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Banks often decline small business due to credit issues, lack of collateral, or simply because they don’t fund that particular industry or business type. Too often, new business ventures are unsuccessful because they can’t obtain the funding needed to keep the business afloat. But a bank turndown should not be the final word for small business. There are many other options for small business owners in need of funding..


The rise of the internet in recent years has brought an influx of crowdfunding websites that small business owners and nonprofit organizations are taking full advantage of. Crowdfunding allows businesses to reach a much wider audience and to receive donations (or investments) from interested parties. Often, businesses will offer a preview of services or a gift when a certain donation amount is received. This allows businesses to obtain funding without oweing an investor or bank for the funds.

Alternative Business Brokers

There are many alternative loan brokers that can help businesses to obtain the funding they need through a large network of lenders and investors. Business owners will apply for a loan through these alternative lenders and the broker will locate an investor that is interested in funding this type of business.

Peer-to-Peer Lending

In this type of lending scenario, private investors are matched up with borrowers to provide funding. There are many websites available online where borrowers can request funds and lenders can choose the deals they wish to fund. For the business owner, this method can be a very quick way to obtain funding. For the lender, this option provides a great return on investment (ROI) in the form of interest.

Government Funding

The government will often provide funding to certain business types. The availability of funding will often depend upon certain factors such as, business size, owner race or religion, or business location. It is in a business owner’s best interest to research government grant and loan options for businesses to see if they qualify.

A bank loan turndown does not mean that a business is never going to be able to obtain funding. Sometimes business owners just have to look a little bit further into the industry to find the financing that they require. Whether funds are need for an expansion, equipment purchase, or even daily expenses, these alternative lending options are available for every scenario.