Q. For a small business, if my local bank turned down the loan application, what are the other effective ways?
A. While local banks could be the first and natural choices for a small business, there are other new types of lending available now:
1. Peer-to-peer Lending
LendingClub and Prosper are two of the biggest P2P lending sites today. You will be dealing with common investors who are looking for healthy returns for their money.
2. Crowdfunding
IndieGogo, Kickstarter, and Kiva are good options to raise money for a new business. You are dealing with people who want to help entrepreneurs to get new businesses off the ground.
3. Cloud lending
OnDeck and Kabbage are two of the biggest cloud lenders. You will be dealing with banks without branches, typically for small amount (<$100,000), fast decision and funding, albeit higher interest rates than local banks' rates.
A. While local banks could be the first and natural choices for a small business, there are other new types of lending available now:
1. Peer-to-peer Lending
LendingClub and Prosper are two of the biggest P2P lending sites today. You will be dealing with common investors who are looking for healthy returns for their money.
2. Crowdfunding
IndieGogo, Kickstarter, and Kiva are good options to raise money for a new business. You are dealing with people who want to help entrepreneurs to get new businesses off the ground.
3. Cloud lending
OnDeck and Kabbage are two of the biggest cloud lenders. You will be dealing with banks without branches, typically for small amount (<$100,000), fast decision and funding, albeit higher interest rates than local banks' rates.
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