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Getting Money to Grow

Where to go for funding when you're ready to move beyond the start-up stage

This story appears in the September 2002 issue of

You may have used personal savings or money borrowed from friends and family to get started, but where do you go when it's time to grow your business? If you've been in business for less than three years or have nothing to offer as collateral, you might find traditional lending institutions unwilling to finance your business. There are options, though--if you know where to look.

Going back to those same friends and family--but making it a formal loan with a set repayment plan and interest--might be a viable option, if you haven't already gone this route. For instance, an institution like CircleLending--which administers loans between individuals by handling and storing all the documentation, creating a repayment schedule, taking care of payments through debits and direct deposits, and even handling collections if the loans go into default--can make things easier for both you and your loved ones.

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