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Turned down for a loan, business owners look to family and even crowdsourcing to get money to grow

Among the many challenges small businesses face as they try to grow these days, getting a loan is right near the top.

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Turned down for a loan, business owners look to family and even crowdsourcing to get money to grow

The average interest rate paid on short term loans was 9.1% in October, up sharply from 6.7% in the same period a year ago, and 4.9% the year before, says National Federation of Independent Business.

United statesSalt lake cityJen roseShantell chamblissNate hodgeCheyenne smithCapital oneComerica bankFederal reserveAssociated pressNational federation of independent businessBee cupsLog increate freeNational federationDakota ridgeRaaka chocolate

Turned down for a loan, business owners look to family and even crowdsourcing to get money to grow

Turned down for a loan, business owners look to family and even crowdsourcing to get money to grow
apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.

United statesSalt lake cityNate hodgeCheyenne smithShantell chamblissJen roseFederal reserveNational federation of independent businessComerica bankCapital oneNational federationDakota ridgeRaaka chocolateBee cups

Turned down for a loan, business owners look to family and even crowdsourcing to get money to grow

Turned down for a loan, business owners look to family and even crowdsourcing to get money to grow
columbian.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from columbian.com Daily Mail and Mail on Sunday newspapers.

United statesSalt lake cityNate hodgeCheyenne smithJen roseShantell chamblissNational federation of independent businessCapital oneFederal reserveComerica bankNational federationDakota ridgeRaaka chocolateBee cups

Turned down for a loan, business owners look to family and even crowdsourcing to get money to grow

Among the many challenges small businesses face as they try to grow these days, getting a loan is right near the top. Banks big and small have tightened lending standards as the Federal Reserve hiked up interest rates the past two years. The collapse of three regional banks this spring and the possibility of stricter regulations have likely made some banks more cautious as well.

United statesSalt lake cityNate hodgeShantell chamblissJen roseCheyenne smithComerica bankCapital oneFederal reserveNational federation of independent businessNational federationDakota ridgeRaaka chocolateBee cups