Where I live, small business funding is not that accessible compared to other countries. We do have funding via banks and other lending institutions, but choices are limited. There are some risky choices, e.g. borrowing from questionable lenders, but I wouldn’t take that path, typically due to the unfavorable terms and the lender’s reputation.
Small business owners need to be creative to secure funding, typically for keeping their businesses to run like well-oiled machines, especially due to seasonality that may exist in their industries.
I am lucky enough to know some smart small business owners who know creative ways to fund their business activities. And yes, the options have actually existed for so long, but not many use them for one reason or another.
How: Get your personal assets to work
Here’s one: They use their personal assets to secure a loan and get them back when they repay it. Simple, but surprisingly, not many use the method.
In the US, creative funding is more accessible, and funding programs are offered by reputable financial institutions.
Let’s take Borro for example.
Borro is a reputable financing firm who offer personal asset loans. How do things work? It’s quite simple, really: Contact Borro with the personal assets you are going to use to secure the loans, and you will get an instant offer and get the fund deposited into your bank account – all in less than 24 hours. No credit checks and privacy/security guaranteed.
What kind of assets do Borro accept? Fine art and antiques, diamond and jewelry, gold and precious metals, fine wine, and your other luxury goods.
Not only personal asset loans, you can also access another way to get funding for your small business: Sale advance loans.
With its Sale advance loans service, Borro manages your luxury asset sales via auctions, and will immediately provide you with an advance for up to 70% of the estimated sale price. No more auction hassle and anxiety.
Obviously, Borro is not the only one that offers the personal asset loan and sale advance loans. However, with features in major publications, such as The New York Times, Forbes, and Wall Street Journal, it’s quite logical to trust them if you want to take this funding route.
The choice is yours, but here’s one last takeaway: Always, always deal with trusted companies and always, always learn how things work. I’ve heard too many people I know fall deep into debts simply because they don’t know what they are doing.
Good luck in your funding endeavor!
Disclaimer: This article is sponsored by Borro, but the opinion expressed in this article is entirely mine.