Alternative Funding

At first glance this phrase makes perfect sense, but for those living in the reality of their economic status, it’s no alternative, it’s the only option.  A lot of people that have pursued entrepreneurship have done so by strong faith, intestinal fortitude, and a passion that continues to drive them, not knowing when their next sale will be.  Wondering if they will have enough this week to pay the mortgage, the car note or even afford them a decent meal. 

Credit Denial

They have survived through numerous denials for funding.  They have tried their local bank, and maybe their local credit union.  Unfortunately their personal financial trials have taken a toll on their credit.  Maybe they were left hung to dry through a nasty divorce, or maybe there were medical bills. Regardless of what the circumstance, their creditworthiness was destroyed through these trials and the inability to make enough to change their forecast.   

Financial Resources

Entrepreneurs must educate themselves to improve their situations.  They can’t continue to walk in ignorance and use their past financial status as a crutch. There are endless resources available to increase their chances on finding funding for their business:

• The SBA offers training on preparing your finances, writing a business plan, financial    assistance programs, and loans and grant resources.  There are online courses on how to prepare a loan package and introductory accounting.  You can also learn how to assess when you will make a profit through a breakeven analysis. 
• Opportunity Finance Network (OFN) is the national network of Community Development Financial Institutions(CDFIs) private financial institutions that are 100% committed to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream.  
•  HOPE (Hope Enterprise Corporation) is a community development financial institution for those living in Arkansas, Louisiana, Mississippi and Tennessee.  They have worked for the past 18 years to close the gap in the Mid South creating opportunities for low and moderate-income people to access affordable, responsibly structured financial products and services.