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Jay Avgidor poses for a photograph.
Velocity Capital Group
Is your business not bringing in the profit you thought it would for the holidays? Don’t worry. I spoke with an expert in small business financing and he has tips on how to elevate your business funding this holiday season. Jay Avgidor, the founder and CEO of Velocity Capital Group, wants your business to grow even more during the holidays.
He believes small businesses are crucial to the American economy. “Small businesses are the backbone of America. Without small businesses our country would not be as sustainable as it is currently,” Avgidor told me. Here are 3 tips Jay Agdivor has on elevating your business funding during the holidays.
Ask Family and Friends
According to Avgidor, who has been in small business financing for 14 years, going to family and friends for financial support is one of the best ways to increase your business funding. Close family members and friends are more likely to trust you than professionals you’ve never worked or partnered with.
“The first people that have trust and faith in the small business owner is the family of the small business owner,” he said. “They know that I’m going to be at the Thanksgiving table every single year. There’s a very slim chance that I’m going to screw them over.” And he’s right. Having a relationship built on years of trust will likely help you acquire additional funding.
Get Private Financing
Consider building partnerships with philanthropists, entrepreneurs, and more. But Agdivor didn’t make it sound easy. “Either you have to obtain financing on some semblance of either receivables so an MCA or cash advance is possible,” he said.
“If you have outstanding receivables that are unfactored you can factor those receivables the factoring companies and or if you have any collateral equipment, property, vehicles, etc. That you can put up there are equitable solutions to taking on financing against collateral,” Avgidor said.
Take On An Equity Partner
A business partner is someone who’s investing in the outcome of the actual business. “The opportunity that you’re bringing to my tables, You brought me a business plan. you have some semblance of traction, or some semblance of history in these industries,” he told me.
“And you know what you’re doing. I trust you with this amount of money for this amount of money. I want to be partnered with you. And I want to be whatever equity slice, which means that they are there for always and forever. They’re your partner,” he said.
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