Why You Should Consider Online Lenders to Finance Your Business

Posted by lyceum under Raising Capital
From http://smallbiztrends.com 3219 days ago

If you are a small business owner seeking a business loan, you should consider an online lender. While these creditors — companies like OnDeck, Lending Club, Prosper Loans Marketplace — currently account for a tiny fraction of all small business finance, they are currently the most rapidly growing source of small business debt.
That’s according to Karen Mills, the former head of the Small Business Administration and now a Senior Fellow at Harvard Business School explains (PDF).
In fact, the Federal Reserve Bank of New York has found that 20 percent of small businesses seeking to borrow money have applied to online lenders.