

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.
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.
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.
Copyright © 2023 SCORE Association, SCORE.org
Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.