There are many options on “where to apply for a small business loan” these days, ranging from traditional lenders to online crowdfunding. Whether you’ve just started a new business or you’ve had a company for awhile and don’t think you’ll qualify for any additional funding, there might be some solution for you.
Keep in mind that it is nearly impossible to get a loan in your company’s first year. The only way you might quality for a start-up loan from a traditional lender is if your personal credit score is very, very high and you apply for personal credit and want to use it to help fund your business. Still, there are other (and probably better) options for you.
As mentioned above, there is always online crowdfunding, although you’ll need to have a really good campaign and message. Get people really interested in your project. Come up with a message that will go viral. There is also peer-to-peer lending, with a platform that serves as an intermediary to connector borrowers with lenders and facilitates transactions. Once again, you’ll have to have a good message if you want to attract lenders. You’ll be expected to pay the money back with interest as well.
Where to Apply for a Small Business Loan When Looking for Alternatives
If you’re still asking “Where to apply for a small business loan?” there is the alternative lender or “innovative” lender to consider. Many of these types are found online and target the sub-prime market, trying to attract companies that have difficulty getting credit through the traditional channels. Some offers are not really a “loan” so much as they are merchant cash advances that will take a cut out of your daily credit card sales as repayment. The attractiveness of the deal will factor into how much you might be able to get, the length of time the process will take, the terms of repayment, and so forth.
Speaking of which, merchant cash advances might be worth looking into if daily credit card transactions ARE a part of your business operations. The amount of sales volume is an important factor for these types of lenders.
A few other options include angel investors, state and local programs (such as minority and women-owned business opportunities), factoring, credit cards, and micro-loans.. There are even small business grants, although these obviously are not easy to get.
To learn more about where to apply for a small business loan and other options, you can start with US Business Funding. There are a number of possible solutions for you depending on your business needs: working capital, small business loans, inventory financing, and more. It’s very easy to apply and you’ll get a decision fast.