CMUS372_ Financial Sourcing Assignment

docx

School

Liberty University *

*We aren’t endorsed by this school

Course

372

Subject

Business

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by JusticeTitanium6180

Financial Sourcing Sydney D. Plummer 10/11/2023 CMUS 372-B01 Professor Loral Marsh

According to our textbook, Crowdfunding is a way to fund all manner of things by allowing others to buy into your service, and is done so in four main ways: donation-based using things like Kiva, reward-based such as Kickstarter, debt-based as with Prosper and Lending Club, and equity-based. There are also avenues such as debt and equity funding using Loyalty Capital, which gives small business access to startup loans backed by investors. Another such funding method is by using Online Lenders, which gives advances against outstanding invoices a company may have. Another option for non-profit businesses is Grand Funding. This requires a lot of research for someone to apply for, but once accepted, grants are given by foundations, governments, and corporations. For my coffee shop, I plan on first trying to apply for a loan. I know that it will most likely be difficult to procure one at first because I am young, and may not have the experience or history behind my credit to show that I am capable of running a business. However, by doing research, and constructing a solid business plan, I hope to prove that I am a solid investment for a bank to lend me money. The steps to apply for a loan are first, I need to determine what type of loan I need for my business, which for me would be an SBA loan. Second, I need to determine if I would qualify for a loan. I have excellent credit and a good repayment history, so I believe I would be a good candidate. Step three would be to determine which lender would work best for me. While online lenders do have a history of lending large sums of money for small business loans, I feel as though I would do better meeting face-to-face with a lender at a bank. Step four is to gather up my application materials, such as: information about my business (tax id, business name, and address), financial statements, and information about any collateral I may have. The fifth step would be to actually apply for the loan. If this does not work, though, I need to have other ideas.

Crowdfunding has become extremely popular during my lifetime, and is something I have considered doing for my business. If I am not approved for my loan, I will be doing a reward- based crowdfunding option like Kickstarter. I will use free coffee, a certain amount per level of donation, to entice people to buy in. I will reach out to friends I have in the film and editing business to help me put together a compelling short video that I can use on the website, and work to get financing that way.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Related Documents

MAPA5385 Assignment 5.docx

NP_WD19_EOM2-1_EmmaCasia_Report_1.docx

CMUS372_ Discussion 1.docx

BBUS 3841 _ Assignment 3.docx

Customer Segments_ Value Proposal CMUS 372.docx

BBUS 3841 _ Assignment 5.docx

CMUS372_ Business Plan.docx

DAT 223 Module Four Assignment Email done (1) (1).docx

DAT 223 Module One Assignment Email Template done (3).docx

Title_+A+Case+Study+Analysis+of+Jack%27s+Learning+Experience+at+Scanton+Industries.pdf

7-2 Final Project Two Journal on Sport Management.docx

MARK 3337 Chapter 6 Quiz.pdf

Recommended textbooks for you

Foundations of Business (MindTap Course List)

Marketing

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:Cengage Learning

Foundations of Business - Standalone book (MindTa...

Marketing

ISBN:9781285193946

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:Cengage Learning

Principles of Management

Management

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax College

SEE MORE TEXTBOOKS

Recommended textbooks for you

Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...
Marketing
ISBN:9781285193946
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Principles of Management
Management
ISBN:9780998625768
Author:OpenStax
Publisher:OpenStax College