Only a fraction of small-business loan applications are approved, and the approval rate is getting worse. Here are three options to consider.
Banks and credit unions tend to offer the most affordable business financing — if your business can qualify. Only a fraction of small-business loan applications are approved, and this disparity is getting worse.
However, many business owners still need capital to cover everyday expenses — especially as they continue to meet economic challenges such as supply chain disruptions and rising inflation. And whereas banks and community financial development institutions may be feeling the pressure from economic changes — like the Federal Reserve increasing interest rates — alternative lenders typically fill the space in the market, says Josh Palkki, chief credit officer of Founders First Capital Partners, a San Diego-based small-business lender that offers revenue-based financing and business advisory services.
2. Business grants For free financing that you don’t have to repay, small-business grants can be a good option. Business grants are available from federal, state and local governments, as well as private corporations. Although small-business grants are ideal if you can secure them, applying can be competitive and time-consuming. If you need faster financing, you’ll want to consider other options.
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