While Shark Tank has been a fascinating look at the world of entrepreneurship combined with funding, in 2021, the easy money without the need to give away equity is available like never before from our good friend Uncle Sam.
Starting on April 6th small businesses can receive super affordable business loans with low payments, no collateral up to half a million. It’s called the Economic Injury Disaster Loan (EIDL). You can apply quickly at www.SBA.gov starting April 6.
Right now is quite possibly the most accessible capital has ever been for entrepreneurs and small businesses. The PPP loan is also still available for most businesses and is based on your payroll, even sole proprietors can apply for this forgivable loan. Business owners can apply at their current bank or credit union and for those at a big bank, consider applying with a smaller credit union or community bank as funds may come quicker.
For newer startups without history there are also unique funding marketplaces offering affordable funds with rates as low as 0% for up to 15 months that are available at Lendio and 7 Figures Funding.
Bottom line, although the pandemic has been deadly to many businesses, the upside is that funding for businesses is more affordable and accessible than ever. Building a business empire is still considered by many to be the real American Dream and it is fueled by funding!