Another great way for any new start-up or small business to finance their next enterprise is through grants that are available through larger companies or the government directly. The main aspect of these grants which make them so beneficial for a small or new company is that they do not have to be paid back and could really help a struggling company finance their next steps without having debt attached to their finances.
The acceptance of a grant is based on two specific things. The first is the industry that your company works in. If you are a renewable energy company or provide a service that is aimed towards those the most in need, there will be many grants available to you that you could apply for, and you will not be capped at just taking one or two grants.
If you are not in an industry that is considered an important or social industry that will benefit the average person, then these grants will be significantly more difficult to find, let alone be accepted for. There are not many grants that are handed out to companies within the financial sector, or for the general for-profit business.
The other factor in being accepted for a grant is entirely dependent on how ground-breaking your product or service is. If it is completely innovative and improves a product or service that already exists, then being accepted for a grant will be much easier than being accepted for a grant that simply differs from another product or service.
Grants are extremely hard to get, with most businesses that receive them either benefiting the general population or being very innovative in the path they have taken. But some other grants are available, and they are usually to help the most economically hurt business owners. So check out the loans the government have made available so far.