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Step-by-step explanation:
1.Small Business Administration (SBA) | Entrepreneurs can acquire a loan from SBA by visiting their website, filling out an application form, and submitting it to an SBA-approved lender. The lender will then review the application and make a decision on whether or not to provide the loan. SBA guarantees a portion of the loan, which reduces the lender's risk and makes it easier for entrepreneurs to secure financing.
2.Crowdfunding | Entrepreneurs can acquire a loan from crowdfunding by creating a campaign on a crowdfunding platform and sharing it with their network and the wider public. Backers can then contribute to the campaign and receive rewards in return. Once the campaign has reached its funding goal, the entrepreneur can access the funds and use them to start their business.
3.Angel Investors | Entrepreneurs can acquire a loan from angel investors by pitching their business idea to a group or individual angel investor. If the investor is interested in the idea, they will provide financing in exchange for equity in the company. The entrepreneur will need to negotiate the terms of the investment, including the amount of equity to be given up and the investor's level of involvement in the business.
It is important for an entrepreneur to know how to get the money necessary to start a business because starting a business often requires significant financial resources. Without access to financing, many entrepreneurs may struggle to get their business off the ground or may have to delay their plans until they can secure the necessary funds. Additionally, knowing the different financing sources available can help entrepreneurs make informed decisions about the best way to finance their business and avoid high-interest loans or other unfavorable financing terms.