Alternative Funding for Small Businesses: Ways to Bypass Traditional Bank Loans
Small businesses are the backbone of the American economy. They create two out of every three new jobs in the country and account for nearly half of all private-sector employment. But even though they're so important, small businesses often have a hard time getting access to capital. That's because traditional banks are reluctant to lend money to small businesses that don't have a lot of collateral or a long history of profitability.
Fortunately, there are plenty of alternative small business funding options that don't involve going to a bank. In this article, we'll explore some of the most popular alternative funding sources and how they can benefit your business.
How to Get a Startup Business Loan with Bad Credit
One of the most challenging things that you need to do is obtain a startup business loan. This is especially true when you have bad credit. In fact, it can almost seem impossible to seek unsecured and secured small business loans as most lenders are likely to check your personal credit. Therefore, if you do not meet the minimum credit score requirements, you would struggle to get the funding that you require. However, it is crucial that you do not give up as we have prepared the ultimate post just for you.
How to Finance an Equipment Rental Business with Poor Credit
As the owner of an equipment rental business, it takes considerable amounts of money to maintain the equipment and the business property, and this feels impossible if your business credit score doesn’t meet at least 650 or is even below 500. Your situation may even be that you have no business credit or have just suffered a bankruptcy or tax lien.
What is Alternative Financing?
If you’ve ever wondered whether you must use a bank for your financing, you’re not alone. It’s a common question that comes up for many, whether starting a small business or just curious if there are alternative methods of processing their finances that don’t involve a bank. Banks don’t often make it easy to obtain loans, so wondering if there are other channels is a good place to start.
Semi-Truck Financing
Alternative Small Business Funding
According to the latest estimates, the trucking industry is getting closer to breaking the $800 billion value mark. Without the pandemic, the industry would have likely broken through the barrier. However, revenue eventually fell and much of 2021 has been a case of repairing the market. Eventually, the industry is likely to smash through and it highlights the importance of trucking companies, big and small.
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- Alternate Business Funding
- Bad Credit Business Loans
- Fix and Flip Loans
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