Entrepreneurs: 5 Reasons Why You Should Use An Alternative Lender
You’ve always dreamed of quitting your boring job and starting your own business. You have the plan all mapped out in your head: you’ll work from home to finally bring your big idea to life. After all, life’s too short to forever stay invisible inside your cubicle! But did you know that home-based businesses are less likely to qualify for a bank loan? In this day and age, finding money to nourish a business can be a challenge. If you're a business owner or you’re thinking about starting a business, you might want to consider using an alternative lender.
What’s An Alternative Lender?According to Andrew Cravenho, founder and CEO of CBAC Funding, alternative lenders are lenders who lend to businesses that may not qualify for a bank loan. There are many reasons why a business may not qualify for a bank loan:
- Poor credit or no credit
- Home-based business
- Loan amount too small
- Prior bankruptcy
- New business