A report for Business First recently wrote an article about entrepreneurs in Columbus, Ohio who are finding unique ways to obtain financing in a down economy. We’ve summarized some of the key points below:
One business owner applied for a Wheeler Entrepreneurship Enterprise Program grant from The Ohio State University’s Fisher College of Business, which cover the costs of interns. In addition, the interns brought a lot of their own equipment (i.e.) laptops, so the business owner didn’t have to pay for computers.
The same business saved on office space by setting up shop in German Village’s Qwirkm which is a collaborative for independent professionals can work together for a low monthly membership.
Another business owner saves on office space by having it’s employees work from home and communicate virtually. In addition, the owner often barters for services with other companies.
Some small companies can also take advantage of an incubator, which is a way for people to advance their ideas and get a funding stream, according to the VP of Park National Bank.
What’s more, small business owners can take advantage of accounts receivable factoring to help even out their cash flow during this tough economic times.
Click here to read the entire article: Small-business owners find ways to buck financing trends.