Small Business
2. Merchant Cash Advance
For urgent funding needs, a merchant cash advance is your best call. As a type of quick funding, a cash advance will help you get money in your account within 72 hours.
However, a cash advance should only be taken for urgent, time-sensitive projects. If you’re not working with a strict deadline, opt for a standard business loan instead.
At Whitestone Fund, we provide cash advances of up to $1,500,000. Opt for a 6 to 36-month advance duration and make payments every week or every two weeks.
3. Personal Savings
If you have personal savings, you can also utilize them for business activities. In most cases, entrepreneurs prefer OPM (other people’s money).
Digging into your personal funds is a risk. This is your safety net. Once it’s gone, you’ll be left with no backup. If your startup falls into a financial pitfall, you’ll struggle to get out of it on your own.
Personal savings should always be saved for emergencies. However, this option is still on the table for startup funding. While it shouldn’t be your first consideration, it’s still a workable funding source for startups.
4. Friends & Family
Friends and family can provide funding in three ways:
- Debt (You’re expected to pay the amount back)
- Equity (They get shares in your company)
- Hybrid (They get paid through a percentage of your sales)
This type of funding is contingent on honesty, trust, and responsibility. It’s important to note that if something goes wrong, your relationship will be affected.
5. Private Angel Investors
Investors are hard to come by. However, if you find executives willing to invest in your startup, you’ve hit the jackpot. Actively network with established companies and investors to increase your chances of acquiring funds.
Ready to start working with a team of experienced, qualified, and dedicated business loan agents in Boston MA? At Whitestone Fund, we provide business loans and merchant cash advances with great terms. Our private money lenders in Boston MA create individualized business financing plans for each client to ensure that their unique requirements are met to a tee. Let’s begin!
