Whether you are still a student or have already graduated, starting a business might not be the easiest thing to do. Although it is not impossible, it is becoming harder by the minute to get “Financial Angels” to help you make your business dreams come true. Getting a loan to start a business is already challenging, now let’s make it even less probable if you are still owing money for financial institutions, because of your student loans. Of course this does not make things impossible, however having an extra loan to pay makes things a little extra complicated for start Up wannabes.
Getting funding can be quite complicated.
It is common to search the web and find dozens of student testimonials narrating their difficulties to get their business started, especially when they are still dealing with student loans on the side. These students must worry about their new business and also with past issues and work, making life quite erratic to say the least. Most banks and credit companies are not willing to risk their stability to help you out, even though you have a great plan in mind. It is therefore quite hard to find funding with the traditional methods, which means getting a brand new loan with a bank or any kind of credit institution.
Keep your Hopes Up!
There are certain “Angels”, as they are called, that are willing to finance small businesses, even if you are a student or have any kind of student loan to pay off. These “Angels” can help you with smaller amounts, such as a few thousands at the most. They will not worry about your past, however keep in mind that you will also need to pay them back. You can take a look at their official site and see why they are willing to believe in your project, even when you have loans to pay off. http://www.startupangels.co/
If you are willing to try a brand new way to get money in order to start your own business then you can give Crowdfunding a try. Here you will create your page on any crowdfunding site (check the link to see the most popular crowdfunding sites today http://crowdfunding.com/) and then present your project. People will then decide whether or not they will give you money. You might get donations of people from all over the world, it all depends on your project and how you present it.
The bottom line.
As a conclusion it is possible to state that students that are still dealing with student loans can get money to fund their new business. Although this might be a hard task it is possible. Of course students will have to look for other resources that are not the traditional ones such as bank loans and credit cards. However if they put enough will into their project and look for funding options they will definitely be able to make their business become a reality.