Fully explain your first and second choice for funding a welding business. The 1

Question

Fully explain your first and second choice for funding a welding business. The 10 financing techniques are:1. The consider factoring 2. Get a bank loan 3. Use a credit card 4. Tap into your 401(k) 5. Try crowdfunding 6. Pledge some of your future earnings 7. Attract an angel investor 8. Secure an SBA loan 9. Raise money from your family and friends 10. Get a micro loan Fully explain your first and second choice for funding a welding business. The 10 financing techniques are:1. The consider factoring 2. Get a bank loan 3. Use a credit card 4. Tap into your 401(k) 5. Try crowdfunding 6. Pledge some of your future earnings 7. Attract an angel investor 8. Secure an SBA loan 9. Raise money from your family and friends 10. Get a micro loan

Explanation / Answer

My first and second choice for funding a welding business.

Raise Money from Your Family and Friends

I would share the strong business plan along with forecast of financial returns and benefits along with the risks involved to my family members and friends and offer them profit sharing option. The risks would be subsided and there would be less legal implications as compared to government or financial institutions in release of funds. In this case the risk sharing would be done and the repayment of hefty interest rates would also be also spared.

Microloan

I would prefer a microloan as a second choice as welding business is not capital intensive and this does not require credit history to get funds released, comparatively less documentation and are flexible in nature for repayment as these are primarily for entrepreneurs.

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