How can I find a patron or a get a loan to finance my business?
I am looking to finance my watchmaker. All the plans and 3D are created, as well as a resin prototype, but we need financing to create the first model. What is the best way for me to find financing for my business?
Go local, I suggest a community bank or credit union and pitch them your venture, if that doesn't work then solicit a angel investor make him a partner or work out a points plus equity. All else fails take out a personal loan.
First question? Have you created a business plan yet? First and most important step. Second thing is what percentage are you willing to part with to launch your business? Over 49% of businesses are initially financed between $0 to $5,000 dollars. Only a little over 30% of businesses are initially financed for $5,999 to over $100,000. The typical breakdonw is 75% personal savings, load 43% and venture or angel 22%. Only 4% of all small busineses receive venture or angel funding. So think about things like kickstart or micro-loan. But make sure you have that business plan first.
Try https://www.lendingclub.com/. Of course you will need a good business plan, credit history and all of the necessary stuff that shows you are a good risk, but the rates are good and it is an excellent funding model.