Leverage Purchase Orders or Contracts. Companies like BlueVine or Fundbox specialize in invoice factoring for startups.
Look for secured credit options from providers like Brex or Ramp, which are designed for startups and may not require a personal guarantee.
Organizations like Kiva or Accion Opportunity Fund provide microloans to startups and businesses that might not qualify for traditional loans.
Use platforms like Kickstarter to raise funds directly from your target audience.
Research small business grants in your industry. Many local, state, and federal programs exist to support startups.
Consider bringing on a business partner with strong credit or financial resources.
Improve Personal Credit (Simultaneously) While exploring these options, work to repair and build your personal credit. Dispute any incorrect entries, pay down outstanding debts, and avoid additional hard inquiries.
Check with your local Small Business Development Center (SBDC) or Chamber of Commerce for free consulting and introductions to funding options tailored for startups.
Bootstrap Strategically, If all else fails, you can scale back your operations to focus on smaller, manageable orders until you build enough revenue to reinvest in growth. This ensures you avoid overextending and can stay afloat while proving your business model.
