Funding from the SBA or other traditional lenders like banks and credit unions is often considered the best source of financing for small business owners. These lending institutions are also well-known for being the most difficult funding to acquire, typically only funding well-established businesses with strong financial histories. They also have the most arduous application process and the strictest approval requirements.
What do you do if your business needs funding quickly and you don’t have the time to undertake the rigorous application process of the SBA and other traditional lenders, or your business doesn’t meet the strict strict underwriting requirements of these lenders?
There are a number of alternative lending options available to small businesses in 2021. We take a closer look at what “alternative lending” is, along with four common types of alternative lenders, when it makes sense for your business, and popular alternative funding options on Smart Business Daily.
Read the full article to learn more about:
- What “alternative lending” means
- The differences between direct online lenders like Greenbox Capital®, private lenders, marketplace lenders, and crowdfunding.
- 5 instances when alternative lending makes more sense for your business than conventional lenders
- Common alternative funding options, such as merchant cash advances, invoice factoring, and equipment or inventory financing
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