Funding Options – Places to Find Access to Money
There are a number of places in which one can find money. It depends on the nature of what the money is needed for. The first thing to do is assess what the money is needed for, how its needed, and what your options are. Think of everything you immediately have access to. Then check that against what resources you immediately can access. If your immediate resources and support networks are insufficient, then its time to consider various other funding resources.
An important funding resource is people you’re personally connected to. Families and friends are often willing to help out with projects they consider worthwhile. For example, most people are able to get at least some funding from their families for education. Families, particularly parents, can often first supply the first seed money for people who are looking to start businesses. Other things that tend to help people establish themselves in careers, such as money needed to take professional licenses, enter certain unions, can often come from family sources. Friends maybe harder to get money from, but some people who are fundraising for various purposes hit up their friends quite successfully. Otherwise will do things such as yard sales, and invite friends and neighbors over to buy things they are getting rid of. Go over your personal network, and think of you might be willing to help out financially. And ask them.
Another good source of funding can be the banking system. Credit is important to the expansion of any business. This type of funding must be paid back. Credit cards, business loans, auto loans, mortgages, among other financial products can be obtained from banks, provided one has a credit history. If a person has no credit history or a bad one, things can be improved by getting a secured credit card from a bank such as Bank of America. One makes a deposit of say $300 for the secured credit card, and the bank grants you a spending limit of $300. Pay it off regularly, and you’ll qualify for my credit. Check with area financial institutions for the variety of banking products that they offer.
Grants are given off for a number of purposes. Grants are given off for education from both federal and state governments (one needs to apply for the FAFSA, which can be done online) and private sources. Private grants for education are often called scholarships. In order to qualify for scholarships, the applicant often must live in a certain area, have a certain major in college, have parents who work at a certain employer, etc. For scholarship sources check with your guidance counselor at school, the local library, your parents’ employers, and just google scholarships. Grants are often given to fund non profit organizations, the arts, or for various other purposes. Again, check the local library and use google to find out these sources.
Sometimes people have more pressing needs, such as money for food or high medical expenses, particularly when they are unable to work. For assistance, go to your local department of social services to apply for medicaid, food stamps, and cash assistance. If one is unable to work long term due to illness, apply for disability at www.ssa.gov. If you lose your job, apply for unemployment insurance to hold you over until you get a new job. For that, google unemployment in your state.
Lastly, if you have a business that needs to grow, you can seek out investors. Depending on the size of your business, you have a variety of options that should be researched and spoken about to the relevant attorney and investment professional. Investors can also be involved in certain projects like films and plays.