How to Overcome Financing Challenges

Navigating the world of grants, prizes, and funding mechanisms can be a game-changer for startups. But where do you begin? Let me break it down for you. Identify Your Needs Before you dive into applications, get clear on what you need the funds for. - Is it for R&D? - Scaling operations? - Maybe marketing? Knowing this will help you target the right opportunities. Research Grant Databases There are numerous databases out there, but here are a few worth your time: - Grants.gov: A comprehensive source for federal grants. - SBIR.gov: Focuses on small businesses engaging in R&D. - Foundation Center: A go-to for nonprofit and for-profit grants. Leverage Industry Specific Opportunities For those in renewable energy and sustainability, there are niche opportunities: -American Made Network - Department of Energy (DOE) grants. -The Green Climate Fund. - Private foundations like the Bill & Melinda Gates Foundation. Partner Up - Collaborations can open doors to otherwise inaccessible funding. - Team up with universities for joint research projects. - Partner with larger corporations for innovation grants. Participate in Competitions Competitions offer both funding and exposure. - AMN SolarPrize 8. - Shell Energy Challenge. - XPRIZE competitions. Angel Investors and VCs Don't underestimate the power of private investors. - Look for investors aligned with your mission. - Pitch at industry events and forums. Craft a Stellar Application A well crafted application can set you apart. - Be clear and concise. - Highlight your impact and scalability. - Show your team’s capability. Follow Up Persistence pays off. - Follow up on applications. - Network with grant officers. - Keep refining your pitch and approach. Remember, securing funding is not just about the money. It’s about the relationships you build and the credibility you gain. What's been your most successful approach to securing funding? Comment below and let’s share some best practices! #AJPerkins #MicrogirdMentor

Think business funding is just a financial band-aid? Think again. Enjoy this conversation with Jerry Freedman from almost a year ago at the JBIZ event 'Debt is a tool to help your business grow sustainably, not a rainy day fund.' 1) Know Your Destination Before you fuel up (aka take out a loan), know where you're going. As Jerry puts it, "Having a strategy, having a plan what you'll be using the funds for is crucial." 2) Check Your Engine "Go back to the roots, knowing your numbers, understanding your margins." In other words, pop the hood and understand what's really driving your business. 3) Choose the Right Vehicle Not all funding is created equal. Jerry emphasizes that a "line of credit or growth capital financing through the SBA7(a) program could be super, super beneficial" for sustainable growth. 4) Tell Your Story Here's what some do not know "When you come to a bank, they're not just handing you cash... A big part of it is the story, the qualitative aspects." Your business narrative matters! 5) Drive Responsibly "Make sure you're using it properly and that it's actually going to help you turn things over, see a return, and grow sustainably." In the business world, it's not always about avoiding debt. It's about leveraging it wisely. 🔹 Food for thought... - Are you treating debt like a dirty word in your business vocabulary? - What growth opportunities are you missing by playing it too safe? - How could strategic funding propel your business to the next level?

Your numbers may look good, but banks still won't lend to you.   Why? You’re missing crucial financial ratios. Without financial ratios, you’re navigating in the dark.  You can’t fully assess your company's health: - Can you meet long-term obligations?   - Is your profitability strong?   - How’s your cash flow? This uncertainty impacts every decision: - Should you expand?   - Can you afford new equipment?   - Are you competitive in your industry? Without clear answers, you’re left guessing. I’ve helped many businesses take control of their finances, and here’s my step-by-step guide to mastering financial ratios: 1. Identify key ratios for your industry   2. Gather accurate data   3. Calculate ratios monthly   4. Compare to industry benchmarks   5. Set improvement goals   6. Monitor trends over time Following this process gives you crystal-clear insights.  You’ll spot strengths to leverage and weaknesses to fix.  Banks will view you as a lower risk, and investors will see your potential. Understanding your ratios isn’t just about impressing others, it's about empowering you to make smarter decisions for your business’s future. #financialratios  #businessandaccounting   #finance

Want to know the fastest way to get funding in this tough fundraising environment? After reviewing thousands of applications from small businesses seeking loans and grant funding, one thing stands out: 𝐓𝐡𝐨𝐬𝐞 𝐰𝐡𝐨 𝐚𝐫𝐞 𝐩𝐫𝐞𝐩𝐚𝐫𝐞𝐝 𝐚𝐫𝐞 𝐮𝐬𝐮𝐚𝐥𝐥𝐲 𝐭𝐡𝐞 𝐨𝐧𝐞𝐬 𝐰𝐡𝐨 𝐬𝐮𝐜𝐜𝐞𝐞𝐝 𝐢𝐧 𝐬𝐞𝐜𝐮𝐫𝐢𝐧𝐠 𝐟𝐮𝐧𝐝𝐬 𝐭𝐡𝐞 𝐟𝐚𝐬𝐭𝐞𝐬𝐭. I always tell entrepreneurs - Always have your financials ready as if today is the day you'll meet your biggest investor. Here are some key lessons I've learned since we began our journey at Cadence Cash: 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐏𝐫𝐞𝐩𝐚𝐫𝐞𝐝𝐧𝐞𝐬𝐬 𝐢𝐬 𝐊𝐞𝐲: For any small business looking to secure funding, whether from us or elsewhere, ensuring your financials are in order is crucial. We've seen that companies with well-prepared financial statements, clear business plans, and solid projections are more likely to receive the funding they need. This readiness allows you to present a compelling case to potential investors or lenders right when opportunities arise. 𝐀𝐝𝐨𝐩𝐭 𝐚 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐭 𝐀𝐩𝐩𝐫𝐨𝐚𝐜𝐡: Transparency about your business operations, financial needs, and how you intend to use the funds not only builds trust but also increases your chances of a successful funding outcome. At Cadence Cash, we prioritize funding for businesses that demonstrate a clear and honest approach in their financial dealings. 𝐄𝐦𝐛𝐫𝐚𝐜𝐞 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞: Don’t shy away from seeking advice. Mentorship can significantly impact your ability to navigate the complex funding landscape. Leveraging experienced insights can help you refine your approach and anticipate potential financial pitfalls before they arise. For those in the trenches of small business operations, consider these insights as you plan your next funding strategy. Being prepared, transparent, and well-informed are your best strategies for securing the capital you need to grow and succeed. 👉🏾 At Cadence Cash, we're building a business coach, virtual CFO, and funding partner all rolled into one. Be the first to know when Cadence InsightAI™ and Ask Angel™ go live. Check my featured section to get on the list. #entrepreneurship #innovation #startups #smallbusinesses

About 80% of the business leaders I talk to who think they need capital really don’t. Instead, they need cash flow. This is especially true for small or medium business poised for hypergrowth. Lengthy cash-to-order cycles hamper many of these businesses. If you’re waiting 60, 90, 180 days or more for payment, your company lacks the money to buy the inputs to fulfill big orders and fund operations. In my mind, supply chain financing is the perfect rescue tool. This powerful option unlocks cash flow without adding debt or diluting equity through a capital raise. My latest blog explains how supply chain financing: ·      Adds liquidity to drive growth, almost like adding lines of credit. ·      Avoids surrendering equity to VCs, PEs or angel investors. ·      Gains leverage in negotiating better payment terms with customers But all supply chain financing options are not equal. The right one helps your company achieve scale and enter the global supply chain nearly immediately after joining the platform. Don't let immediate financial challenges hamper your SME's future or your current balance sheet. Read the full blog to discover the right way to position your business for long-term success while keeping you in control:  https://lnkd.in/ey9XGudv #supplychainfinance #alternativeraisingcapital #nondebtequity #supplychainfinancing #privatecapitalalternative