- Startup Consultants
Running and growing a new company comes with unique challenges, and the reality is that half of all new businesses will not survive five years. Making one bad decision — like getting the wrong financing — can sink you in those early years.
That’s why using a startup consultant can make sense. These consultants typically charge a premium to connect you with funding, but it can be well worth it.
Beyond finding you funding, they can check your viability for financing and make sure you’re covered with all the basic services that a startup business needs, from business plan creation to business insurance and more. - Equipment Financing
Banks are traditionally known for their lending opportunities, and if you have a good relationship with yours, this may be a place to turn. But for the large majority of startup businesses, a traditional loan will not be the best option. Banks have strict small business lending standards, and what they offer is generally only available to established businesses. You might, however, be able to work with your bank to secure equipment financing.
Specifically designed to pay for the purchase of equipment and machinery, equipment loans are similar in structure to a conventional loans, with monthly repayment terms over a long period. However, the proceeds must only be used to purchase equipment or machinery. The lending standards on equipment financing can be less strict because your equipment will be used as collateral for the loan—in other words, if you default, the bank has the right to seize your equipment to cover the cost of their lost money.