{"id":10667,"date":"2019-12-11T14:13:40","date_gmt":"2019-12-11T12:13:40","guid":{"rendered":"https:\/\/www.become.co\/blog\/?p=10667"},"modified":"2021-01-07T13:10:58","modified_gmt":"2021-01-07T11:10:58","slug":"alternative-business-funding","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/alternative-business-funding\/","title":{"rendered":"6 Best Alternative Business Loans in 2021"},"content":{"rendered":"\n\n

Have you tried getting a business loan from a bank lately?<\/span><\/p>\n

If so, we don\u2019t need to tell you how frustrating it can be to get rejected for financing by the place that you\u2019ve been using to conduct your financial transactions!<\/span><\/p>\n

We\u2019re here to tell you not to throw in the towel just yet. There are alternative business lending solutions out there for you – you just need to know where to look.<\/span><\/p>\n

Get the full scoop on alternative lending just below.<\/span><\/p>\n\n

What are alternative business loans?<\/span><\/h2>\n

To put it plain and simple, alternative business finance is any method of obtaining business loans <\/span>other than<\/b> traditional bank loans. And it\u2019s a good thing alternative business funding options are out there considering the fact that more than <\/span>80%<\/span><\/a> of small business loan applicants are denied funding by their bank. It\u2019s a nightmare, to put it lightly.<\/span><\/p>\n

But hey, if you do fall in that 80%, boy do we have some good news for you…<\/span><\/p>\n\n

[bctt tweet=”Believe it or not, the rapid advancements that we\u2019ve all seen in #digital #technology go far beyond emojis, selfies, and \u2018swiping right\u2019!” username=”Become_co”]<\/p>\n\n

Believe it or not, the rapid advancements that we\u2019ve all seen in digital technology go far beyond emojis, selfies, and \u2018swiping right\u2019. Thanks to advents in financial technology, the role of banks in the business financing industry may eventually be confined to the <\/span>history of business lending<\/span><\/a>.<\/span><\/p>\n

Financial technology (or <\/span>FinTech<\/span><\/a>) is leaving a particularly large mark on the business lending industry. FinTech has opened the doors for alternative business lending to become an increasingly popular route that small businesses are taking to get their hands on the funds they need to grow.<\/span><\/p>\n

In fact, the percentage of business owners who applied for loans through online lenders has gone up by more than <\/span>13%<\/span><\/a> over the past 3 years. That\u2019s even more impressive when compared to the steady (<\/span>or declining<\/span><\/i>) rates of loan applications to other lending institutions like banks and credit unions.<\/span><\/p>\n

Alternative business funding takes many shapes and forms; thankfully, Become brings them together in one place with their <\/span>online business lending marketplace<\/span><\/a>.<\/span><\/p>\n\n

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Wondering what the big deal is? Well, the advantages offered by applying for alternative business loans through <\/span>Become<\/span><\/a> include:<\/span><\/p>\n