Friday, July 29, 2011

Get creative in financing your business expansion

Funding your business is no easy task. Banks are tighter than ever on loans, so how can you expand your business if you don't have the cash on hand to do so or you can't get a loan? Get creative! East End Brewing Co. in Pittsburgh, PA has started selling voucher books to gain capital for moving the brewery to a new facility.

Scott Smith, owner of East End Brewing, developed a program called the "Good Beer Investors". For $1000, you can buy $1000 worth of counterfeit-protected brewery vouchers which can be redeemed for beer and merchandise. With a goal of 100 investors, Smith had 54 investors as of July 7th.

To read more, click here.

As an ag entrepreneur, how difficult has it been to get financing? Would you ever try financing your business expansion with a program like "Good Beer Investors"?

1 comment:

Cameron said...

You may have a brilliant business idea, but that plane’s not going to take off without money. Financing a business can be difficult when it comes to any economic climate, especially now when the global market isn’t that particularly kind when it comes to start-up businesses. You can try to tap into your personal savings, but just make sure that you don’t bleed yourself dry. You can also try asking your parents and/or your friends for the capital, but it kinda puts a strain on your personal relationships, especially if you’re not able to pay them back. In the end, you may want to go for a bank loan. At least, this way, you have a detailed plan on how you are slowly going to pay off your debt.

Cameron Scott