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Financing Business

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Feb 21, 2018
Maryland, MD
I started financing my business with money I had saved and a loan from my retirement account. The loan is at a 2.75%, which is pretty good compared to personal loans (8-9%) offered by the bank. My business relies on trade of goods so I needed about 45-50k total to invest.
So, for those of you who have needed several thousands of dollars, I am curious about how you guys have financed your business. Have you used Other People's Money (OPM)? If so, what type of OPM was available to you? Any lesson's learned? Did it work out or you regret it? Why? I have not used the credit card yet, but I think that also counts as OPM.

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New Contributor
Mar 5, 2018
If you can put some of your own money forward you can probably find funding programs in your area like so (first thing I found):
Funding Programs | Maryland is Open for Business

You need to do some digging usually, call a couple of people and go present your project. Depending on where you are, government might be giving money like if it was nothing (the entire process can be a pain though).

If you don't have the minimum amount of money required by program X (my experience was 15%-25% of the total project's cost) go find an investor or any other OPM options and use that money to upfront the loan offered by funding program X. They usually don't care, some even accept credit lines as a valid upfront option.

Also check if your bank (or any bank) has some loan options where a part of the risk is shared with the government. Better rate and easier to get.

Here's a video listing the many ways to finance your business:

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