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7 INVENTIONS TO REVOLUTIONISE THE LIVES OF THE VISUALLY IMPAIRED

Unfortunately, coping with becoming visually impaired is a common way of life for many people thanks to diseases, injuries or other health conditions such as diabetes. One of the fundamental problems which loss of sight causes for people is the inability to negotiate unfamiliar places. It can also affect everyday life activities such as working, sports, or even building friendships.
However, technological advances have been used to help improve the lives of the visually impaired with many creative new inventions developed to help with daily living challenges. Here are the top seven inventions which could revolutionise the lives of people with sight problems:

1. Shoes which can tell you which way to go
Ducere Technologies have created Lechal insoles which can connect via Bluetooth to your mobile device. You input your directions, and as you start to walk, the shoes will vibrate when you need to change course – either the right shoe or the left shoe – with the buzzing getting stronger the nearer you are.

2. Glasses which show you colours
For people whose visual impairment includes colour blindness, to them, a whole new way of seeing the world could be made available thanks to Enchroma Lenses. They look like regular sunglasses but enable colour blind people to view a variety of hues.

3. Accessible mobile phones
Many cell phone manufacturers are now incorporating original elements to make their handsets accessible for the visually impaired, including screen-reading, voice control, slide out keypads, and raised details on the keys to guide your fingers.

4. Braille Rubik Cube
While it’s not something you need on a daily basis, those looking for an exciting challenge might like to try the braille Rubik cube. Rather than match the colours, you match the feel of the braille squares.

5. A safe audible mug
Imagine being blind and trying to make a cup of tea or coffee – how would you know when you had filled the cup with hot water? Well, thanks to the Braun Bell Concept Mug there is now no risk of burning yourself as it lets out a sound once the water hits a particular sensor, telling you to stop.

6. A watch that lets you feel what time it is
Being able to speak the time is something we all take for granted, but if you can’t see, then how do you know what time it is? A brilliant invention to make everyday life easier for those whose sight is limited is the watch which lets you feel the time. The designs use breaks at the 12 o’clock mark and ball bearings to enable the wearer to feel the position of the second hand and the hour hand.

7. A bracelet which tells you where you are
A simple looking piece of jewellery can help blind people to navigate around unfamiliar places, as they contain full navigation options including GPS, audio and voice controls. This nifty and stylish gadget can contribute to maintaining a healthy level of independence.

Key word:
Visually impaired
LSI:
Visual impairment
Blind
Sight loss
Loss of vision
Sight problems
Sight challenge
Colour blind
Sight limited
Accessible

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7 INVENTIONS TO REVOLUTIONISE THE LIVES OF THE VISUALLY IMPAIRED

According to the World Health Organization, about 285 million people worldwide are considered visually impaired, meaning they are fully or partially blind. Visual impairment makes it tough to navigate today’s fast-paced, technologically-focused world. However, advances in technology are enabling innovative designers to create inventions which allow the blind and visually impaired to regain a sense of autonomy, agency, and dignity in a world which often undermines their potential.

  1. Mobile phones adapted for the visually impaired

    None of the major mobile companies such as Apple or Android has phones specifically built for blind people, although some models can be tailored for those with mild visual disabilities. The B-touch mobile phone by Yanko Design is a smartphone, equipped with touch screen technology, which is entirely designed for blind users. The phone uses a combination of a braille touch pad, high-contrast raised keys, voice recognition and camera word processing technologies to enable the blind to do many of the tasks of traditional smartphones.

  2. Touch-sensitive vibrating shoes

    The sense of touch is highly underused in technology assisting those with visual impairments. One shoe company called Lechal had designed a pair of shoes which combines GPS technology with vibration to help the user navigate through his or her environment. The shoes vibrate the left or right foot when a turn is needed, and the designers soon hope to be able to identify obstacles ahead.


  3. Tactile Flash Cards

    Another design by Yanko, these flashcards enable the lifelong visually impaired to learn about different objects through three-dimensional diagrams and braille terms.

  4. Argus II: The Bionic Eye

    Although this may sound like something out of a science-fiction novel, it has been used experimentally by over a hundred people. The company Second Sight developed Argus II to help those with degenerative eye disease (not those blind from birth) to regain some amount of vision. The device uses a combination of retinal implants, optical processing glasses, and electrical impulses to transfer light manually from the user’s environment to the visual cortex.

  5. Thermal Painting

    Although it may not seem like the most useful invention, there are plenty of blind artists who are denied the opportunity for creative freedom. This touch colour tablet necessarily translates colour into critical temperature (a spectrum of tools for blue, purple, and green, and spectrum of warms for reds). This way, artists can paint using heat as their guide and can “mix” colours as well as sample colours from their environment.

  6. Braille Watch

    Another Yanko design called the “Feel the Time” watch has physical dots of braille moving around the clock face rather than two hands under a glass panel. This enables the blind to feel the positioning of the clock hands and tell the time.

  7. Braune Bell Concept Mug

    This mug enables the blind and the visually impaired to drink hot beverages like coffee and tea without risking burning themselves. Most blind people use their fingers to test the level of water in a mug, but this cup sends out a different pitch when the mug is low, medium, or almost full so that the visually impaired person can hear the water level rather than feel it.

http://www.who.int/mediacentre/factsheets/fs282/en/

http://www.who.int/

https://en.wikipedia.org/wiki/Visual_impairment

http://www.yankodesign.com/2009/06/15/touchphone-for-the-blind/

http://lechal.com/

http://www.yankodesign.com/2009/08/11/tactile-flash-cards-for-the-blind/

http://www.secondsight.com/

http://www.yankodesign.com/2009/08/04/no-longer-color-blind/

http://www.yankodesign.com/2009/04/22/get-touchy-feely-with-time/

http://www.ohgizmo.com/2009/08/06/braun-bell-concept-mug-for-the-visually-impaired/

Keywords:

blind,

visually impaired,

visual impairment,

technology,

mobile phones,

visual disabilities,

smartphones,

vibration,

GPS,

motion sensing,

flashcards,

vision,

degenerative eye disease,

thermal painting,

braille watch

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Details Emerge of Kanye West`s Hospitalisation!

As if things couldn’t get any worse for Kanye West, after being hospitalised on Monday for what was described as “further assessment” by the Los Angeles fire department, details are now emerging regarding the nature of his detention.

Kanye`s mother in law, Kris Jenner, was quoted as saying that fatigue caused by extensive touring was to blame for the star rappers apparent breakdown. “He`s had a gruelling tour and just needs some rest,” she said in an interview with US-based TV Show Extra.

It is claimed that he was initially reluctant to go to the hospital but changed his mind after speaking with his physician. He was reportedly handcuffed for his safety as he was “behaving erratically” an unknown source told People Magazine. It is believed that a friend called the emergency services.

People close to Kanye feel that he is close to burnout and that he needs to drop some of his commitments to take time out to recover. After going public with an attack on Jay-Z, Beyonce and several others at a concert in California the other day, Kanye has sure had an eventful week! Sources claim that he is “doing well” in the hospital and that he will be given a discharge shortly.

Key Words –

Kanye West Beyonce Rapper Jay-Z Kris Jenner

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Celebs’ Shenanigans Days Before Thanksgiving

Justine Bieber Vs Fan

What happens when a male fan cannot control himself around Justin Bieber? Apparently, he gets punched in the face. This was precisely what took place when a fan ran up to Justin Bieber just as his car pulled up in Barcelona.

The fan had put his hand into the car, almost touching Bieber. It all happened so fast that it took a minute for the fan to realise that his mouth was bleeding.

The fan’s friends expressed their shock. It was hard to tell if it was more shocking that he was bleeding or that Justin Bieber had got that aggressive.

Well, this fan can say that he got close to Justin Bieber, albeit only for a minute.

Jason Derulo’s Nightclub Brawl

Jason Derulo was caught in the middle of a nightclub fight. It went to the point that police officers had to wield their weapons.

It looked about closing time at Bootsy Bellows. The crowd outside gave no indication of how or when the tussle started. As soon as things got heated up, Jason jumped into the brawl to put in a few punches and kicks.

The L.A. deputies wasted no time to disperse the situation. Their weapon of choice, stun bag rifles. The mere presence of the officers was enough.

Best night ever for someone.

 

Key Terms

Jason Derulo

Bootsy Bellows

L.A.

Police Officer

Justin Bieber

http://www.tmz.com/2016/11/22/justin-bieber-punches-guy-barcelona/

http://www.tmz.com/2016/11/20/jason-derulo-club-fight-cops/

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JUSTIN BIEBER IN CRIME DRAMA

More drama from singer Justin Bieber, after an alleged assault on a fan in Spain, sparked off heated discussions among his security team.

But there are two sides to every story with some fans taking to the internet to claim the victim had bragged about plans to hit the singer first. Fans have also been taking to social media to defend the singer, even claiming the alleged victim was seen trying to choke Justin just before he hit out.

It all happened as Justin arrived in his car at the Palau Sant Jordi arena in Barcelona, where he was performing, and he opened the car window to say hi to the waiting fans. That’s when the male fan approached the car and allegedly assaulted the singer.

One thing is for sure, images of the fan with a bloodied nose are going viral across the internet currently, and it is the talk of Barcelona.

All of the pictures were captured by a Spanish news team and said that officers from the regional police – Mossos d’Esquadra turned up very quickly. A spokesman for them confirmed to reporters the incident is being dealt with as a misdemeanour and not a crime.

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The Legacy of Prince

Prince’s Estate 

All the members of Prince’s family have been allegedly having a dispute over who will get his fortune. Since there seems to be no written will, legally it goes to his blood sister Tyka Nelson, and his five surviving half-siblings.

Prince was not married, and the only child he had, had died after one week from birth due to complications. The family has opened up Paisley Park, Prince’s home and recording studio, which is also where he apparently hosted a few all night parties. It will become a tourist attraction much like Elvis’ Graceland. 

The history of Purple Rain

As a tribute to his death, Prince’s hit Purple Rain has been listed in the CMA awards. Purple Rain was a personal project for Prince. Reportedly, he carried around a purple notebook with sketches and ideas for the movie. He also had a hand in deciding who was cast for the film. The meaning of the song has many fans baffled.

They have been trying to work it out for decades. The running theory is that it’s about the end of the world, which is something Prince was interested in at that time. The film made over $68 million, even though it only cost about 7 million to produce.

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LOOKING FOR THE BEST LIFE INSURANCE POLICY?

Term insurance plans are the ideal life insurance choice for people who are working, who have others depending on them, and are looking for the best level of protection available but at a reasonably low cost.

So what is a term insurance plan? In a nutshell, it’s a life insurance protection policy. It means that in the event of the death of the person insured, a guaranteed amount will be paid to their specific nominee. Nothing will be given if the individual who is insured, lives beyond the length of the policy. 

If you are worried about any of the following issues, then a term assurance policy might be the best thing for you:

  • The security of your family financially if you were no longer with them
  • Any need to change your life insurance as your life stages change
  • Ensuring your family would have a monthly income if you passed away
  • Avoiding your financial issues burdening your family after your death

The benefits of the new Aegon iTerm plan

This comprehensive term insurance plan provides a variety of advantages to working families, to help provide reassurance that their loved ones would be looked after if anything should happen. Some of the key features of this particular plan include:

  • Life insurance right up to eighty years of age, if required
  • The choice to increase your life cover as your life changes
  • A built-in benefit if you are diagnosed with a terminal illness

So, looking at the advantages in a little more detail, the Aegon iTerm plan offers customers the chance to expand and increase the life cover purchased, when there are changes in life which require it, such as the birth of a new child, or a wedding.

If you were to die, there is the option to either grant the payout to your loved ones as a lump sum or as a monthly income, whichever would suit them better. The policy also includes an automatically built in benefit if you are diagnosed with a terminal illness. The plan even includes discounted rates for women and for those who don’t smoke.

What other similar plans are there?

A quick search on a comparison site for myself – a non-smoking 43-year old woman – soon pulled up some similar policies offering some benefits and features along the same lines:

Metlife is offering the Mera Term Plan. This term plan also includes a discount offer for non-smokers and allows insurance up to the age of 75. The policy term provided to me here was between 10 and 40 years.

Birla Sun Life Insurance runs the BSLI Protect@Ease term plan which was similar but offered insurance up to the age of 80 this time. It also included a no-smoking discount price and the policy term this time was between five and 40 years.

ICICI Prudential Insurance offers the iProtectsmart plan, which insures you up to 75 years of age. This policy term is between five and 40 years again, and also provides a non-smoker reduction in price.

Keywords

Life insurance

Term assurance

Term plan

Life policy

Life plan

Life cover

Insurance

Policy term

Term assurance policy

Financial security

Protection

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Was 2016 the year to make or break Indian startups? (Content Strategi – SEO)

India has experienced a boom in new emerging startups in the past few years. This year, 2016 has been different, though. So is India’s startup bubble about to burst?

First the bad news

Despite being the world’s 3rd largest ecosystem for the startup industry, India has seen a massive fall in investment in new startups. Compared to the same period in 2015, investment decreased a staggering 40{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} in the first half of 2016, to the tune of $2.1 billion. This fall in investment has impacted startups and new businesses in one of two ways:job losses and sadly the closing of some.

In July this year, Flipkart showed 700 of its employees the door, following in the footsteps of Snapdeal, Zomato, Grofers, Housing, TinyOwl and others who have also been forced to lose staff due to financial difficulties or failure to meet forecast goals.

Unfortunately, for some companies and startups, job cuts were not enough, and 2016 has been witness to the folding of some big players in the startup industry; including Peppertap, Amber Wellness, and Tooler, with many others set to follow suit.

Now here’s some good news for entrepreneurs

It’s not all bad news, though. This year saw the second year of the annual Startup India Rocks Competition –  A competition run by Scaale’s global group. The competition provides entrepreneurs with the opportunity to win prizes which range from mentorship, funding and corporate connections.

Last year’s event in Goa was so successful that the idea was expanded into the global market, now known as Startup Global Rocks.

Startup Global Rocks features:

  • Over 100 companies from more than 15 countries
  • More than 60 global investors
  • The involvement of at least 50 global media outlets
  • More than $2 million invested so far

Scaale global group are a company growth consultancy group with connections in over eight countries worldwide. The group has more than ten years of experience, connecting startups and small businesses with funding, corporate contacts and investors they require to grow their business.

So what’s the Government planning for startup companies?

In January of 2016, Prime Minister Narendra Modi presented the Startup India action plan, to a collection of startup founders.  The Startup India action plan is a 19-step plan that aims to put entrepreneurship and innovation at the forefront of the Indian economy, by relaxing policies and providing funding and training opportunities for the country’s entrepreneurs. Key players in the startup industry such as Girish Mathrubootham, founder of Indian startup Freshdesk, applauded the government’s recognition of startups as legitimate businesses.

The Startup India action plan proposes many things from funding to tax breaks, training centres and easier company registration to name a few.

And with over 80k jobs being created by the startup industry alone in 2015, it’s hardly surprising that the Indian government wishes to bolster and aid the industry. However, many feel that the action plan doesn’t go far enough.

The Startup India action plan does lack a few things

As with most new government programs, there have been a few voices of discontent since the announcement made at Red Fort, Delhi in January. While many agree that the Startup India action plan will make life easier for new startups and investors, others feel the terms of the plan fall well short of what India’s startup industry needs.

Forbes India, highlighted some of the good, and not so good aspects of the Startup India action plan. The graphic depicted here enumerates the pros and cons of this plan.

 img

Some blame the atrocious gender gap in India for India’s struggling startup industry, with only 10{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of startup founders being female, compared to 37{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} in the US. While others, including Alok Goel, managing director at SAIF Partners, suggested that India’s old-fashioned laws and policies are to blame.

Nobody can deny, though, that this is a very exciting time in India to be launching a startup. It remains to be seen how far the newly launched plan is going to survive, though.

How are the startups shaping up in India?

In a new economic climate where innovation and entrepreneurship have been pushed to the forefront, India could see a real upsurge in the number of startups around, and this is of vital importance for a country like India.

The problem-solving minds of entrepreneurs are important in tackling some of India’s biggest problems such as health care and education. This is where Indian startups differ from those in the rest of the world. India is not exporting cheap labour like in bygone years; they are developing solutions for Indian people in India.

The government’s development of the Startup India action plan demonstrates that they are becoming increasingly aware of the importance of startups in India.  So, while the new policies may come too late for existing fledgeling startups, there may still be a few creases that need ironing out. Hopefully, we will see an increase in new ideas and innovations as a result.

What are the proposed Startup incubators

One of the biggest aspects of the government’s plan is the formation of Startup incubators, centres of excellence around the country where entrepreneurs and innovators can come together to share ideas.

With the sole purpose of helping new businesses grow, incubators are developing to be more industry specific in India so that startups can focus on the right areas. Assistance ranges from basic business etiquette and connecting startups with industry partners, to simply providing office space.

The future for Indian startups

With the Startup India action plan now in full swing, the government has proposed many options which should make setting up a startup easier. But it is important to remember that despite this investment, many of India’s top 200 startups choose to base their headquarters in countries such as Singapore and the US, in order to experience more business freedoms. So the next big question is, once we encourage all these new startups in India,  how do we get them to stay?

Primary Keyword: startups

LSI Keywords:

Variants: Indian startup, India’s startup industry, global startup, startup India rocks, startup India action plan

Antonyms/Synonyms: entrepreneurs, new business, businesses, investors, entrepreneurship, innovation, mentorship,

Sources:

http://qz.com/819873/the-one-word-that-sums-up-indias-startup-sector-in-2016-unimpressive/

https://yourstory.com/2016/07/funding-roundup-indian-startup-h1/

http://startupindia.rocks/

http://scaale.com/group/

http://startupindia.gov.in/actionplan.php

http://www.forbesindia.com/article/startup-india-2016/startup-india-action-plan-glass-halffull-yet-halfempty/42105/1

https://in.linkedin.com/in/girish1

https://freshdesk.com/

http://www.nasscom.in/startup-india-{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616}E2{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616}80{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616}93-momentous-rise-indian-startup-ecosystem

http://timesofindia.indiatimes.com/trend-tracking/startup-layoffs-continue/articleshow/53465457.cms

http://www.forbesindia.com/article/startup-india-2016/everything-you-wanted-to-know-about-startup-india/42481/1

http://www.forbesindia.com/article/startup-india-2016/what-we-need-to-solve-indias-biggest-problems/42077/1

http://economictimes.indiatimes.com/small-biz/startups/government-certifies-20-companies-as-incubators-under-startup-india/articleshow/53201716.cms

http://www.topmba.com/blog/what-startup-incubator

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Small Business Financing-A Simplified Breakdown

Small business financing is an important part of any company’s start-up process. After all, how can one kick start a successful business venture without the capital to back it up? Luckily there are things in place to help make business dreams a reality; it’s simply a matter of understanding how business financing can work for you.

What Are SBA Loans?

SBA (or the U.S. Small Business Administration) is a government agency dedicated to providing loan guarantees and other support to help promote healthy business and company growth across the country. It was established in 1953 and has since helped secure over 20 million loans. 

Often considered one of the easiest ways to secure small business financing for start-up companies looking to make their mark, it’s important to understand how they work. Small business financing can be risky, and the less ignorance displayed when applying for the loan, the better.

One important thing to remember when applying is this: these loans do not come directly from the SBA. They are primarily outsourced by banks and vendors that participate in the SBA program. This essentially guarantees you’ll be offered cheap and fair interest rates in the end, but individual terms may vary from bank to bank and vendor to vendor.

For this, we’ll be analysing the 7(a) SBA Loan Program in particular.

Picking It Apart

There are various reasons you may find you and your company looking for small business financing. To help clarify some of the reasons, let’s pick it apart a bit.

Equipment Financing

It almost goes without saying, but you may find yourself in need of equipment for your start up business. Luckily, if your company is focusing on any of the following:

  • Construction
  • Office and Computer Work
  • Food Service
  • Landscaping
  • Transportation

There are many financing options available through SBA lenders to companies needing equipment financing. Let’s face it- there’s a good chance your business falls into one of the above categories.

BAL (Business Acquisition Loans)

Business Acquisition Loans are arguably the trickiest to score since the Great Recession in 2008 (a dramatic fiscal climate that shook the business world to its core, making it even harder at times to secure small business financing). That’s not to say it’s impossible- if you can manage lower financing rates (a company that once financed up to 80{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} will more than likely not go above 50{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616}) and larger down payments, you’ll be fine.

Commercial Loans

Commercial loans are arrangements typically used to finance major expenditures or help recoup operational costs that could potentially sink you into crippling debt.  These are used for:

  • Purchasing Real Estate
  • Refinancing Commercial Real Estate Assets
  • Refinancing Businesses With Real Estate

Due to the nature of these types of loans, making deals and structuring agreements can be difficult and at times.

The Inner Workings of Fees and The Interest Rates (aka The Boring Stuff)

A guarantee fee is a fee based on the loan’s maturity and the dollar amount guaranteed, not the actual dollar amount being loaned. The lender will pay the guarantee fee initially, but they retain the option to pass the expense on to the borrower at closing.

For any loan under $150,000, the feeis set at zero percent. Any loan greater than that but with a maturity of one year or less, the fee is 0.25{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616}. On loans with a maturity greater than one year, the fee is at 3{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616}. If the loan is more than $700,000, the fee is 3.5{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616}. There is an additional fee of 0.25{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} on any portion of more than $1,000,000.

Typically, SBA loans come with fixed or variable interest rates. It is the bank lender who determines this part of the process depending on things such as your current credit score and the current nature of the loan arrangements.  To help protect you, SBA has implemented a cap on loan rates by limiting what a bank is allowed to add to the top of the base interest rates.

To delve a bit deeper, if your loan term is less than a seven year period you’ll wind up paying a rate of roughly 6-13{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616}.

Where to Find Your Loan

That’s certainly a lot of information to swallow at once- all you need to do is jump start a corporate dream, right? Luckily, there are numerous fine lenders available that specialise in helping secure small business financing for companies (Biz2Credit being a great example), and even more information outlets available online that can help you understand the technical jargon of the finer details of these loan agreements.

Primary keyword: small business financing

LSI keywords:

Variants: secure small business financing, small business financing for companies,  looking for small business financing

Antonyms/Synonyms: SBA Loans, business venture, financing, Small Business Administration, lender, bank lender, loan arrangements, commercial loans

Sources:

https://www.sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/general-small-business-loans-7a

https://www.fundera.com/business-loans/sba-loans

http://fitsmallbusiness.com/sba-loan-rates/

https://www.nerdwallet.com/blog/small-business/start-up-business-loans-for-bad-credit/

https://www.shopify.com/blog/low-investment-business-ideas

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A Fresh Look At Small Business Financing

The holiday season’s upon us and with it often comes extra stress, rushing around, and a sense of feeling overwhelmed. But as the new year approaches, it can also be a time for creating fresh starts. When it comes to your livelihood, finding a way to finance your small business can also be overwhelming at best, and sometimes downright daunting. However, just like you may be getting ready for the new year on a personal level, now is also a great time to get the ball rolling on funding your new venture. With that comes staying on top of all the options, trends, and resources surrounding small business financing.

How Much Does It Take?

Before determining how to go about financing your business, it’s important to have a concept of how much capital it takes to start a business, as that can impact where you choose to seek finance. One survey done by the Wells Fargo Small Business Index reported that $10,000 is the average amount of startup money required by a small business owner. However, other surveys, such as the Kauffman Firm Survey, indicate that the number is much higher – closer to $80,000.

While these numbers help to give insight into what to expect, the amount of capital needed to start up will vary greatly depending on the type of business, industry, size, etc. The Small Business Administration (SBA) recommends a few simple tips to help calculate your start-up costs. Once you’ve analysed your potential expenses and capital expenditures, assessed your assets, and allocated your costs, you’ll be able to calculate your startup cost using this starting costs estimate calculator, offered by entrepreneur.com.

Small Business Financing Options

There are many options available for small business owners to explore, from traditional to slightly out-of-the-box:

  • Bootstrapping

    Even though funding your small business out of pocket – or bootstrapping – may potentially be the most challenging financing route, it doesn’t mean that a significant portion of U.S. entrepreneurs doesn’t explore this option. In a recent study by BlueVine, results show that 75{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of American small businesses rely on personal finances as their primary source of small business funding and 83{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} have put at least some of their money into their companies

  • Alternative Lending

    If financing your business with your money isn’t an option, you’ll need to plan on borrowing the money, and there are a variety of ways to obtain a small business loan. Emerging over the last several years are alternative lending companies that can offer quicker and smaller loans through a simple online application process.

  • Traditional Bank Loans

    Although big banks are known for a high rejection rate and an extensive application process, bank loans remain a viable option for small business lending – and approval rates are up, as we’ll take a look at it below.

  • Raising Capital

    Venture capitalists and angel investors can be a successful path to take for the right kind of business. However, keep in mind that it will require a very well thought out business plan, strong financial projections, and a lot of passion for your business.

  • Crowdfunding

    A newer form of financing a small business, crowdfunding offers a method of raising money without having to pitch to a team of investors. And while there are certainly success stories out there, crowdfunding has yet to become the go-to option for businesses. According to a survey done by Manta in March 2015, only around 2 percent of business owners surveyed expressed that they had ever used a crowdfunding platform.  However, it could be worth looking into if other avenues have been exhausted.

Approval Rates

According to Biz2Credit’s recent Small Business Lending Index report, approval rates at banks and institutional lenders recently reached all-time highs with the approval rate for small business loans from big banks at 23.5{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} in October (up from 23.4{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} in September). Institutional lender approval rates also rose to a new high of 63.1{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} in October. For small banks, the approval rates have remained stagnant, at 48.7{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616}, and alternative lender loan approval rates declined to 59.5{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616}.

For SBA loans (specifically the most popular type, the SBA 7(a) loan) the approval rates are relatively low and require stellar credit. In a report by the SBA, approval rates from 2015 were broken down by gender, ethnicity, and location. For minority-owned businesses, the approval rate was 29{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} versus 57{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} for white-owned businesses, 71{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} for male-owned businesses as opposed to 29{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} for female-owned, 67{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} existing businesses versus 33{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} new businesses, and 17{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} rural versus 83{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} urban.

While there are many aspects of starting a business that will undoubtedly overwhelm you, don’t let securing small business financing be one of them. Armed with the knowledge to get started, use the upcoming season as the perfect excuse to get the ball rolling on funding your business.

Primary Keyword: small business financing

Variants: financing for your small business, small business finance options,  securing small business financing, surrounding small business financing

Antonyms/Synonyms: small business loan, small business loans, small business lending, business lending options, Crowdfunding, traditional bank loans,  alternative lender loan

References:

https://www.sba.gov/sites/default/files/2014_Finance_FAQ.pdf

https://www.sba.gov/blogs/how-estimate-cost-starting-business-scratch

http://www.crowdfundinsider.com/2016/11/92352-biz2credit-reports-small-biz-loan-approval-rates-big-banks-institutional-lenders-continued-surge-october/

https://www.fundera.com/blog/small-business-statistics

https://www.sba.gov/sites/default/files/aboutsbaarticle/SBA_Lending_Statistics_for_Major_Programs_as_of_01-15-2016.pdf

http://www.businessnewsdaily.com/8703-current-state-small-business-financing.html

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