Do you know what keeps the economy humming?
You know that you are an entrepreneur when setting up a business is something that consumes you day and night even when you think it is fraught with insecurities. You have that big idea in your head and you know inside you that it will work; damn it has to!
You may have been offered the most tempting of jobs yet when you opt to chart your own course you know for sure that the bug has bit you!
Right after college, I was offered a job at Google with a plump salary package. Friends and classmates thought that this was a not to be missed opportunity, teachers et al. but who would have thought that the seed of setting up my own business had already germinated in my head?
The real problem, however, was getting the working capital. Being a first generation entrepreneur, it made more sense to borrow than put in everything that I had saved painstakingly for the rainy day. Not that I had any doubts but I knew that businesses world over are unpredictable. Sometimes, the best of the ideas also do not click while the most mundane of them all walk away with the biggest honors.
Failure is intimidating for everyone!
Banks were on my mind but the long drawn process of securing a loan threatened me. It would take weeks, months or even years before I could begin realizing my dream. I was looking out for an alternative to the banks that would not just provide me with a working balance at the moderate rate of interest but one that would double up as a financial consultant too. Was I asking for too much?
But life has a way of throwing up surprises!
Intense research using internet tools helped me understand that there are such institutions that not just promise a smaller rate of interest but that also only on the future earnings and not on the borrowed loan per se. How wonderful is that!
It felt like conquering my dreams already!
Across the country, today there are a lot of funding companies thanks to the revolution that Fintech has brought in were getting loans for working capital is only a cake walk. These financial agencies do not have the long drawn processes of banks nor do they have killing interest rates and terms that can overwhelm you.
So, what do we take home?
Banks have traditionally been funding businesses but there is a choice available to you. Scourge the market to find out what works best for you. The benefits of course:
- Lower rates of interest;
- Delayed repayment;
- Repayment terms on actual profit made and not on the loan borrowed;
- Cutting down on red-tapism;
- Fast and easy processing;
- No long drawn paperwork, and last but not the least
- A financial consultancy that you can opt for them.