Summary
Business owners often overlook financing options because they rely only on traditional bank loans, which typically have strict lending requirements. The article explains that alternative funding sources, including SBA loans, nonbank commercial lenders, and asset- or revenue-based financing, can provide faster, more flexible access to capital. It encourages entrepreneurs to understand the five key lending factors: cash flow, collateral, capital, conditions, and character. Owners should also prepare accurate financial records, calculate their debt service coverage ratio (DSCR), and address any business performance concerns before applying. Working with industry-focused lenders can improve approval chances and unlock growth opportunities.
Kiplinger
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