How to Get Funding for Your Small Business From an Online Funding Marketplace – by Chris Harris, an Entrepreneur

When it comes to small businesses, getting funding is not as easy as it seems. Due to high-risk, lenders especially traditional ones are generally reluctant to provide loans to small business owners. Moreover, if you’re an aspiring entrepreneur, finding the right type of funding is a challenging and time-consuming endeavor.

Though finding the right type of funding as a small business owner is difficult but not impossible. Here I’m sharing a story of my best friend to show you how you can go about getting funding to start a new venture, or run and grow your established small business.

How a Retail Store Got Funded by Smansha Online Funding Marketplace during Covid-19 Pandemic

Chris Harris, co-founder of a Retail Business based out in California (USA) has an interesting funding story that will motivate you and help you find the right type of funding for your small business.

In July 2020, Chris’s retail business has been severely affected by the COVID-19 crisis. His retail store employs 5 full-time employees and 3 part-time employees. He needed cash to make payroll and cover other operating expenses.

“If we don’t get funding now, we’ll have to reduce our workforce, “Chris said to me.” we’ve already laid off 2 employees but if I got some cash, I can bring my staff back, pay bills and run my business in this hard and weird time.

It’s not that we’re not earning revenues, he said. We don’t have sufficient funds to buy more products and pay employees.

Also, Chris said that he applied for funding through various lenders since the PPP and EIDL programs were launched, but he couldn’t get the information as well as the funds. Besides, one online lender rejected his application because of an error in identification.

I applied through some sought-after lenders too, “he said.” Though they didn’t approve my loan application but advised me to apply anywhere I could.”

He told me that he was very depressed and anxious till he got to know about Smansha (ForwardAI) from one of his close friends. In a last-ditch effort, on July 28th, he applied through Smansha (ForwardAI) which is an online funding marketplace that helps business owners to compare a variety of loan offers from multiple lenders. On November, 2nd 2020, He received some long-awaited great news.

“I applied through Smansha (ForwardAI) and got documents to sign yesterday,”. “I was eagerly waiting for the amount and finally it’s in my account in just 5 days,” he added.

When the money comes in, Chris said he is hopeful that he would bring back his full-time employees and buy more products for his retail store. “I am going to make the orders and call my staff, “he said. “We should always stay positive and don’t lose hope”, he said. “We should cut costs, manage cash flow, create an emergency fund and act promptly when such a situation comes, he added.”

For aspiring and other small business owners looking for funding, he offered the following advice:

“Finding the right type of loan for your small business can be difficult so just keep trying,” he said.” Don’t apply to one lender and compare your options before finalizing a lender. Find and compare a variety of loan offers from multiple lenders and choose one that best fits your current financial needs and budget.