Alternative Lending Solutions For Millennials
Millennials have hit the entrepreneurial scene and are starting to carve out a good chunk of the market across every industry. However, great ideas and fresh approaches to an evolving business world do not fund a company. Launching a successful business takes capital, and with bank taking a more conservative stance toward lending to startups and other first-time ventures. In response to this, many millennials have been seeking out alternative lending solutions and bypassing banks entirely.
The Challenges Of Traditional Lenders
There was a time when a profitable business idea and a sound business plan could get a bank loan for startup capital. But ever since the economic crash of 2008 – and its recovery – banks have been adopting more restrictive lending requirements, and unless entrepreneurs have impeccable credit, sizable collateral, or strong financials, banks will not touch even the most surefire business concept. With this type of stonewalling, many millennials have had to resort to borrowing from friends and family, or draining their own personal finances to launch their businesses.
Alternative Lending Solutions
The world of commercial finance stepped up after the financial crash and has continued to do what it does best – offer alternative lending solutions which can do what banks cannot. Commercial finance professionals are not restricted by the limitations demonstrated by banks when it comes to financing new and small businesses. The reason for this is that most people who work in commercial finance come from successful small business backgrounds, and have the capital resources to offer alternative lending solutions without them being cost prohibitive to millennials.
Types Of Financing For Millennials
Millennials can find alternative lending solutions for every business need – from startup funding to working capital, equipment leasing, and even purchasing commercial real estate. Many of these financing programs do not require taking on debt, compromising credit scores, or paying for anything upfront. The commercial finance industry realizes that the economy is not driven by bank holding, but rather helping startups and other small businesses launch successfully and grow by providing the funding millennials and other entrepreneurs need.
Get The Details
If you would like to learn more about alternative lending solutions, contact Vantage Commercial Capital at 913-543-4242. We pride ourselves in working directly with startups and small business owners to understand their goals and current financial situations in order to structure a funding strategy to met their needs.
