It has been difficult for small business owners to obtain capital in order to create and maintain viable business enterprises. For African American business owners, the task has been especially hard. In June 2016, the National Urban League was invited to attend a strategic dialogue on African American small business lending hosted by the Small Business Administration (SBA) and the Milken Institute. That meeting revealed many statistics that show that Black business owners are having disproportionate difficulties raising funds for their businesses.
According to The Fundera Ledger, about two-thirds of business survive 2 years in business, half of all businesses will survive 5 years, and one-third will survive 10. These are very daunting statistics. Often times, it is a business owners access to additional funds that can make the difference between surviving, thriving, or closing their doors.
Fortunately, there are a few alternative lending companies that have started and offer loans to businesses outside of the traditional bank options. One of those alternative lending options that i would like to feature today is 5Linx Capital. This company has been finding loans for business owners who meet certain qualifying conditions. One of those conditions is that a company make at least $10,000 per month in revenue. Your credit score is looked at, but does not play such a significant role as when applying for traditional loans.
You can learn more about 5Linx Capital by visiting their website.
5 Linx Capital is just one of the new companies that offer alternative business loans to established businesses. In future posts I will explore more alternative lending sources and feature companies that give loans to startups as well as established businesses.
Until then. Stay positive and keep growing.
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