1. Social lenders look beyond a credit score
The rigors of military service can take a toll on a credit score. As a result, veterans face unique challenges when looking for a business loan with lenders who only consider the numbers. But on an alternative social-lending marketplace, individual investors bid to back a portion of a loan to a business. Because individual investors set their own interest rate, they are able to consider any factor they wish. Other factors – such as the borrower’s “pitch,” group affiliation, business model, location, online presence, and customer reviews – are all important to social-lenders. This “whole picture” evaluation is beneficial to veteran-owned businesses.