It takes money to make money, or so the saying goes. But for solo founders launching a business with limited funds, the process can feel more like a Catch-22. Without established revenue or partners to share the load, many are deemed high-risk by traditional lenders.
So it’s no surprise that 75% of startups are bootstrapped, according to the U.S. Chamber of Commerce, relying on savings or credit cards. That’s a precarious start, especially with the Bureau of Labor and Statistics reporting that nearly a quarter of Michigan businesses fail within their first year.
At Venture North, a community development financial …
