You’re in a bind. Your small business is flailing and you need more money to make it work. You thought that it would be easy enough to go to your local lender and obtain a small business loan. But once you got there, you discovered that getting small business loans isn’t so easy when your business is floundering. Should you throw in the towel and close your doors?

Not yet. There are alternative options available to small businesses which can get you through the hump and over to the right side of the red line.

For example, some businesses take out business cash advances instead of getting loans. Although these can be higher in interest, they provide a means of accessing cash when you don’t qualify for other loans. These advances generally don’t require much collateral, have few initial fees and work well for businesses with bad credit.

Other alternatives involve more thinking outside of the box. Look at every aspect of your business and determine where you can make some changes. For example, let’s say that you wanted the loan to get new equipment. See if you can find used equipment, get an equipment lease or make do with what you have until times are better. You don’t have to give up on your business just because the bank has!

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