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Over the last 15 or more years many banks that once offered small business loans have left the market. When added to the diminishing number of community banks, the lenders really motivated to offer financing to small businesses are alternative lenders that offer specialized products like MCA loans, factoring, franchise loans, equipment loans, and other similar loan products. The cost of capital for these lenders, combined with the risk profiles of the borrowers they serve, equates to higher interest rates than a traditional term loan at the bank.
Most alternative lenders would suggest, and we wholeheartedly agree, if you have the ability and the time to get a traditional low-interest rate from the bank, thatís where you should go. Unfortunately itís becoming more difficult, not less difficult, for small businesses to do. Alternative lenders are also geared up for the smaller loan amounts many small business owners are looking for. One of the biggest challenges small business owners face is not that they are asking for too much, itís that they arenít asking for enough. A $20,000 or $50,000 loan is a big loan to many small businesses and are just too expensive for many banks to process. We donít believe that higher interest rates are the best thing for every small business, but we do believe the capital they make available to many small businesses is critical to growth and creating jobs. In fact, we are already witnessing alternative lenders becoming the primary source of capital for most small businesses.