Banks not helping? Try these sources of cash to help you start, grow or buy a business!

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Banks not helping? Try these sources of cash to help you start, grow or buy a business!

Written by Dennis Lowery

Angel Investor Funding
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Even in the best of times getting business loans from a bank for entrepreneurs and business owners could be a challenge (that's an understatement). No need to talk about or mention how hard it can be right now.

But there are alternatives that you should explore. Before you do that you should first have a well-crafted business plan that fully covers the things of interest most to investors. When you have your plan in place, you may want to explore social lending (peer-to-peer and community) sites.

The essence of the philosophy for these sites is that individuals may be more willing to provide funding for entrepreneurs and small businesses than conventional funding sources. In a sense, lenders and investors that provide funding through these sites are like "mini-Angel Investors". Social lending has been around as long as there have been people seeking money (for whatever reason). Mom or Dad loan money to their kids to help them start their business or buy their first home, Uncle Joe helps his niece start and grow her business ... friends and family and the connections they have often have been the financial backing behind some of the worlds largest and most successful businesses. This letter from billionaire Richard Branson gives you the best example of that, and one far better than I could create for you.

There are some signs that banks and credit may be easing up but while you wait for things to "thaw out" ... here's a few sources that you might try.

Lending Club is a market-leading financial services company providing loans and issuing publically-offered securities through our innovative online platform. We bring together investors and creditworthy borrowers to offer value beyond tradtional banks.

Prosper Loans Marketplace is a leading online destination for borrowing money and investing in loans. It pioneered peer-to-peer lending and Open Market loans, which allow people to invest in each other in a way that is socially and financially rewarding.

Virgin Money offers unique financial services and a customer experience that most banks cannot match. Having originated over $370M in social loan volume, Virgin Money is the leader in managing loans between friends and family, and a pioneer in the emerging social finance sector. And now, we offer bank mortgages you can feel good about.

40billion.com is the entrepreneurs' micro-funding platform, matching entrepreneurs and funders through an online network of friends and family. We are addressing a $40 billion gap in startup funding by creating an online platform for social funding (a.k.a. "love money", microfinance, social lending), fundraising, and investing so that more entrepreneurs can have access to affordable business financing through loans and contributions/donations.

Remember, always present your business in a professional way and have your business plan in good shape to ready to provide to people that are interested in your business.

Want to learn more about how to find money & investors for your business?