How to finance a Startup Business
If you’re an entrepreneur who dreams of owning your own company, you’re not alone. But you will need capital and that might be an issue.
Most lenders are cautious to participate in startup financing because it’s a high risk. Startups are uncertain projects, compared to established businesses with consistent revenue and profitability.
Financing your startup
A lot of entrepreneurs find financing for their startups from friends and family members. Borrowing money from family and friends is risky because it can put a strain on the relationship.
Another way to get your startup going is crowdfunding. This form of equity financing enables a company to raises funding through small contributions from a large group of individuals via an online platform, however crowdfunding campaigns require a lot of time and some extra money to market it all effectively and there’s a chance your campaign might not succeed.
A different and secure alternative is a collateral loan, such as The Provident Loan Society in New York City. The lending organization is a not-for-profit that provides secured collateral loans for gold and diamond jewelry, gold coins, fine watches, and silverware.
A Pawnshop you can trust
For over 125 years, New Yorkers have turned to The Provident Loan Society as an alternative to high-interest rates and expensive fees from traditional pawnshops. Traditional pawnshops charge 4 percent, compared to only 2,167 percent monthly for Provident Loan Society.
The process is quite simple. Bring your collateral items to one of their five New York City offices. You tell how much money you need (up to $100.000) and when you are able to pay it back. Provident Loan Society will calculate your items immediately and give the cash on-the-spot. You’re outside in about twenty minutes. You also can get a free appraisal online or call toll-free at 1800-757-7296 for more information.
If it is your first time taking out a collateral loan you can consult the FAQ page or get a free estimation on loan fees and interest rates using the loan calculator.