Traditional bank loans have lower interest rates and longer terms than alternative financing but stricter requirements for approval. Alternative lending options include direct private lending, marketplace lending and even crowdfunding platforms. Alternative loan types include lines of credit, short-term loans, microloans, factoring, equipment financing, bridge loans and merchant cash advances. Every business needs funding. While you might have initially financed your business with your own money or loans from family and friends, there comes a time when institutional capital is…