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Question: I am a business owner who needs capital for my business but my traditional bank rejected my loan application. Do you have any suggested alternative? Please do not mention angel investors, venture capitalists nor crowd funding sources.
One alternative to traditional bank funding is a Small Business Administration (SBA) loan. The SBA provides a variety of loan programs designed to meet the needs of small business owners. The SBA also provides guidance and resources to help business owners understand the loan process and improve their chances of loan approval. Another option is an online lender that specializes in small business loans. These lenders typically offer more flexible terms and faster turnaround times than traditional banks. Finally, you may want to look into microloans. These are often offered by nonprofit organizations or lending institutions and are designed to provide smaller loan amounts to new or growing businesses.
Jan. 16, 2023, 11:18 a.m.
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