From - Community banks. Compared with the more impersonal big lenders that have thousands of branches, these banks are more likely to employ lending officers that understand the local economy. Some even specialize in commercial loans. Find a list at icba.org.
- On Deck Capital. This private company uses its own software to calculate how likely an applicant is to make timely payments, based on financial and customer information (it often comes to different conclusions than banks do). On Deck has loaned out about $21 million to more than 1,000 small-business owners. Check out ondeckcapital.com.
- Community development financial institutions. The Treasury Department distributed $54 million last year to 89 licensed community banks and nonprofits, which then made small-business loans to thousands of people. The goal is to spur economic growth in low-income areas. You don't have to be a low-income applicant to qualify for the program, but your company must be based in a qualifying region. For more information, go to the CDFI website at cdfifund.gov.
- Traditional banks. Despite tightened lending standards, it's worth a shot. JPMorgan Chase loaned out $800 million to small companies in the fourth quarter of 2008 (compared, though, with $1.7 billion a year earlier). Bank of America has given loans to about 47,000 new small-business customers.
Room to Grow: Economic Trouble for Small Businesses