How Can You Start a Loan Crowdfunding Campaign?
As we begin to emerge from quarantines and lockdowns, there are a lot of reasons to feel relief. Far fewer people are getting sick, restrictions are lifting, and businesses of all sizes can get back to something resembling their normal operations. Thanks to federal funding programs like the PPP (Paycheck Protection Program) and EIDL (Economic Injury Disaster Loans), many small businesses were able to offset the effects of the pandemic and keep themselves afloat.
For new and up-and-coming businesses looking to expand for reasons outside of pandemic hardships, funding may remain a source of struggle. Small business lending outside of the pandemic offerings has actually decreased significantly during the last year. In fact, this is not uncommon during a recession; when economic times are good, banks are typically eager to lend, but when the economy is down, they pull away from riskier loans. So how can small businesses looking to grow find funding while we’re still in a recession?