One of the greatest challenges faced by entrepreneurs is raising sufficient funds to start, continue or even expand the business. Whether it’s finding the cash through your own pocketbook, obtaining a loan from a bank, or approaching investors, without money it’s near impossible to get on the road to success.
If this is a challenge you face, you may want to know around 31-percent of small business owners actually borrow money from friends and family. About 75-percent of young companies fund themselves through bank loans and credit lines (maxing out credit cards, for example). Only 1 in 10 companies don’t ever ask for capital injection.
Here’s an infographic from BOLT Insurance that outlines some of the numbers surrounding how small businesses obtain funding:
[Via: BOLT Insurance]
Big fan of crowdfunding platforms as a way to make partners of builders and their customers. Increasingly it seems like the need will be for tools that enable 1) fraud protection and 2)better opportunity discovery. One thing : i think the infographic meant to say $2.8 BILLION not trillion, ya?
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