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The New New Alternatives

A different crop of lenders is emerging, claiming that it will revolutionize tight credit markets. Really?

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This story appears in the September 2010 issue of Entrepreneur. Subscribe »

When credit is tight, it's not unusual for a cadre of alternative lenders to emerge. The current credit crunch is no exception--but this time there are some interesting options.

On Deck Capital is a New York City-based alternative lender targeting small businesses that are unable to qualify for traditional bank loans up to $100,000. Because they look at business performance in addition to the borrower's credit score, they can be more forgiving of a few black marks and late payments, says CEO and founder Mitch Jacobs. Since 2006, the group has lent $75 million to approximately 2,000 small businesses.

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