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Bank Alternatives: Small Business Lenders with a Twist

bank alternatives small business lenders

Your small business doesn’t have to be at the mercy of banks when you need a quick influx of cash. Luckily there are now alternatives, so a lack of collateral, bad credit history, or no credit history at all doesn’t have to be the end to your business aspirations.

Enjoy the opportunities within your grasp and receive funding quickly with these small business lenders that serve as terrific bank alternatives.

Alternatives to Bank Loans:

Merchant Cash Advance

Sometimes an irresistible opportunity for expansion comes up, and other times a necessary piece of equipment is needed for your business to thrive. Maybe you want to repay debts or add to your inventory.

When you need cash in a hurry, a strong option is a merchant cash advance provider. These cash advances enable you to cover monetary needs that come up on a short-term basis.

Rather than pay this cash advance back in a large monthly sum, you repay it in small increments of your company’s daily credit card transactions. In exchange for a fair share of future revenue that your business may enjoy, this provider is likely to give you all the funds you need.

Crowd Funding

Some companies use a variety of different sources and financing options to help your small business achieve your fundraising goals. A suite of loan products can help you navigate your financial future and decide what the best balance is for your long-term cash goals and your short-term cash needs.

This sort of situation is good for businesses who may be near their overall goals but need a temporary surge of cash.

Investors

Sometimes you may opt for private investors to help you raise the capital that you need. Partners and other investors can be reliable sources of income, but allowing individuals to invest in your company may leave your business vulnerable to the input of others.

If you have a specific vision for how you want to do business, you may want to avoid this path, or at least be sure to specify exactly what say the partner or investor may have within the business.

Lending Platforms

If you are unable to secure the money you need, you may opt to explore the possibility of an online platform that can help connect small business lenders with entrepreneurs. You can explore them for potential opportunities that can help your business grow at a rapid pace.

The risks involved with this path can be numerous, however. It’s best to stick with established lenders, credit unions, or merchant cash advance providers when possible to get the cash you need.

Finally, don’t be discouraged if banks don’t share your vision of starting or expanding the business of your dreams. Other small business lenders can empower you to take advantage of opportunities when they come your way.

In some cases, this requires getting funding quickly, which may not be possible if working through a bank. Instead, turn to a merchant cash advance provider or another of these plausible solutions for help with your cash needs.