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Custom Stitches Custom Stitches 1Where would you suggest Andy look for the financing he needs for Custom Stitches 2Explain the advantages and the disadvantages of using each source of funding you listed in question 1 3Which sources of financing do you think would be most promising for Andys capital needs Finding the capital you need to finance your business can be a confusing and complicated process Understanding your options helps you move in the right direction and acquire the funds you need Here are some options for funding your small business Credit Cards One form of personal debt you should avoid is cash advances on your credit card Its very tempting and very easy to get cash this way If you do this you should pray Pray with vigor Then ask for forgiveness This option is very expensive and extremely risky Credit cards should only be used for short-term expenses and not as a means to entirely fund a start-up business Friends and Family borrowing from your friends and family especially the rich ones is a good way for new businesses to get money Its not uncommon for relatives to make low interest or no interest loans to family members Just make sure all parties are aware of any risks You dont want to alienate your family if the business falls on hard times and you have trouble repaying the loan Personal Savings you can use your personal savings or assets that can be converted to cash If your savings are already low put off that vacation drive your old car a bit longer avoid large purchases -- be thrifty in all areas and you can save faster for your business Keep in
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