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It can be difficult for small businesses to secure appropriate and affordable financing and those in online retail face even greater challenges. Many banks are still trying to grasp the vagaries of the eCommerce world and can be hesitant to lend to online retailers. The idea of a retail business existing in the ether can be foreign to old world banks and has caused a cash crunch for enterprising entrepreneurs. In addition, newer businesses or those with cash flows less than $1M a year can also have trouble finding loans, regardless of industry.
Fortunately, the online lending industry has risen to fill that gap and there are a number of good (and not so good) lenders out there, just waiting to talk to your business. But before you jump right in, read these six tips for weeding out the shady players.