14 Percent of Millennial Business Owners Use Alternative Lending

It used to be that if you wanted to start a business you had to get a bank loan or bootstrap it yourself. Those days are no longer, as more and more non-traditional lending sources continue to pop up. And more entrepreneurs — particularly young entrepreneurs — are taking notice.

According to a recent Bank of America study, 14 percent of millennial business owners have turned to non-traditional lending services. These include things like peer-to-peer lending platform Lending Club or online service OnDeck Capital, both of which went public within the last month.

14 Percent of Millennial Business Owners Use Alternative Lending