Business Loans Done Differently

Business Loans Done DifferentlyAccording to Red Eye Chicago, there are many businesses that are looking for loans. Some of these businesses are unable to get loans from conventional banking operations. That is where a new idea called Lend Square comes in. There are many parts of this option that fit nontraditional businesses.

The way Lend Square works is that businesses create listings for proposed projects and put them on the Lend Square website. Then investors are allowed to bid on the businesses’ projects, and the bid with the lowest interest rate wins. This is a great way for businesses to get the money they need to operate without working with the bank, which may be more difficult.

The company makes its money by taking a 2.5% fee off of the amount the borrower gets in there alone. This way they can stay in business as well as help other businesses that may need it. Lenders are then paid back from the borrower in monthly installments of the loan. By accepting loans in this manner, the business is more able to stay afloat and keep up with their payments. This is good for not only the borrower and their credit rating, but it’s also good for the person lending the money to them. They may also choose a local establishment that they know is doing well or are frequently able to visit.

If you’re looking for business loans in the Chicago, Illinois area, you may be unsure where to look. The good thing is that you can look or check in with business lawyers that may be able to help you get loans and funds to start your business. You don’t have to always go a nontraditional way to get the money you need. What are you waiting for? Call your local business lawyer today and get the loan or business financing you need.