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Alternative Financing Options

Alternative Financing Options. Presented By Virginia Lorimor Chief Excellence Officer The WIN Companies. Do YOU Know YOUR Options?. Bootstrapping Seed Funding Crowd Sourcing FUN draising Campaigns Grants Asset Backed Lending Borrowing from a 401(k) Traditional Bank Funding.

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Alternative Financing Options

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  1. Alternative Financing Options Presented By Virginia Lorimor Chief Excellence Officer The WIN Companies

  2. Do YOU Know YOUR Options? • Bootstrapping • Seed Funding • Crowd Sourcing • FUNdraising Campaigns • Grants • Asset Backed Lending • Borrowing from a 401(k) • Traditional Bank Funding

  3. What is Bootstrapping? Myths • Living Off of PB&J or Top Roman • Maxing Out Your Credit Cards • Cashing Out Your Retirement Accounts • Subsisting Facts • Beginning With a Solid Plan • Maximizing Your Resources • Growing Organically • Working Collaboratively

  4. What is Seed Funding? • Raising a Small Amount of Money ($5k-$25k) • Utilizing1-3 Source(s) to “Seed” a New Venture • Based on YOUR Solid Business Plan • Options: • Friends & Family • High Net Worth Individual(s) • Accredited Investor(s) • Amount Raised Must Meet Initial Business Plan Milestone

  5. What is Crowd Sourcing? • Asking For $5-$10 Pledges or Donations • Many Individuals Help Reach a Fundraising Goal • Based on YOUR Solid Business Plan • Requires You to Build a Strong Business Case • Best for Projects With a Perceived Noble Goal • Amount Raised Must Meet Initial Business Plan Milestone($5k-$25k) Examples: StartupAddict.com GoFundMe.com

  6. How About Some FUNdraising? • Create a FUNdraising Page • Raise $$$ For Your Project on Social Media • Build Your Campaign Around a Promo Widget • Launch an Online Affiliate Store Example: Commission Junction

  7. What About Free Money? • A Grant is $$$,$$$ That Does Not Require Repayment • Money Dispersed in Stages Based on Milestones • SBIR Grants Are Only Available to Small Businesses – Leveling the Playing Field • Industry Specific • Defense Applications • Can be Time Consuming Without Professional Assistance Resources TriTech Marie Talnack

  8. How Can I Best Utilize My Assets? • Home Equity Line of Credit • Yours or Family Member’s Property • Borrowing (Not Distributing Against) a 401(k) • Factoring Accounts Receivable • Obtaining Traditional Bank Financing • Guaranteed by Friends or Family • Guaranteed by High Net Worth Individual

  9. Which Method(s) Should I Use? • Consider • Your Business Purpose • Its Stage of Development • Using Multiple Strategies • Which Strategy Works Best at Each Milestone in Your Business Plan • Consulting Experts

  10. What Resources Are Available? Free Resources • SBDC • TriTech Low Cost Resources Utilize Vetted Experts to Save • Time • Money • Headaches

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