Getting A Small Business Loan Online
January 6, 2008
Entrepreneurs: Need $25,000 or less? For lower interest rates than traditional banks, consider using a social lending Web site
Scoring a loan from a bank to launch or expand a business isn’t easy, and with the credit crunch, it’s only getting tougher. One alternative to a bank is an online social lender, which handles both personal loans and business loans and offers some new twists on an old practice. The premise is by logging onto one of these peer-to-peer networks, an entrepreneur can reach thousands of potential lenders instead of pitching one loan officer at a time. Without a commercial bank’s overhead, these marketplaces’ main selling points are lower interest rates for borrowers and better returns for lenders.
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