How To Generate More Funding For Your Startup

We can’t go on, we have no more money!

Is that really what you want to hear when starting your small business? Probably not. So how exactly do you generate more funding for your startup?

There are the obvious few ways that most startup entrepreneurs turn to including:

• Family and Friends
• Personal Credit Cards, Lines of Credit and Loans
• Personal Savings
• Bank Loans

Other avenues from which you can get more funding for your startup could potentially include:

• Business Partners
• Business Partners side of the above mentioned
• Private Investors
• Government Funding

With any of the above mentioned funding sources for your startup, you are more then likely to obtain some money. But what is the best?

Best Source of Funding For Your Startup

From experience dealing with thousands of small businesses over the past few years, we here at CanadaStartups learnt that the best source of funding for your small business is in fact government grants, government loans and government provided assistance.

Why?

Funding for your startup can be obtained by any of the above mentioned sources, but anything personal (family, friends, your personal credit) could put you at risk. Whether that risk is not visible now during the “exciting phase” of your small business startup. But think about if things don’t work out and you borrowed money from your family or your friends that you can’t now pay back. Or think about your credit cards, loans and lines of credit being maxed out and you have to worry about paying that back?

The government however has funding programs for small business startups which help entrepreneurs focus on their business and not worry about the before and after.

Government grants are available to fund your startup.

Different types of government grants exist, you can see more in our Funding Database.

On the other hand, government loans and other financial assistance programs are also available. Hundreds in fact!

All of these sources can provide you with more funding for your startup.

Before you get into any funding search, remember that it is important to know how much funding you really need, and what you intend on using the funds. Will the funding help you?

If you can think of any other ways to generate more funding for your startup, let us know and we can add it to the list.