If you’re denied a traditional loan for your small business, don’t give up hope just yet. There are many alternative lending options that can help you get your startup off the ground. Here are some to look into.

Self-Funding

Sometimes loans are denied because banks want to see more proof that your business plan is viable. To do this, you may need to spend some more time working with the money you already have to strengthen your business. Once you do that, you can try going back in a few months or years to apply for a loan again with proof that you have the start of a successful organization. There is no shame in starting small, and working a side hustle in your living room for a little while longer might be exactly what you need to do to hone your strategy and build a client base for your startup.

Crowdfunding

Using a crowdfunding platform to get the word out about your startup can get you the capital you need to get it off the ground. With this solution, you can get a large number of people who are willing to invest a small amount into your business. You will probably need to provide them with a share of the profits or free products as a return on their investment, but this can be a fast way to get the funding you need. Plus, you get the word out about your product, which will help give you a head start on building a customer base.

Angel Investors and Venture Capitalists

If you’re willing to give up part of the control of your company, seeking out angel investors might be the right fit for you. These individuals or groups are people who are looking for a high return on their investment, so they’re willing to take larger risks with their money. Since they’ll become partners, you’ll have to share your profits, but you also can benefit from their experience and guidance, as well as the large amounts of capital they’re willing to put into the company. Venture capitalists also work this way, but they aren’t using their own personal money like angel investors are.

These are just a few of the ways you can fund your startup without a loan from the bank. Like any business venture, it will take a lot of hard work and sacrifice to make your small business dreams a reality, but there are plenty of alternative lending solutions available to help you succeed.