• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Submissions
  • About Us
  • Contact Us
  • Apr 12, 2021
  • Startup
    • Creating a Plan
    • Funding a Startup
    • Franchise Center
    • Getting Your Office Ready
    • Making Your Business Official
    • Marketing Your New Business
    • Personal Readiness
  • Run & Grow
    • Customer Service
    • Human Resources
    • Innovation
    • Legal
    • Operations
    • Risk Management
  • Leadership
    • Best Practices
    • Communication
    • Green Initiatives
    • Open Culture
    • Strategic Planning
    • People Skills
  • Sales & Marketing
    • Advertising and Lead Generation
    • Marketing Innovations
    • Marketing Plans
    • Online Marketing
    • Relationships
    • Sales Activities
  • Finance
    • Budgeting and Personal Finance
    • Payments and Collections
    • Tax and Accounting
    • Pricing Strategy
    • Working with Investors
    • Working with Lenders
  • Tech
    • eCommerce
    • Hardware
    • Software
    • Security
    • Tech Reviews
    • Telecom
  • Shop

SmallBizClub

Helping You Succeed

Tax Bandits banner
Home / Finance / Working with Lenders / 3 Situations When a Non-Traditional Loan May Be the Way to Go
3 Situations When a Non-Traditional Loan May Be the Way to Go

3 Situations When a Non-Traditional Loan May Be the Way to Go

1558 Views

Apr 1, 2015 By Biz2Credit.com

These days there are tons of options for financing a small business. The most common route has historically been the traditional one with a standard bank or credit union loan. Today, there are more non-traditional options than there have ever been, which is great news for some. When is it time to consider a non-traditional financing route? There are many times, but these three situations top the list.

 
Minority/ Women Borrowers
 
This is more a non-traditional loan than a non-traditional lender. There are SBA loans for women available as well as startup loans for women. The same is available for veterans and minorities, including Latinos and South Asians, two of the fastest growing groups of immigrants. If you fall into one of these categories, explore options available and take full advantage. 
 
Special Professions
 
There are loan programs designed specifically for those is certain professions. Loans for doctors, loans for dentists, attorneys and other professionals are available. If you are included in one of these professional categories, search lenders of all kinds and see what is available. Research options available from relevant professional organizations as well.
 
Related Article: An Overview of Traditional Financing
 
Credit Issues/ No Collateral
 
If you have poor credit or no collateral, you may have to seek out either a non-traditional loan, a non-traditional lender, or both. Short term lenders offer options that may include not even checking your credit, and many traditional lenders offer options for both situations that mitigate risk with a higher interest rate. There are options to use collateral, if available, to mitigate poor credit also.

 
This article was originally published by Biz2Credit

Filed Under: Working with Lenders Tagged With: Alternative Financing, Biz2Credit, Investors and Lenders

Biz2Credit.com

Biz2Credit.com

Biz2Credit.com is an online, small business platform that matches entrepreneurs with credit solutions based on their business preferences in a safe and price-transparent environment. Biz2Credit is a market leader with more than 1,100 lenders, over $800 million in funding, and over 1.6 million SMB users in the U.S.

Related Posts

  • 5 Keys To Negotiating Your Fair Share Of Any Startup
  • This Is the No. 1 Reason 82% of Businesses Fail
  • 4 Basic Ways to Get Your Startup Funded

Primary Sidebar

bottom line ad

Random

Startup 101: The Importance of Tax Planning

Apr 12, 2021 By Andrew Deen

4 Ways to Best Support Curbside Operations

Apr 12, 2021 By Eleanor Hecks

5 Common Causes Why Your Website is Slow 

Apr 12, 2021 By Jason Chow

3 Secrets to Optimize Your Business Online Presence in 2021

Apr 11, 2021 By Luke Hyde

Diversity & Inclusion: Best Practices for Project Managers

Apr 11, 2021 By Michelle Symonds

Footer

About Us

Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Copyright © 2021 by Tarkenton Institute, Inc. All Rights Reserved | Terms | Privacy