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What Is Alternative Financing?
Alternative, or “non-bank,” financing describes the funding options available to businesses outside of banks and credit unions. Along with additional financing solutions, alternative financing carries different qualifications, interest rates, repayment terms, and more.
Banks and credit unions offer some of the lowest interest rates, but strict qualifications, slow funding times, and a hot/cold restricted industry list prevent many entrepreneurs from working with them. In comparison, non-bank lenders are much faster, carry more accessible eligibility criteria, and work with a wide range of businesses, although interest rates are higher on average.
Despite the differences, alternative financing coexists with bank financing. Entrepreneurs can leverage whichever option is best for their unique circumstances; They’re not limited to either option unless they can’t meet the qualifying criteria. In 2023, however, non-bank financing options have become very competitive due to the slowdown in bank lending.
Our eBook offers a detailed explanation of the alternative financing space and breaks down the many benefits of this avenue for growing entrepreneurs.
What’s Included in Our eBook?
Every question you’ve ever wanted to ask about alternative business financing, all answered in one quick read, including:
- What is alternative financing, and how does it work?
- How does alternative financing save so much money?
- Why is approval through alternative lending so easy?
- What types of alternative funding options are available?
- What can alternative financing be used for?
- And more!
Business Funding Doesn’t Have to Be Risky and Complex.
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