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Anyone launching a creative product for consumer sales, such as a film, game, new technology, music, or more!
What’s the Cost?
You’ll pay a 5% fee on all total funds raised, along with a 3% payment processing fee and an additional 20 cents per pledge.
The Good and Bad
It’s a widely recognized and respected crowdfunding platform. But this also means it’s widely competitive to secure funding amid a crowded space of projects. You’ll also have to secure your funding goal by a set date or you’ll take home nothing.
Creative content producers looking to secure an ongoing income so they can continue to produce the work their supporters love.
What’s the Cost?
Depending on your Patreon plan, you’ll pay 5% to 12% on all profits made from your monthly subscribers.
The Good and Bad
Talented makers can access money without having a big name or hassle with advertising other people’s products. But with a 15% cut at the top plan, you may need to garner a big fan base to make rent money.
An experienced entrepreneur with proven crowdfunding success looking to secure serious seed money.
What’s the Cost?
The price begins at $4,000 but can extend to $10,000 with 3.5% additional fees making this a pricey source for raising capital.
The Good and Bad
If you have the expertise and groundbreaking idea, you could potentially score millions of dollars in funds to take land yourself a seat next to Kevin O’Leary. But, you’ll need to be a real shark to survive in these waters where tight legal documents and crisp business plans are the norm.
Someone who wants to skip the hassle of traditional crowdfunding by securing a small business loan or line of credit outside of traditional banks.
What’s the Cost?
Since this is a loan, you’ll pay a set interest rate on the amount you borrow. At the time of publication, rates are 7.49 to 24.99 percent with a one-time origination fee.
The Good and Bad
Unlike a traditional small business loan, you can get an approved loan in less than a day. However, since it is a loan, you’ll need to have a good credit score, a proven source of revenue, and more to get approved.
Good character people looking to launch or expand their business with a micro-loan such as $1,000 to $15,000.
What’s the Cost?
This may seem wildly too good to be true, but borrowers in the U.S. pay 0% interest and are charged no fees. Kiva is a nonprofit organization with a mission to help others.
The Good and Bad
The obviously good deal is the 0% interest model, but it also comes with free marketing for your product! But there is a selection process. You can’t have been convicted of a violent crime and cannot have declared bankruptcy within a certain time frame. You’ll also need to prove your creditworthiness by having friends and family contribute to your loan.
This resource guide was produced by Thomas Guzowski, Associate Director of Marketing, Communications, and Events. Guzowski also freelances on the weekends and believes the world runs on the hustle of small businesses.
