A Lesson on Lending: Alternative Lenders and Community Banks

12/7/2017 8:45:44 PM

Imagine you are a small-business owner running a profitable family restaurant for several years and looking to expand to another location. To do this, you need a $70,000 loan, but your bank has declined your request. Rather than go to a different bank and complete another three-inch-thick loan application, you may decide to skip this time-consuming, manual application process and instead apply for a loan online through an alternative lender, which only takes a few minutes.