What are some funding options available to small businesses?

There are several funding options available for small businesses:

1. Self-Financing: This involves using personal savings or income to finance your business. It’s often the first option for many entrepreneurs

2. Business Loans: These can be obtained from both private and public sector banks. The interest rate, loan amount, and repayment tenure can vary from bank to bank.

3.Small Business Loans from NBFCs or MFIs:If you’re new to lending and don’t have a financial history or credit score, you can consider availing startup loans from Non-Banking Financial Companies (NBFCs) or Micro Finance Institutions (MFIs).

4.Government Loan Schemes: The Government of India has launched various loan schemes to benefit startups, SMEs, and MSMEs.

5.Venture Capital: This involves obtaining funding from investors who provide capital in exchange for equity shares in the company

6.Crowdfunding:6. Crowdfunding: This involves raising money from a large number of people who each contribute a relatively small amount, typically via online crowdfunding platforms

7.Grants:These are funds that don’t need to be repaid and are often provided by government entities or foundations

8.Business Credit Cards:These can be used to cover small gaps in funding

9.Business Lines of Credit:These are typically used by established businesses seeking to cover larger expenses