Many young entrepreneurs have put their business plan together for a company that will generate a lucrative profit. The issue arises when financing this idea comes into play. Thank goodness, for companies like Opportunity Finance Network also known as OFN who help, “low-wealth people in the U.S with financing their products or services.” OFN site is full of resources that can help first time business owners structure their business.
For instance, a business owner can learn a few techniques on branding their business or product through a daily newsletter that OFN send out to its members. As a member with OFN you have instant access to industry experts, exclusive financial opportunities. To become a member of OFN you must be an effort to positively develop the community also since OFN operates as a non-profit company whose primary goal is to help in the development of the community. For more information on how to become a member please check out www.opportunityfinance.net.
Another influential site for my fellow young entrepreneurs is EDA.gov. U.S Economic Development Administration is a federal organization that promotes small business development. EDA is a resourceful tool because they assist you with getting grants for the development of your business. The great thing about EDA is that it does not require a membership to use the resources. There are a number of funding opportunities on the site that your business has to qualify for but the opportunity is presented to the interested.
Both of these sites provide great resources by offering alternative financing. The advantage is it may be a little easier to get the financing but the disadvantage may be tailoring you business in the matter the investor may want it to be. For example, Economic Development Administration is all about the economy and the community so in order to get financial assistance from them your product and/or service must be a benefit to the community. So, whichever route you choose to take is yours but the opportunities are endless.
