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With Credit for Businesses Tight, Nonbank Lenders Offer Financing

June 7, 2014

Even with the economy on the mend, the alternative financing industry continues to grow, debunking the notion that small businesses are able to secure capital from the banks. In fact, Marc Glazer, chief executive of Business Financial Services, estimates about two dozen nonbank lenders lent approximately $3 billion collectively last year, double the 2012 total. These short-term lenders want to become the go-to financiers for business owners in need of quick cash.