There are many different alternative funding options available you may not even know exist. If you need help finding the right financing product and lender, I can help.

Issues with traditional bank loans

Traditional bank loans have long been a common source of funding for individuals and businesses alike. However, they come with a range of issues and drawbacks that can make the borrowing process less favorable for certain borrowers.

Here are some key issues associated with traditional bank loans:

· Stringent Eligibility Criteria (High Credit Scores Required-680+)

· Lengthy Approval Process (25-45 Days Typical)

· Collateral Requirements (Required in many cases)

· Lack of Flexibility (Have a few loan products available)

· Limited Accessibility (Often required to be in their “footprint” area)

What is alternative lending?

Alternative lending is lending that occurs outside the banking system. Banks have historically had high eligibility requirements for their borrowers. Alternative business lending emerged as a way to give business owners easier access to capital.

As with a traditional bank, alternative lenders supply capital or credit to qualified borrowers, set repayment terms, then charge interest. However, with alternative lenders there’s usually no brick-and-mortar establishment to visit. Alternative business loan applications, customer service interactions, and fund transfers happen digitally.