Alternative Funding For Your Dreams

Since I’ve been working on my business plan I’ve been working extremely hard on the intricate details needed to complete a business plan.  The bottom line is in all of our understanding, expertise, fire, and desire we still need funding for our ultimate dreams. 

Lets take a look at two funding resources from websites Association for Enterprise Opportunity and Opportunity Finance Network.  Both are alternative resources for funding for future entrepreneurs like myself, and my classmates at Full Sail University.

Association for Enterprise Opportunity and Opportunity Finance Network strives to develop more microbusiness around the U.S. while developing entrepreneur with the skills to start a business, fund a project, or gain a loan.  AEO focuses on the low-income and low-wealth as well.  Ultimately, both companies help those in need with a plan to get the resources that will help them be successful. The focus is being able to lend money to business that will service our underserved communities. OFN or Opportunity Finance Network has several different types of loans.  Two of them stuck out to me and that was the Participation Loan where the requirement has to benefit low-income and low-wealth communities.  Places like supermarkets, multi-family housing, and charter schools would be eligible.  The Health Financing loan allows you to create a business where healthy foods are not readily available.

For those of you contemplating becoming an entrepreneur, there was an interesting fact on AEO’s website that there are an average 85%microbusinesses across the U.S.  I checked out my state of Pennsylvania and it says as an African-American without owning a business my median net worth is $10,000, but as a business owner my net worth is $77,000.  So what do I have to lose…lol  I definitely have some work to do. AEO also offers financing and training for business owners and financial planners. 

The advantage is that there is money out there and for a good cause.  If you can get past the work that is required to get that funding, then I totally take my hat off to you.  I have very close friends who just opened a charter school in New Jersey and it was one of the most trying experiences they’ve ever had, but well worth it.  Now that they’re open they see the fruit of their labor.

Some of the disadvantages to this type of funding are that it has to benefit the low-income or low-wealth community.  Unfortunately, from what I’ve seen in my low-income community is that once someone tries to do something nice in this area.  The community doesn’t appreciate it and/or deface or rob the business.  This is not encouraging. But someone has to do it and has been doing it for years. So if that’s you, Go Get It in 2013.  Good Luck!