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Are you looking for crowdfunding resources? You’ve come to the right place. There are videos, books, articles, blogs, and even special tools to help you run the most successful campaign possible.
Of course, some of the information these resources offer will not be as useful to you as others. It all depends on your unique needs and situation. Do take the time to browse them all, even those that are written specifically for a platform you do not intend to use. You may be surprised at what you can learn and what advice can cross over.
Be aware too, that each platform has its own set of rules. Do not neglect to read the regulations and FAQs for whichever platform you choose to go forward with.
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Regardless of how many crowdfunding resources you find or how successful your campaign is, you will still need to build fundability for your business. Crowdfunding won’t work forever, and you need to be sure you have every funding option possible available to you. The best way to do that is to ensure your business is as fundable as possible.
In truth, fundability is much more important than building the perfect crowdfunding campaign. That doesn’t mean you should give up on crowdfunding, but you definitely can’t rely on it. It may work, but it may not. So, building fundability will ensure you have access to the funding you need throughout the life of your business.
Crowdfunding sites allow you to inform thousands of micro investors about your business or business idea. Anyone who wants to can invest as much or as little as they want.
Investors pledge a broad range of amounts depending on the campaign and the platform in use. They may give $50, they may give $150, or they may give over $500. Pledges can even go as low as $5.
Though not always necessary, most offer rewards to investors for their giving. Typically, this comes in the form of the product the business will be selling. Different levels of giving result in different rewards. For example, a $50 gift may get you one incentive, and a $100 gift will get you an upgraded version of that incentive, or something different all together.
There are many crowdfunding sites, but the most popular are Kickstarter and Indiegogo. Many crowdfunding resources are geared toward aiding in success on these two platforms. Much of the advice these resources offer is useful on any crowdfunding campaign, but some is specifically useful on one of these two.
The platforms are similar, but there are some very large differences. The most obvious is when you actually get the funds you raise.
For example, with Kickstarter you have to reach your preset goal before you can receive the funds. If you set a goal to raise $12,000, investments have to reach that amount before you get your hands on any of the money.
Indiegogo on the other hand lets you choose if you want to receive funds as they come in or wait until you reach your goal. In addition, they have the option for InDemand, which lets you continue to raise funds after your initial campaign is over. There is no need to start a new campaign.
Indiegogo also has a flexible funding option for those who may need it.
To make the choice for yourself, you need to figure out who your audience is, and which platform will best reach them.
The internet is full of advice and tools to help you fund a fabulous crowdfunding campaign. We’ve gathered some of them here in one place so you can get the best start possible.
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Like I said, you’ll find many crowdfunding resources are geared toward help on a specific platform. Remember though, don’t underestimate a resource that is not geared toward your platform. Certain aspects can be helpful regardless of the platform you use.
Here are some great crowdfunding resources to help with success on Kickstarter.
Here are some crowdfunding resources geared toward Indiegogo users.
These crowdfunding resources are geared toward specific platforms other than Kickstarter and Indiegogo.
These resources are not directed toward success on any specific crowdfunding platform. Rather they can offer inspiration and direction on techniques and circumstances that should work regardless of the platform you choose.
These video crowdfunding resources may be useful.
The following crowdfunding resources do not really fit into another category so we are calling them miscellaneous.
Crowdfunding is a great option, but the cold hard fact is that it rarely works. There are far more campaigns that fail than see success. Even those that are successful often end up not raising enough funds. Then, entrepreneurs end up needing to seek out funds from other sources.
These other sources may include loans, invoice financing, and lines of credit. Of course, grants are an option too. However, they are few and far between. Furthermore, competition for grants is fierce. That leaves the financing options, and to be eligible for those, your business has to be fundable.
Fundability if the ability of your business to get funding. It is affected by many things. Business credit is a huge piece, as is personal credit. However, it is impossible to have fundability regardless of your credit, if your business is not properly set up to be fundable.
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LIke I said, setting up your business to be fundable is not the only piece of the fundability puzzle. However, it is the first piece that has to be placed and the biggest piece missed by most business owners. Here is where you start.
The first step in setting up a business to be fundable is to ensure it has its own phone number, fax number, and address. You can still run your business from your home or on your computer if that is what you want.
In fact, you can get a business phone number and fax number that will function over the internet rather than phone lines. Also, the phone number will forward to any phone you want it to so you can simply use your personal cell phone or landline if you want.
In addition, you can use a virtual office for a business address. This is a business that offers a physical address for a fee. Sometimes they even offer mail service and live receptionist services. Even better, there are some that offer meeting spaces for those times you may need to meet a client or customer in person.
The next thing you need to do is get an EIN for your business. This is an identifying number for your business that works in a way similar to how your SSN works for you personally. You can get one for free from the IRS.
Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability. This helps show your business is legitimate, and it gives some protection from liability.
It does not matter which option you choose when it comes to fundability. It does matter for your budget and needs for liability protection. The best bet is to talk to your attorney or a tax professional. Keep in mind, when you incorporate, you become a new entity. Basically, you have to start over. You’ll also lose any positive payment history you may have accumulated.
As a result, you have to incorporate as soon as possible. Time in business is important to fundability as well. The longer you have been in business the more fundable you appear to be. That starts on the date of incorporation, regardless of when you actually started doing business.
You need a separate, dedicated business bank account. Here’s why. First, it will help you keep business finances separate from personal ones. This is important for tax purposes.
But wait, there’s more. You can’t get some types of funding without a business bank account. Many lenders and credit cards want to see a minimum average balance. In addition, you cannot get a merchant account without a business account at a bank. That means you can’t take credit card payments. Generally, consumers spend more when they can pay by credit card.
For a business to be legitimate, it has to have all of the licenses it needs to run. Conversely, if it doesn’t, it will not appear to be a legitimate business. Do the research you need to do to make sure you have all of the licenses you need to legitimately run your business at the federal, state, and local levels.
How can a business website affect your ability to get funding? In today’s world, you do not exist if you do not have a website. However, a poorly put together website can be even worse. It is the first impression you make on most. If it appears to be unprofessional, it will not look good for you with consumers or potential lenders.
Even more to the point, if potential investors from a crowdfunding site check out your website and it stinks, they will not donate.
Do what you have to to make sure your website is professionally designed and works well. Also, don’t use a free hosting service. Don’t forget, your business needs a dedicated business email address. Make sure it has the same URL as your Website. Don’t use a free service such as Yahoo or Gmail.
What’s the take away? First, crowdfunding is a legitimate option, and these 46 crowdfunding resources can help you on your road to success. Next, you have to have a backup plan. You have to know you can get funding if crowdfunding doesn’t work out. Fundability is your backup plan. There are a lot of things that affect fundability, but none of it matters if your business isn’t set up to be fundable in the first place. There are several things you have to do to set up your business to build fundability.
If your business is fundable, you will be able to access pretty much any funding you need now and into the future. You won’t have to worry about the ability to qualify for a loan, line of credit, or any other type of financing. This will help ensure your business can run and grow for as long as you want.
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The United States is known as the melting pot for a reason. It is full of people with roots stretching worldwide. Some countries are less represented than others however. This means we have a lot of citizens in minority groups. In some areas of the country, the entire population is part of a minority group. In 2016, there were 8 million minority owned businesses. This was up 38% from 2007 data. If you have a minority owned business, then you have some additional funding options.
These options come in the form of loans and grants for minority owned business. You need to know where to look. You also need to know eligibility requirements. This will help you prepare your application. A great application will help to improve your chance of winning a grant or loan approval.
Check out our professional research on bank ratings, the little-known reason why you will – or won’t – get a bank loan for your business.
Grants are basically free money. You never have to pay it back. However, they are also highly competitive. In addition, they are rarely enough to completely fund a business. Still, grant money can reduce the need to borrow money.
Here are some minority grant options to consider. There are certainly others out there though. They are not always well advertised. This means you need to be sure to do your own research as well.
This group has a mission to offer grants to help Alaska Natives, Native Hawaiians, and Native Americans. In addition to the funds, they offer assistance in the application process.
There is a wide range of opportunities from the First Nations Development Institute, with new ones rolling on as old ones roll off. Join the mailing list to be notified of new opportunities as they are posted.
Also known as NBMBAA, their Scale-Up Pitch Challenge offers prizes in cash ranging from $1,000 to $50,000. The purpose of the association is to help newer businesses that have an African founder that maintains equal ownership.
A business must be an NBMBAA member to compete. There is a $10 monthly membership fee. Then, there is an online application. If chosen, a business must submit a three-minute pitch. Finalists will go on to compete at the NBMBAA annual conference.”
This grant is the FedEx way of working to strengthen small business innovation. The company awards 10 grants. They range from $15,000 to $50,000 every year. If you’re a minority owned business owner with a cutting-edge product, this could be the grant for you.
You have to submit entry via the FedEx website. It requires that you answer a few questions about your business. This includes providing an elevator pitch about what makes your business stand out. In addition, you have to explain how you would use the grant funds. You can also submit an optional 90 second video.
The National Association for the Self-Employed (NASE) has small business Growth Grants that range up to $4,000. Grant recipients must be micro-businesses. Proceeds can be used to help your business market, advertise, expand, and hire employees. These grants are open to everyone. However, you do have to be a NASE member to apply. Cost of membership depends on the member level you choose.
The USDA’s Value Added Producer Grant (VAPG) program offers grants for small businesses. This includes minority owned business. Grants range up to $250,000. They are specifically to help agricultural producers with activities that add value to their products. Grants are open to those in rural areas. They must be operating as cooperatives, farmers, ranchers, independent agricultural producers, or agricultural producer groups.
These resources do not offer grants or any type of funding directly. Still, they can be a great help and support in finding funding. They can also help with other issues that come with being a minority business owner.
Check out our professional research on bank ratings, the little-known reason why you will – or won’t – get a bank loan for your business.
This agency is under the direction of the United States Department of Commerce. It helps minority business owners and minorities that want to become business owners. They have business centers all around the country. They offer help finding grants that could be a good fit. In addition, they offer help with the application process.
While not minority specific, this website offers a list of government resources. This includes resources for any minority owned business. It also provides links to many federal government agencies that offer loans and grants for minority small business.
This is another resource to help find grants for your minority owned business. In addition to a list of grant opportunities, it has information that can help you create a winning grant application package.
There are over 1,000 grants to dig through. Most of them are for research and development purposes. You should still take the time to look at them, as you may find one that will work well for your business.
Loans for minority business owners can come from several different sources. Some only offer minority business loans to those in certain cities. Some are only available if you are looking to land government contracts. Each have their own requirements. It takes a lot of research to line everything out and see what is available. We have a list of some of the best options to help you get started.
This program is through the US Department of the Treasury. Typically, businesses can qualify for $75,000 to $500,000 after approval. Amounts above $500,000 are possible. However, they are on a case by case basis only.
Businesses can use funds for working capital, equipment financing, and contract financing. To apply, you have to certify your business through The National Minority Supplier Development Council. In addition, a business must have a supplier relationship with the Council to be eligible.
These loans are only available in Chicago, Los Angeles, and New York. They go to communities with low to medium incomes. The NASBLF provides capital to African American owned businesses that are not eligible for traditional financing options.
The range for loans is $35,000 to $250,000. Borrowers can use funds to help with cash flow, expansion, and equipment purchases. Thirty million dollars total are available each year.
Accion offers loans in all states for minority owned business. They also serve veterans, women, and those with disabilities. Low to medium income business owners may also be eligible. Loan amounts range from $200,000 to $300,000. They work to help build businesses from square one. They can also put owners in contact with other banks, non-profits, and government resources to help build a network of support.
The minimum credit score for these loans is 575. In addition, you cannot be 30 days late on credit cards, loan payments, or bills. Late rent or mortgage payments over the past year will also disqualify you.
To locate a CDFI, contact the local business development center. Your local Small Business Development Center office should also be able to help.
The application process can be long. Thankfully, they do offer assistance to prepare for future bank loans as well.
This program from Union Bank assists minority business owners with loans and lines of credit. To qualify as a minority for the program, you must be Latinx, American Indian, Asian, Alaskan Native, African American, Native Hawaiian, or other Pacific Islander.
Other requirements must be met as well. For example, you must be in business for at least 2 years, and the minority business owner must own at least 51 percent.
Native American business owners can get loans from the federal government. These come through the Indian Affairs branch. You apply with any lending institution. You just have to use the Indian Affairs application. If the funds are for construction, renovation, or refinancing, there will be additional requirements. Generally, a list of collateral, a credit report, and an analysis of business operations are necessary.
Camino is an online lender that offers minority business owners loans and business solutions. All processes take place online, making it an easy option. Their microloans range from $5,000 to $50,000. They also offer small business loans between $10,000 to $400,000. There is no collateral requirement. As a benefit, you can pay off the loan any time with no penalties or fees.
Check out our professional research on bank ratings, the little-known reason why you will – or won’t – get a bank loan for your business.
In addition to these options, the Small Business Administration has some programs that may work well, though they are not for minorities only.
Community advantage loans are for underserved communities that need less than $250,000. Likewise, you can find lenders that work with the SBA on this program using the SBA Lender Match tool.
They also have microloans available of up to $50,000. Unlike others, these are offered through nonprofit organizations. With interest rates ranging from 8% to 13% and maximum repayment terms of six years, they can work well for minority business owners.
One of the SBA’s partners in this program is The Opportunity Fund. According to them, 90% of its borrowers are minority business owners.
Like other SBA programs, these are not specifically for minorities. Still, they are available to minorities the same as everyone else. They are 10-year loans of $30,000 to $350,000. Rates range from 9.7% to 11.04%, and they can turn around in as little as 7 days. More often they take up to several weeks.
Again, these are not necessarily only for minorities. However, many alternative lenders offer loans that work well. Specifically, minority owned businesses sometimes struggle with meeting credit score requirements. The following loans are available with a lower credit score than what most traditional lenders require.
Surprisingly, there is no minimum credit score. In fact, if you have at least $50,000 in annual revenue you can qualify for a line of credit from Fundbox. Additionally, you also need to be in business for at least 3 months. Amounts range from $1,000 to $100,000 with rates from 10.1% to 79.8%. Terms are for 12 weeks, and you can have your funds as quickly as the next business day.
Another lender that will make loans on credit scores as low as 500 is Kabbage. Terms are for 6, 12, or 18 months and amounts range from $2,000 to $250,000. So interest rates are higher, at 24% to 99%. Funding can take several days, but sometimes happens in just a few minutes.
QuarterSpot is another option. Many prefer it, due to terms that go up to 18 months. Loans range from $5,000 to $250,000, but rates are pretty high at 30% to 70%. Nevertheless, approval can happen in as little as 24 hours.
Loans with Credibility Capital range from $50,000 to $400,000. Terms are for 1, 2, or 3 years, and rates range from 10% to 25%. So like most, funding usually takes around 7 days.
SmartBiz offers low cost financing for expansion. Unlike the others, these are SBA loans. However, with SmartBiz funding happens a lot faster than with traditional banks. In fact, they can take a few weeks rather than a few months.
It’s true. In addition to the traditional options, there are other funding resources available to help minority business owners. While many of them, like grants, will not fully fund a business, they can all reduce the need for debt. The key is knowing where to find them and how to qualify. The list above is a great starting point, but there is so much more. It’s worth the time it takes to dig in and see what is available.
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