Last week we teamed up with our small business education partner SCORE to provide an insider’s view into the new world of business lending in a live webinar. Ty Kiisel, contributing editor at OnDeck, spoke to nearly 300 live listeners to demystify the new landscape of small business lenders. He covered the five major types of online lending: non-profit lenders, crowdfunding, invoice financing, online business loans (that’s us), and loan matching sites.

While I’m partial to OnDeck as a lender (of course), Ty emphasized that not all lending options make sense for all businesses and it’s important for business owners to understand which type of financing makes the most sense for their situation.

To help business owners understand where to start their search for financing, Ty presented a four-question checklist:

  1. What type of financing can I qualify for?
  2. Which options are the best fit for my business?
  3. How much money do I really need?
  4. Do I have all the information I need to make a decision?

Any business owner looking for financing should take this checklist to heart. It doesn’t matter if you have great, or less-than perfect credit, or if your business is a startup or established business. With all the new types of lenders that have surfaced, you will have financing options. Understanding your options and how each fits into your business’ needs are critical when making financial decisions.

For more information on any of the lending types listed above or to hear more of Ty’s advice check out the recorded webinar on the SCORE website.

OnDeck supports business growth nationwide. For more information on what OnDeck is all about, check out our page on short term business loans.

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