{"id":6070,"date":"2019-05-13T15:53:41","date_gmt":"2019-05-13T12:53:41","guid":{"rendered":"https:\/\/www.lending-express.com\/blog\/?p=6070"},"modified":"2020-02-20T11:28:42","modified_gmt":"2020-02-20T09:28:42","slug":"alternative-business-loans","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/alternative-business-loans\/","title":{"rendered":"Types of Alternative Business Loans for Small Businesses"},"content":{"rendered":"\n\n<p><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">I<span style=\"font-size: 18px;\">n this age of digital connectivity, advanced technology and online networks have had an increasingly profound impact on all areas of our lives.<\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"><span style=\"font-size: 18px;\">Innovations have affected the world of finance to the point where small business owners have been exposed to the notion of alternative lending. This new idea has raised several important questions, such as:<\/span><\/span><\/p>\n<p><b id=\"docs-internal-guid-4f27d262-7fff-4a8d-8a18-d07780d8f91b\" style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<ul>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">What are alternative business loans?<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">What are the different types of alternative business funding?<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">How do you qualify for alternative business loans?<\/span><\/li>\n<\/ul>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">We dig into those questions, and more, to help you understand what alternative lending is and how it can open up new opportunities that traditional bank loans cannot. Keep reading to find out more\u2026<\/span><\/p>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<h2><span style=\"font-weight: 400;\">What are alternative business loans?<\/span><\/h2>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">When people use the term \u2018alternative business loans\u2019 what they are referring to are forms of business financing that act as alternatives to traditional bank loans. As financial technology has continued to grow and evolve over recent years, alternative business loans have become a more popular and more attractive option for business owners.<\/span><\/p>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p><span style=\"font-size: 18px;\"><span style=\"font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">One of the greatest advantages offered by alternative lending (more specifically, <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.investopedia.com\/terms\/p\/peer-to-peer-lending.asp\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-family: Arial; color: #1155cc; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">peer-to-peer lending<\/span><\/a><span style=\"font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">) is the \u2018<a href=\"https:\/\/www.investopedia.com\/terms\/r\/reverse-auction.asp\" target=\"_blank\" rel=\"noopener noreferrer\">reverse auction<\/a>\u2019 model, where lenders actually compete with one another to provide the most attractive terms to business owners applying for alternative business funding. Aside from resulting in better loan options for business owners, the reverse auction model also results in alternative loans having higher approval rates than traditional bank loans.<\/span><\/span><\/p>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p><span style=\"font-size: 18px;\"><span style=\"font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Alternative business loans are useful funding solutions not only for the 82% of small businesses that are unable to secure funding from their bank, but also (and perhaps even more so) for business owners looking for <a href=\"https:\/\/www.become.co\/blog\/fast-business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">fast access<\/a><\/span><span style=\"font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"> to funding. There is a wide variety of different \u2018alternative business loans\u2019, as well as several reasons why business owners should consider them&#8230;<\/span><\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">How do alternative business loans differ from traditional bank loans?<\/span><\/h2>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">As the name suggests, traditional bank loans are a form of business financing that banks offer to business owners who want (or need) additional funding. Traditional bank loans can be obtained from either smaller local community banks or larger banks that have a more widespread presence. Alternative business loans, on the other hand, are accessible through private lenders, online lenders, and <a href=\"https:\/\/www.become.co\/blog\/online-marketplace-for-business-lending\/\" target=\"_blank\" rel=\"noopener noreferrer\">online business lending marketplaces<\/a> like Become.<\/span><\/p>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The qualifications to get approved for business financing through a traditional bank loan are quite demanding. Aside from the basic factors that most lenders consider (business age, monthly revenue, credit score, etc.), traditional bank loans will often require an explanation of what you intend on using the funds for before you\u2019re able to be approved. As if the application process isn&#8217;t stressful enough, you&#8217;ll have to impress the bank with your idea in order to qualify!<\/span><\/p>\n\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Alternative business loans can be obtain are much more easily accessed. Not only can you apply from the comfort of your PC or smartphone, but the qualifications are also much more accomodating to small business owners who have had a tough time getting funded. You can get approved for some alternative business loans by providing just a few months&#8217; worth of bank statements and having a solid credit score!<\/span><\/p>\n\n<p><span style=\"font-size: 18px;\"><span style=\"font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The fact of the matter is that <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.thebalancesmb.com\/small-business-loan-2947070\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-family: Arial; color: #1155cc; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">82%<\/span><\/a><\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"><span style=\"font-size: 18px;\"> of business loan applicants were denied by their bank. Since the requirements for traditional bank loans are difficult for small business owners to meet, a more modern form of business funding has evolved to make the process easier: alternative business finance. You may be surprised, but the approval rates for alternative business loans are the exact opposite &#8211; <a href=\"https:\/\/www.fedsmallbusiness.org\/medialibrary\/fedsmallbusiness\/files\/2019\/sbcs-employer-firms-report.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">82%<\/a> of loan applications with online lenders are approved. Not bad!<\/span><\/span><\/p>\n\n<h2 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 18pt; margin-bottom: 6pt;\"><span style=\"font-weight: 400;\">Types of alternative business funding<\/span><\/h2>\n\n<p><span style=\"font-size: 18px;\"><span style=\"font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The different varieties of alternative <\/span><a style=\"text-decoration: none;\" href=\"http:\/\/www.become.co\/business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-family: Arial; color: #1155cc; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">business loans<\/span><\/a><span style=\"font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"> offer business owners the advantage of choosing the option that best fits their needs. We\u2019ve filtered through the types of alternative business loans to provide you a refined list of the best options.<\/span><\/span><\/p>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Top 6 types of alternative business loans:<\/span><\/p>\n<ol>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #424242; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Business line of credit<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #424242; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Unsecured business loan<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #424242; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Invoice factoring<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #424242; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Equipment financing<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #424242; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">SBA loan<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #424242; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">MCA<\/span><\/li>\n<\/ol>\n\n<p><b style=\"font-weight: normal;\"><img decoding=\"async\" class=\" wp-image-6074 aligncenter\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/iStock-955099600-1-300x203.jpg\" alt=\"bank loan vs private lender\" width=\"751\" height=\"508\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/iStock-955099600-1-300x203.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/iStock-955099600-1-768x521.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/iStock-955099600-1-1200x814.jpg 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/iStock-955099600-1-398x270.jpg 398w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/iStock-955099600-1.jpg 1243w\" sizes=\"(max-width: 751px) 100vw, 751px\" \/><\/b><\/p>\n\n<h3 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 16pt; margin-bottom: 8pt;\"><span style=\"font-weight: 400;\">1. Business line of credit<\/span><\/h3>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Out of all the different types of alternative business loans, the convenience of a business line of credit is one of the hardest to match! Business owners can use them as-needed (much like a <a href=\"https:\/\/www.become.co\/blog\/raise-credit-with-credit-score\/\" target=\"_blank\" rel=\"noopener noreferrer\">credit card<\/a>), withdrawing only the amount they choose, repaying that amount, and in most cases being able to do that repeatedly (known as a revolving line of credit).<\/span><\/p>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Qualifications &amp; features<\/span><\/p>\n<ul>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Minimum time to funding: 24 hours<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">At least 3 months in business<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Interest rates from 1%<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Repayment schedule: weekly<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Minimum FICO score: 450<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/business-line-of-credit\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; Line of Credit<\/a><\/strong><\/span><\/p>\n\n<h3 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 16pt; margin-bottom: 8pt;\"><span style=\"font-weight: 400;\">2. Unsecured business loan<\/span><\/h3>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">For business owners who don\u2019t have (or prefer not to provide) valuable assets to use as collateral, unsecured business loans act as one of the top types of alternative business loans. These collateral-free business loans put the borrower under less stress since the lender is taking on most of the risk.<\/span><\/p>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Qualifications &amp; features<\/span><\/p>\n<ul>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Minimum time to funding: 3 hours<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">No collateral needed<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Interest rates from 7.5%<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Repayment schedule: daily or weekly<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Minimum FICO score: 350<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/unsecured-business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211;\u00a0 Unsecured Loan<\/a><\/strong><\/span><\/p>\n\n<h3 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 16pt; margin-bottom: 8pt;\"><span style=\"font-weight: 400;\">3. Invoice factoring<\/span><\/h3>\n<p><span style=\"font-size: 18px;\"><span style=\"font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Whether it covers 100% or just a portion of the funds that your customers owe you, invoice factoring is an extremely helpful type of alternative business loan that can relieve the mounting pressure created by non-paying customers. The bottom line, though, is that you\u2019ll want to develop methods of <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.become.co\/blog\/unpaid-invoices\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-family: Arial; color: #1155cc; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">dealing with unpaid invoices<\/span><\/a><span style=\"font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">.<\/span><\/span><\/p>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Qualifications &amp; features<\/span><\/p>\n<ul>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Minimum time to funding: 3 hours<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Funds replenish as you pay<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Interest rates from 4.8%<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Repayment schedule: weekly or monthly<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Minimum FICO score: 600<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/invoice-factoring\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; Invoice Factoring<\/a><\/strong><\/span><\/p>\n\n<h3 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 16pt; margin-bottom: 8pt;\"><span style=\"font-weight: 400;\">4. Equipment financing<\/span><\/h3>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">You may want to buy a new oven for your <a href=\"https:\/\/www.become.co\/blog\/best-types-restaurant-financing\/\" target=\"_blank\" rel=\"noopener noreferrer\">restaurant<\/a> or need to finance a cement-mixer for your <a href=\"https:\/\/www.become.co\/blog\/starting-construction-company-2019\/\" target=\"_blank\" rel=\"noopener noreferrer\">construction company<\/a>. Regardless of what you need (or want) it for, equipment financing can help you cover the costs of acquiring a machine or tool that will help you improve your business.<\/span><\/p>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Qualifications &amp; features<\/span><\/p>\n<ul>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Minimum time to funding: 24 hours<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Can still qualify with poor credit<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Interest rates from 12%<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Repayment schedule: daily, weekly, or bi-weekly<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Minimum FICO score: 450<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/business-equipment-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; Equipment Financing<\/a><\/strong><\/span><\/p>\n\n<h3 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 16pt; margin-bottom: 8pt;\"><span style=\"font-weight: 400;\">5. SBA loan<\/span><\/h3>\n<p><span style=\"font-size: 18px;\"><span style=\"font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The U.S. Small Business Administration (<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.sba.gov\/about-sba\/organization\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-family: Arial; color: #1155cc; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">SBA<\/span><\/a><span style=\"font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">) was formed in 1953 with the mission being \u201cto aid, counsel, assist and protect the interests of small business concerns\u201d. As one of the most popular types of alternative business loans, it may come as a surprise that SBA loans don\u2019t actually provide the funds. Instead, the SBA guarantees up to 85% of the loan amount so that the lender faces less of a risk if repayment is not made and the borrower feels more confident in taking a loan.<\/span><\/span><\/p>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Qualifications &amp; features<\/span><\/p>\n<ul>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Minimum time to funding: 14 days*<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Ideally 2 years in business or more<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Interest rates from 6.5%<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Repayment schedule: daily, weekly, bi-weekly, or monthly<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Minimum FICO score: 500<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"http:\/\/www.become.co\/sba-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; SBA Loans<\/a><\/strong><\/span><\/p>\n\n<h3 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 16pt; margin-bottom: 8pt;\"><span style=\"font-weight: 400;\">6. Merchant cash advance<\/span><\/h3>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">A merchant cash advance (MCA) is a very unique type of alternative business loan specifically because of the way in which the repayment is made. A percentage of your business\u2019s future credit and debit card transactions (payments received from customers) is automatically directed to paying off the funds that had been loaned to you. Usually, an MCA is treated as a last-case scenario because the interest rates are higher than other types of alternative business loans.<\/span><\/p>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Qualifications &amp; features<\/span><\/p>\n<ul>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Minimum time to funding: 4 hours<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">At least 3 months in business<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Interest rates from 10%<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Repayment schedule: daily or weekly<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Minimum FICO score: 500<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/merchant-cash-advance\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; MCA<\/a><\/strong><\/span><\/p>\n\n<h2 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 18pt; margin-bottom: 6pt;\"><span style=\"font-weight: 400;\">Alternative business funding vs traditional bank loans: Pros &amp; cons<\/span><\/h2>\n\n<h3><span style=\"font-weight: 400;\">Alternative business financing<\/span><\/h3>\n<p><strong><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Pros<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Poor credit scores can still qualify<\/span><\/li>\n<li><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Faster access to funding<\/span><\/li>\n<li><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Easier application process<\/span><\/li>\n<\/ul>\n\n<p><strong><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Cons<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Slightly higher interest rates<\/span><\/li>\n<li><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Less human interaction<\/span><\/li>\n<\/ul>\n\n<h3><span style=\"font-weight: 400;\">Traditional bank loans<\/span><\/h3>\n<p><strong><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Pros<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Slightly lower interest rates<\/span><\/li>\n<li><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">One-on-one realtionship with a banker<\/span><\/li>\n<\/ul>\n\n<p><strong><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Cons<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Stricter requirements to qualify<\/span><\/li>\n<li><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Weeks or even months to receive funds<\/span><\/li>\n<li><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Lots of paperwork to complete<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\">\u00a0<\/p>\n<p style=\"text-align: center;\"><iframe style=\"border: none;\" src=\"https:\/\/www.become.co\/widget\/get-loan-slider\/slider.html\" width=\"500\" height=\"295\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p style=\"text-align: center;\">\u00a0<\/p>\n\n<h2 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 18pt; margin-bottom: 6pt;\"><span style=\"font-weight: 400;\">Qualifying for alternative business funding<\/span><\/h2>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<p><span style=\"font-size: 18px;\"><span style=\"font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">If you\u2019re concerned that you may not be able to qualify for alternative business financing, fear not! <\/span><a style=\"text-decoration: none;\" href=\"http:\/\/www.become.co\/apply\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-family: Arial; color: #1155cc; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">Become<\/span><\/a><span style=\"font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"> has a network of dozens of the top loan providers across the United States and Australia. And with such an extensive array of different types of alternative business loans, the chances that you\u2019ll be able to get approved are that much higher.<\/span><\/span><\/p>\n\n<blockquote>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">Of course, the type of business will affect the kind of <a href=\"https:\/\/www.become.co\/loans-by-industry\/\" target=\"_blank\" rel=\"noopener noreferrer\">industry loans<\/a> a business needs, as well as the specific circumstances that business finds itself in. Be sure to weigh your options carefully in order to choose the right funding solution for your business.\u00a0<\/b><\/span><\/p>\n<\/blockquote>\n\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Ultimately, the ability to get approved for alternative business loans will depend on several factors, including credit scores, business age, monthly revenue, existing debt, and many more. Even with better funding odds, there\u2019s no guarantee that any given business will be able to qualify for alternative business funding the first time they apply. But we have a solution for that, too!<\/span><\/p>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Become provides applicants with a tailored <a href=\"https:\/\/www.become.co\/blog\/how-lendingscore-uses-technology-to-improve-your-loan-approval-chances\/\" target=\"_blank\" rel=\"noopener noreferrer\">LendingScore\u2122<\/a> dashboard where business owners are given guidance on how to improve their individual funding factors. With the help and direction that Become gives (at absolutely no cost), businesses are able to effectively increase their access to more and better loan options. Plus, the online application process through Become isn\u2019t only super quick, but it\u2019s also simplified so that each step is intuitive and easy to understand.<\/span><\/p>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<h2 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 18pt; margin-bottom: 6pt;\"><span style=\"font-weight: 400;\">How to apply for alternative business funding<\/span><\/h2>\n\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Step-by-step guide for applying for fast business funding:<\/span><\/p>\n\n<ol>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"><strong>Choose<\/strong> your desired loan amount and select \u2018Get Loan Offer\u2019<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"><strong>Fill in<\/strong> the requested information (including time in the industry, revenue, business, etc.)<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"><strong>Submit<\/strong> your business\u2019s checking account information for analysis<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"><strong>Wait for offers<\/strong>. You can also review your status by clicking \u2018Access Your Loan Application\u2019<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"><strong>Review offers<\/strong> and select your preferred lender<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"><strong>Receive the funds<\/strong> to your business checking account<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"><strong>Review your tailored LendingScore\u2122<\/strong> dashboard to improve your funding options<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"><strong>Improve your rates<\/strong> \u2013 if your LendingScore\u2122 is insufficient, follow the personalized plan (8-12 weeks to unlock funding)<\/span><\/li>\n<\/ol>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<p><a href=\"http:\/\/www.become.co\/apply\/?k=blogbanner\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-10745\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min.jpg\" alt=\"Small Business Failure Rate\" width=\"1024\" height=\"341\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min.jpg 1024w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min-300x100.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min-768x256.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min-1200x400.jpg 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min-604x201.jpg 604w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n\n<h2 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 18pt; margin-bottom: 6pt;\"><span style=\"font-weight: 400;\">Final thoughts<\/span><\/h2>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Here\u2019s a quick refresher on why alternative business loans should be considered as a first choice, and not just an \u2018alternative\u2019:<\/span><\/p>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<ul>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Online loans are faster<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Poor credit scores can still qualify for alternative business financing<\/span><\/li>\n<li dir=\"ltr\" style=\"line-height: 1.38;\"><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Alternative lending offers simpler application processes<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px;\"><b style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The world of business lending has evolved as technology has developed and extended its impact to the financial sector. Those advancements are bound to continue, and with them, the influence of alternative lending will continue to grow and change the way that businesses get funded. Don\u2019t be left behind!<\/span><\/p>\n\n<p><span style=\"font-size: 18px; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">We hope you find the information provided in this article useful. Please feel free to share it on social media and with anyone who may find it helpful.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this age of digital connectivity, advanced technology and online networks have had an increasingly profound impact on all areas of our lives. Innovations have affected the world of finance to the point where small business owners have been exposed to the notion of alternative lending. This new idea has raised several important questions, such [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6147,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,79,1,12],"tags":[234,112,233],"class_list":["post-6070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aus-resources","category-business-guides","category-uncategorized","category-us-resources","tag-fintech","tag-online-lending","tag-p2p"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Types of Alternative Business Loans for Small Businesses - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/alternative-business-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Types of Alternative Business Loans for Small Businesses - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"In this age of digital connectivity, advanced technology and online networks have had an increasingly profound impact on all areas of our lives. 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