Challenges facing entrepreneurs seeking to raise finance
Small business funding is not something that is taught at universities or even offered as a training course for entrepreneurs. This means that most entrepreneurs don’t know where to start. Without a basic understanding of small business funding, learning to navigate it can be a challenge, and this leads entrepreneurs to feel that the odds are stacked against them before they even start. Most believe that only a large, well-established business is likely to get funding.
Finding the right funder can be like looking for a needle in a haystack, particularly if you don’t know who all the funders are (besides the banks of course). The reality is that most startups and small businesses that approach banks for funding are unlikely to meet the stringent loan assessment criteria. For banks, small businesses represent a high risk, and banks find it difficult to accurately assess the risk of lending to them. Fortunately, there is a variety of different funders that are able to assist. However, it is critical to understand how each type of funder works, as you’ll be expected to meet their specific lending criteria.
Whilst entrepreneurs know that Government funding is available, they feel that this is very difficult to secure. Even when funding approval has been received, it takes a long time for the funds to be released, and this often occurs after the opportunity (which required funding) has been lost.
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