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Have you heard of crowd funding 💝
"At a glance, crowdfunding is a method of raising capital through the collective effort of friends, family, customers, and individual investors (or donors). This approach taps into the collective efforts of a large pool of individuals—primarily online via social media and forums—and leverages their networks for greater reach and exposure. It is noteworthy to point out that crowdfunding is an especially useful tool for start-ups that usually have practical money-making and job-creating ideas to create new businesses and eventually help to create a better community. In the past, to apply for a loan in formal financial institutions, start-ups and MMEs will need to have a strong business plan and financial history. These applications will typically be rejected as they are deemed to be too risky when viewed through the lens of the banks’ credit and risk assessment. Fortunately, through innovative delivery models such as online crowdfunding platforms, they can now have access to hundreds and thousands of investors. When these same startups are featured on crowdfunding platforms, thousands of micro and large investors and supporters may decide to rally behind the startups and support the idea."
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