There are more financing options for small businesses today than ever before, including online lending. What differentiates online lenders from traditional lenders (like banks) is that online lenders typically have a quicker and easier loan application—typically a few days rather than weeks or months.
Download this worksheet to determine if an online lender is right for your small business.
Which kind of business could benefit from an online lender?
If you have an established business with a healthy cash flow and are looking to grow, an online lender might be a good fit. Because the qualification criteria are often less strict than a traditional bank loan, having a healthy cash flow demonstrating your business’s ability to service debt is critical to leverage a loan from an online lender. This is important because a loan from an online lender could cost more than an SBA-guaranteed loan or a traditional bank loan.
This worksheet will answer questions including:
- What would I need to apply for an online business loan?
- What questions should I ask the online lender?
- What questions will the online lender ask me?
If you would like help understanding your business loan options and if an online lender could be a good match for you, find a SCORE mentor with business loan experience. SCORE mentors are business experts who volunteer with SCORE to help entrepreneurs start, grow or successfully exit a small business.