One of the many ways to help you attain financial stability or financial freedom is by starting your own business. It doesn’t matter how big or small. A business is still a business that gives extra cash during rainy days and teaches your family about money and responsibility while you are away.
It doesn’t end there. You need funds, additional funds or working capital, to make your business grow. Initially, you would go for banks since these are still the top choice. At the same, banks offer loan facilities and give special rates or treatment if the borrower is an Overseas Filipino Worker. Unfortunately, applying is not easy and you need to go through a process and prove your credit-worthiness before you get approved. What are your other options to make sure you get funds for your business?
Here’s what:
1) Liquidate (some) of your assets.
It can be an old gadget like mobile phone or computers (the parts are still worth something), portfolio investments such as time deposit or stocks, few pieces of jewelry, or even some of the things that may no longer be valuable to but still worth something that you can sell online. Liquidating some of the assets you have, regardless of the amount, can help bring funds to your business. Plus, you get to clear some space in your house too.
Go ahead and schedule that garage sale. Just make sure you leave items that really matters to you.
2) Reduce unnecessary expenses.
Your family doesn’t need a balikbayan box full of goodies every month. The money you use to buy them material things can be helpful when used as working capital in your business.
Make sure to check your budget and see what expenses you can minimize or eliminate. Adjust lifestyle habits as well since it could help you save more. This way, you get to use your hard-earned money for more valuable things. It’s a sacrifice worth taking.
3) Consider the government’s micro lending program.
OWWA Loan can be helpful if you need working capital, but the requirements can be too much to handle. Aside from OWWA Loan, you can maximize the micro lending programs offered by various government agencies such as SSS or GSIS Family Bank. The government encourages Filipinos, especially those who work abroad, to go back, stay in the Philippines for good, and consider putting up a business, so take advantage of that.
4) Try online cash loans.
It could range from P1,000 to as much as P50,000. Online cash loans are popular these days because of the ease and convenience they offer to borrowers who are in need of cash – fast. Application happens online and there is no collateral involved as well, which makes loan processing easier and faster.
Just make sure you choose online cash loan provider wisely. Go for a company with proven track record and excellent customer reviews such as Loan Ranger.
5) Borrow from private financial companies.
Private lending companies offer loan facilities to make every OFW’s entrepreneurial dreams come true. Unlike banks, private lenders such as Balikbayad make borrowing easier by relaxing the loan requirements and faster loan processing. You can even apply and submit documents online first, thereby saving you time.
There are several options to help you raise money for your business. As long as you choose a legitimate lender and employ legitimate means, you will achieve the amount you need in no time.