Small business owners are turning to crowdfunding and peer to peer lending.
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Bloomfield Hills, MI (PRWEB) September 23, 2014
Getting financing for a small business can be a frustrating experience, especially for first-time owners or those that have less than stellar credit. According to Linda Jenkins, CEO of Gold Alliance Group and author of Creative Financing, business owners are actively seeking alternative sources to the traditional bank loan.
"While there can be a lot of frustration surrounding the process of funding a business, much of this can be avoided by first learning how to approach a lender, and then by exploring alternative financing. Today, banks are certainly not the only option. Small business owners are turning to crowdfunding and peer to peer lending."
In a survey recently cited by the New York Times, traditional banks approved less than 20 percent of the loan requests they received in January 2014, while alternative funding approval rates exceeded 60 percent. In response to this environment, owners are searching for options. Gold Alliance Group recently issued a tip sheet to address this new reality. Download a copy of Seven Tips for Finding Unconventional Small Business Funding.