1 / 9

Understanding Alternative Business Loans Is It the Right Fit for You

What is an alternative business loan? Discover why many entrepreneurs choose alternative lenders, the pros and cons of this financing, and the types available. Learn how these loans can provide flexible funding tailored to your business needs.<br>

Amelia175
Download Presentation

Understanding Alternative Business Loans Is It the Right Fit for You

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Understanding Alternative Business Loans: Is It the Right Fit for You?

  2. What is an alternative business loan? An alternative business loan is any nonbank type of small business financing that isn’t through a traditional lender (banks, credit unions, SBA, or other conventional financial institutions). Alternative loan providers function similarly to traditional lending institutions, except they don't have the rigid requirements banks have.

  3. Why an alternative lender? Many traditional lenders have become opposed to taking on risk, prompting them to approve only applicants with excellent credit or a great deal of collateral. But even when a small business owner is able to secure funding through a traditional lender, they have to wait for months to close the deal.

  4. What are the pros and cons of alternative loans for a business?

  5. Pros • Fewer eligibility requirements, easier application process, less paperwork, and higher approval rates • Quick turnaround for receiving funds • More flexible loan options with different types of loans to meet your business needs • Fewer limitations in how you use the loan funds

  6. Cons • Often short-term loans with a shorter time to pay back the loan • Sometimes higher interest rates are charged • More frequent repayment is sometimes required • Sometimes there are more fees charged

  7. Is an alternative business loan right for your business? There is no simple answer as to whether alternative funding makes sense for you and your business. Your need for funding will be unique each time it becomes necessary, as is your business’s circumstances. But sometimes, it’s a no-brainer that getting your business loan with an alternative lender is a logical next step, such as in the following situations.

  8. Why Choose Biz2Credit? • Trusted partner for franchise funding • Biz2Credit was founded in 2007 and has provided more than $10 billion in loans. • Dedicated support team • Tailored financing solutions

  9. Thank You

More Related