Alternative lenders, also called online lenders, are the (relatively) new kids on the business financing block. These non-traditional lenders have been around for only a decade or so—in some cases, just a few years—and they usually offer only financing.
As the name suggests, alternative lenders provide a good option for business owners who can’t qualify for traditional loans. Online lenders often—but not always—have much laxer application requirements. For example, Iconic Group requirements:
• A business that’s at least three months old.
• A fair or better credit score (500 or above).
• Annual revenue of at least $120,000.