Alisha Fredriksson’s wake-up call came in the summer of 2018, when the United Nations released a report saying human influence was “unequivocally” to blame for warming the planet. As she looked for where she could make a difference, one major (and stubborn) space stood out to her: the commercial shipping industry–a growing contributor to greenhouse gas emissions. Along with cofounder Roujia Wen, Fredriksson started Seabound, building a novel carbon capture device that ships can place onboard to trap up to 95% of CO2 emissions. Their tech is able to be installed on both existing and new ships, providing a more cost-effective solution to reducing emissions in the shipping industry. “There’s actually brand new regulation within the shipping industry that requires shipowners to reduce the emissions for every single ship,” says Fredriksson. “That has been a really significant tailwind for our company because shipowners all around the world are trying to figure out how they’re going to solve this problem.” With a little help from accelerator YCombinator, the company has raised $4.6 million, signed six letters of intent with major ship owners and plans to launch their carbon capture tech aboard ships beginning next year.
Even a difficult year marred by the ongoing war in Ukraine, a pressing energy crisis, rocketing inflation and a barrage of natural disasters couldn’t slow down Europe’s youngest visionary leaders. In a historically tough environment, the 300 founders and entrepreneurs featured on our 2023 Forbes Under 30 Europe list raised more than $3 billion in capital—$1 billion more than our 2022 class. Europe’s brightest founders are putting the cash to work, building bold companies that are out to combat climate change, fight fraud, reinvent the banking industry and better treat infections.
To compile our eighth annual list, Forbes writers and editors combed through thousands of online submissions, and tapped industry experts and list alumni for recommendations. Candidates were evaluated by Forbes staff and a panel of independent, expert judges (including beauty entrepreneur and Bliss Spa founder Marcia Kilgore, musician Joy Crookes and Zepz, formerly WorldRemit, founder Ismail Ahmed) on a variety of factors, including (but not limited to) funding, revenue, social impact, scale, inventiveness and potential. All final listers must have been 29 or younger as of March 7, 2023.
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Small Business Loans – What Types of Loans Are Available?
Small business loans can help you finance startup costs, such as acquiring equipment and other capital. These types of loans are often available from traditional lenders like banks or online lending companies.
They also offer flexible financing options, such as business lines of credit and business term loans. Learn more about these types of loans to find the best fit for your company’s needs.
Startup business loans
When it comes to startup business loans, there are a variety of financing options that can help small businesses with little or no credit history access the capital they need. These types of loans can include SBA microloans, term loans, business lines of credit and other forms of startup capital.
In most cases, lenders rely on the applicant’s personal and business credit scores when evaluating an application. They also want to see a strong business plan and financial statements that demonstrate a clear path to future success.
Some entrepreneurs use their personal finances to fund their startups, while others ask friends and family for help. Alternatively, crowdfunding websites like Kickstarter are another option for new businesses looking to attract investors and customers.
New businesses, especially those without a substantial credit history or business history, often face significant challenges in obtaining loans and other forms of debt funding. As a result, startup founders can look to alternative financing sources, such as asset-based financing and crowdfunding, to help them access the funding they need to get their businesses off the ground.
Entrepreneurs can also receive startup capital through equity investment. This type of funding comes from people or companies that want to own a piece of the business in exchange for a stake in its success, IPO, or sale.
While equity investment is the most lucrative of the options available, it can be a difficult process to obtain. This is because venture capital firms have very specific investment strategies and are interested in investing large sums of money. They also prefer to be involved in your company’s day-to-day operations and decisions.
Startup funding is a type of funding that entrepreneurs use to launch their business. It can come from multiple sources and can be used for hiring employees, buying inventory or other operating expenses.
The amount of funding you receive will depend on a number of factors, including your personal credit and qualifications. Most traditional lenders will only lend to established businesses that have a strong track record of sales and revenue.
For this reason, startups can struggle to obtain funding from banks. Banks often require a business plan with financial projections and a personal guarantee. They also require a minimum of one year in business, high sales volume and substantial cash reserves to qualify for a loan.
Business lines of credit
Business lines of credit can help small businesses meet short-term financial needs. These loans can be used to replace inventory, pay for unexpected expenses or cover other gaps in cash flow.
Many banks and online lenders offer business lines of credit to startups and businesses with less established credit histories. These lines can have lower interest rates than business term loans and offer flexible repayment terms.
The best way to determine if a business line of credit is right for you is to assess your financing needs and qualifications. Qualifying requirements may vary by lender, so be sure to research the specifics of each.
The fastest and easiest way to access additional cash is through a revolving line of credit, which is similar to a business credit card. Funds are available to be drawn up to your credit limit as needed, but they can’t be re-borrowed until you’ve paid them down. This can help you quickly build a solid business credit rating and position you for better loan terms in the future.
Business term loans
Term loans are a popular form of small business financing. They provide a lump sum of cash upfront, paid with interest over fixed monthly payments.
They can be used to fund large purchases or long-term growth in your business, as well as for everyday expenses. However, they should be used carefully.
The amount of a term loan is key, because it determines whether you can afford to pay it back. If you don’t qualify for the amount you want, it may be more effective to seek other options, like lines of credit or asset-based loans.
Term loans can be offered by banks, credit unions, or online lenders. They offer streamlined applications and less stringent requirements than traditional lenders, making them a top option for many small businesses.