5 Good Sources of Funding for Start-up Businesses
Ready to expand your start-up business but need additional capital to get things going? Here are funding options that you can consider for your business and how you can get it.
Did you know that there are over 700 businesses that are classified as start-ups in the country today? Defined by the Department of Trade and Industry (DTI) as businesses that introduce “innovative products and create new business models that address changing societal and market needs,” start-ups have been increasing—not just in number, but in popularity these days, especially since the Philippines moves closer and closer to digitization.
That being said, it's no surprise that many aspiring entrepreneurs and business owners want to start start-ups of their own while existing ones are gearing up for growth.
There is, however, a challenge for these businesses—securing funding. After all, money is essential in putting up a start-up business, maintaining it, and even growing it. But securing funding is easier said than done, given that banks require collateral—an asset used to secure a loan, which can take the form of property, equipment, or even inventory. And more often than not, budding business owners don't have that.
To help out, we put together a list of alternative funding options that entrepreneurs can consider in order to grow their start-up businesses.
5 Sources of Funding for Start-up Businesses
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