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How does one get funding for their business

I have a Cleaning company in Uganda, but my problem is lack of capital to open up a car wash unit to supplement the business cause I haven't got contracts for the cleaning services. So how does one get financial support or is there any advice?

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Hello Gilbert. Some prominent sources of loans are family members, friends, partners, government entities, banks, credit unions, individual lenders, online crowdfunding, financiers in business incubators ("angel" investors), mortgages, savings, and some combinations of the above. Important preliminary elements to consider, when looking for financing a business, are to explain and demonstrate: a) personal financial situation, b) credit history, c) belongings and possible collateral (to leave "in pledge") , d) loan amount, e) business plan (where a finance sub-plan is key), etc. Before signing a contract be sure to read the terms and conditions very well, without skipping "the fine print". If in doubt, do not sign and consult a lawyer. Beware of the practice of usury, that is excessive charges on a loan. Finally, check the following links. Success in your endeavor.

https://www.yellow.ug/category/business-funding

https://www2.fundsforngos.org/tag/uganda/

https://collegereporters.com/business-grants-for-african-entrepreneurs/

Report Miguel 's answer

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Hi Gilbert, As you don't have recent sales numbers, there are very limited chances you get a loan from Bank, However , I would encourage you to try at all banks in your local area. Also, other sources like Angel Investors, seed funding will depend on your business model ( area, revenue forecast, profits margin, growth prospects etc). With limited information you have provided here, the best way I would like to suggest is crowd funding.

You can ask your friends and relatives . Or you can start a funds raising campaign on social media like Facebook, mentioning the specific amount you want to raise, explaining your business model and current situation.

If you have some previous business experience/ sales numbers/credit history etc. you may reach out to me on LinkedIn.

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