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Businesses try to Net financial assistance

By Greg Farrell, USA TODAY

It's a universal truth that small-business owners need money to grow. The problem is that most don't qualify for bank loans with an 8% interest rate, and even more don't want to do business with predatory lenders who charge 40% and remind them of Tony Soprano.

Since the credit crunch of 2007, some 400 banks have opted out of the federal government's guaranteed small-business-loan program, making it tougher than ever for entrepreneurs to get attractive loans.

But now, thanks to the Internet and the power of automation, a new wave of online financiers has emerged to fill the gap.

The market is real, and the potential for growth is huge. This financing network is designed to provide loans to small businesses that can't pass muster with banks. This is not the first time some creative lending companies have tried to target this financing niche. Other entrants in the field of micro lending, as it's known, include:

 Banks turn down seven out of 10 small-business applications, because they focus almost exclusively on an entrepreneur's credit rating. And, since most sole proprietors finance their operations with personal credit cards, they tend to have lower credit ratings than what the banks are looking for. read more.....  or APPLY NOW