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Alternative Lending Platforms for Small Business

Alternative Lending Platforms for Small Business

By: VentureHow Staff Writer

Updated on: May 19, 2021

Alternative Lending Platforms for small business have become a principal source of loans and other forms of funding for entrepreneurs. Here are some of the most popular Alternative Lending Platforms for Small Business:

Shortlist of Alternative Lending Platforms for Small Business:

Kabbage: One of the oldest alternative lenders, Kabbage is also one of the largest. Loans come in the form of a line of credit and range from $1,000 to $100,000.

OnDeck: Offering long and short-term loans and lines of credit, OnDeck features a fast and easy application process and secured loans up to $500,000. You’ll need a minimum of $100,00 in revenue and to have been in business for at least a year to apply.

Alternative lenders are the ideal solution if you need to expand your business or cover emergency expenses and you’ve been turned down by traditional lenders.

Lending Club: This Peer to Peer lending platform is the largest of its type in the world and began as a Facebook app. This P2P platform funds both small business and personal loans and may be an ideal choice if you are considered high risk.

Fundbox: Got cash flow gaps? This company targets the small business that has invoices pending – but no money. Fundbox uses the invoice lending system to help small businesses with cash flow. Up to $35,00 can be financed via Fundbox, and the system integrates with your accounting software.

RapidAdvance: Merchant fund advances are RapidAdvance’s specialty. This lender focuses on brick and mortar businesses with at least $2500 worth of credit card revenues a month and provides an advance on those revenues.

On many platforms, small business owners will have access to a customizable product that meets their stated needs from a few thousand dollars to nearly a million dollars.

Accion: For several years, Accion has been offering microloans to small business in amounts of up to $100,000. This lender has a fast and easy approval process but does require some collateral to secure the loan.

StreetShares: This lender uses an auction style format to shop your business loan application to lenders; StreetShares focuses primarily on Veteran’s small business loans.

Biz2Credit: If your credit score is less than ideal, then Biz2Credit can help you secure a loan on their platform. You’ll have access to a customizable product that meets your stated needs once you complete the online application and credits range from a few thousand dollars to a million dollars, depending on your needs and revenues.

BlueVine: Invoice financing, or funding your accounts receivables, allows BlueVine to help you improve your cash flow and revenue based on the money you are owed by customers.

Bond Street: Bond Street offers fast turnarounds for approval times on nearly traditional loans: this lender integrates with most online accounts to further streamline the process. Your banking, LinkedIn, and Quickbooks accounts can be added to your application for a rapid approval; this lender specializes in small business with collateral and over $200,000 in revenue each year.

Alternative lenders are the ideal solution if you need to expand your business or cover emergency expenses and you’ve been turned down by traditional lenders. Using an alternative lender allows you to run your business as usual and receive financing in a variety of ways without going through the conventional banking system.

Today, the Alternative Lending Platforms for Small Business have become an excellent source of raisings funds. How will these platforms perform during a downturn is anyone’s guess.

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