Can't get a bank loan? Try these alternate funding sources to get the cash your business needs to grow.
"Unless you have a personal credit score higher than a 690, and a perfect business credit score ... it's probably not going to work with the banks right now," says business coach Leili McKinley. "Don't waste your time unless you want to practice your pitch. Alternate funding will probably be your best chance at capitalization."
We took a look at 8 alternative sources business owners can tap for cash.
Pros: The ownership structure at credit unions is such that those with an account actually own a part of the institution, so credit unions see you as a member, instead of a number.
Cons: Though credit unions were established to provide credit at reasonable rates, experts say the rates vary widely, and that credit unions can be as cautious as banks. "Credit unions are relatively new in the corporate lending field," says Tom Lowles, director of Portland Community College's Small Business Development Center. "I don't see them as a big player."