Jay Avgidor poses for a photo.
Is your business not making the profit you thought it would for the holidays? Do not worry. I spoke with a small business financing expert and he has tips on how to increase your business financing this holiday season. Jay Avgidor, founder and CEO of Velocity Capital Group, wants your business to grow even more during the holidays.
He believes small businesses are vital to the American economy. “Small business is the backbone of America. Without small businesses our country would not be as sustainable as it is today,” Avgidor told me. Here are 3 tips Jay Agdivor has for increasing your business funding during the holidays.
Ask family and friends
A family gathers for Thanksgiving.
According to Avgidor, who has been financing small businesses for 14 years, turning to family and friends for financial support is one of the best ways to increase your business financing. Close family members and friends are more likely to trust you than professionals you’ve never worked with or worked with.
“The first people to have trust and faith in the small business owner are the small business owner’s family,” he said. “They know I’ll be at the Thanksgiving table every year. There is a very small chance that I will overcome them.” And he’s right. Having a relationship based on years of trust will likely help you obtain additional funding.
Get private funding
Business owners shake hands in a meeting.
Consider forming partnerships with philanthropists, entrepreneurs, and more. But Agdivor didn’t make it sound easy. “Either you will have to get financing with some receivables so MCA can be advanced or cash,” he said.
“If you have outstanding claims that are not factored, you can factor those claims into the claims agency companies, or if you have equipment, real estate, vehicles, etc. that you can put forward, there are fair solutions for taking out collateral financing,” Avgidor said .
Take on an equity partner
A business owner is talking to his equity partner.
A business partner is someone who invests in the outcome of the actual business. “The opportunity you bring to my tables, you brought me a business plan. you have some semblance of attraction 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. I want to work with you. And I want to be what the stock part is, which means it’s there forever and ever. He is your partner,” he said.
