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FUNDING SOURCES
Borrowing from friends/family/relatives is also a very bad idea. They have a tendency to get paid last, if at all. You don’t need the additional pressure. Credits card debt is also not the best funding source but can be used if you are very passionate about running a successful business. Interest rates are typically very high and can quickly escalate. Make certain your cash flow allows for this debt to be paid down monthly. You may qualify for a micro (or small) loan for start-up businesses. There are still fees, equity requirements and collateral but they are less constrained than banks or credit unions in lending smaller amounts.
First Children's Finance
Lake Agassiz Certified Development Company For an example of a loan repayment schedule, click on the link below.
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Disclaimer
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We seem to have a mindset that there is all sorts of free money/grants to get a child care business going. It is not true! Grants should be the last resource you look for. They are time consuming, come in small amounts and generally require significant follow-up reporting.
