Have you recently been rejected for a loan from the bank? Although it is to be expected considering the current credit crunch, it's still discouraging when you're trying to keep your business in business.
Did you know that there are other options? Sadly, many small business owners either do not realize this or are simply too discouraged to care. As a result, many end up closing their business.
To keep you from closing, Colleen DeBaise of SmartMoney.com disclosed several places you can go to get your funding when the bank says no.
She suggests:
I personally would recommend that you consider peer-to-peer networks and merchant cash advances as your last resort. Peer-to-peer networks can be chancy since they are personal loans. With this type of loan, you should always have a written contract to refer back to in case the relationship goes sour.
Merchant cash advances are another risky option due to their high interest rates. They are relatively easy to obtain since they are not based on past credit history but on future cash receivables.
Peer-to-peer networks and merchant cash advances are still options, but they do have the most drawbacks of the options mentioned.
For more information on what to do when the bank fails to grant your loan, watch the SmallBusinessNewz video report.
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Comments
There is still another option
First off thank you for touching base on those five different sources. What about government grants, cant those also be used to fund a business?
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