Growing Your Business

Financing Strategies: Look Online for Your Next Small Business Loan

10/8/2015

Small business owners in search of growth capital have more options available to them today than ever before. In fact, many are going online to secure the financing they need to grow their companies.

A growing number of online lenders has emerged the past couple of years, many of whom can provide small business financing at lower rates and better terms than traditional banks — and with much greater convenience. For example, OnDeck has emerged to become one of the nation's biggest lenders to small businesses, having loaned more than $3 billion to approximately 30,000 U.S. and Canadian small businesses.

Connect to Lenders Virtually

“The ever-growing reach of the Internet is expanding into the realm of small business lending,” says Delia Mena, an accounting expert from Tampa. “Internet-based lending platforms enable small businesses to bypass traditional banks by connecting borrowers and lenders virtually. They help many companies that wouldn't qualify for a bank loan obtain the financing they need to grow and prosper.”

There are three main types of online small business lending: peer-to-peer lending, cloud lending and crowdfunding. Peer-to-peer lending is similar to venture capital and angel financing: Websites like LendingClub.com and Prosper.com connect individual investors seeking high returns with entrepreneurs seeking business financing. According to its website, LendingClub.com funded nearly $2 billion in loans during the second quarter of 2015 alone.

Cloud lending, meanwhile, is more similar to traditional bank loans. Websites like OnDeck and Kabbage offer business lines of credit and make business term loans of up to $250,000. Cloud lenders use credit scoring models and review borrowers' online transaction history and user feedback ratings to make fast loan decisions based on the information borrowers provide in a simple online loan application.

“Once you fill out the online loan app, you'll be alerted in minutes whether or not you've been approved,” says Jason Feist, partner at Empowered Insights. “If you are approved, your money can be transferred directly into your bank account within one business day.”

Many people are familiar with crowdfunding sites like Kickstarter, Kiva and IndieGoGo. Individuals and entrepreneurs use these sites to raise money for all different kinds of ventures — from recording a new CD to filming an independent movie to starting a new business. Investors are often friends and family members who want to help individuals and entrepreneurs launch these ventures.

There's one potential catch with some crowdfunding sites, though. At Kickstarter, if you don't raise all of the money you've requested by a deadline, you won't receive any money. “Kickstarter is all or nothing,” says Bill Karraker, CPA, CISA. And at IndieGoGo, if you don't raise all of the money you've requested, you will pay a higher interest rate on your funds.

Filling a Void

Orlando based William Kent Westbrook CPA says that online lending is filling a real void in the world of small business financing. “There are many small businesses, especially startup companies, that cannot qualify for a traditional bank loan. Online lending platforms give them the opportunity to access much-needed capital for business growth and expansion or to meet working capital needs.”

But this access and relative ease of application do come with a cost, as online loans are usually more expensive than bank loans. For example, the APR on a 24-month term loan from OnDeck ranges from 19.99% to 39.99% with a 2.5% origination fee on the first loan. Shorter-term loans can feature APRs as low as 10%. On its six-month small business line of credit, Kabbage charges from 1% to 12% of the amount of money borrowed during the first two months and 1% for each month thereafter, with no early payment fees.

However, if you need capital for your small business and can't get a bank loan, these rates might look like a bargain — especially compared to the potential cost of venture capital financing.

“The real question to ask is what's the opportunity cost of not borrowing the money?” says William Kent Westbrook CPA. “If you need financing to take advantage of growth opportunities, an online loan could be just the ticket for you and your business.”

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