Jun 18, 2024
Travis Palmer

PPP is Over: Here Are Options for Small Businesses

The Paycheck Protection Program (PPP) provided critical support to small businesses during the height of the COVID-19 pandemic. With the program now concluded, many business owners are seeking alternative funding sources to continue their operations and support growth. Fortunately, several options are available to help small businesses secure the financial resources they need. Here’s a comprehensive guide to the various funding options available for small businesses post-PPP.

1. SBA Loans

What They Are:

The Small Business Administration (SBA) offers various loan programs designed to support small businesses, providing low-interest rates and favorable terms.

Key Programs:

  • 7(a) Loan Program: Provides funding for working capital, equipment purchases, and real estate.
  • 504 Loan Program: Offers long-term, fixed-rate financing for major assets such as real estate and equipment.
  • Microloan Program: Provides smaller loans up to $50,000 for working capital, inventory, or supplies.


  • Low Interest Rates: Competitive rates compared to conventional loans.
  • Flexible Terms: Various loan amounts and repayment terms to suit different needs.
  • Supportive Resources: Access to business counseling and training through SBA partners.

How to Apply:

  • Eligibility: Check your eligibility on the SBA website.
  • Preparation: Gather necessary documents such as business financial statements, tax returns, and a business plan.
  • Application: Apply through an SBA-approved lender.

2. Business Lines of Credit

What They Are:

A business line of credit provides flexible access to funds up to a predetermined limit. You can draw funds as needed and only pay interest on the amount used.


  • Flexibility: Access funds whenever needed for various business expenses.
  • Interest Savings: Pay interest only on the amount borrowed, not the entire credit limit.
  • Revolving Credit: Replenish the credit line as you repay the borrowed amount.

How to Apply:

  • Credit Score: Ensure you have a good personal and business credit score.
  • Documentation: Prepare financial documents such as income statements and tax returns.
  • Application: Apply through a bank or online lender offering business lines of credit.

3. Alternative Lenders

What They Are:

Alternative lenders provide funding options outside of traditional banks, often with more lenient requirements and faster approval processes.

Key Options:

  • Online Lenders: Offer various loan products, including short-term loans, lines of credit, and merchant cash advances.
  • Peer-to-Peer Lending: Connects businesses with individual investors willing to lend money.


  • Quick Approval: Faster application and approval processes compared to traditional banks.
  • Flexible Requirements: Often more lenient credit and revenue requirements.
  • Diverse Options: A variety of loan products to suit different business needs.

How to Apply:

  • Research: Compare different alternative lenders and their loan offerings.
  • Prepare: Gather necessary documents and information about your business.
  • Apply: Complete the application process online.

4. Business Grants

What They Are:

Grants are non-repayable funds provided by government agencies, non-profits, and private organizations to support small businesses.

Key Sources:

  • Federal Grants: Available through agencies such as the SBA and the Department of Commerce.
  • State and Local Grants: Offered by state and local governments to support regional businesses.
  • Private Grants: Provided by corporations and non-profits to support specific industries or initiatives.


  • No Repayment: Grants do not need to be repaid, providing free funding for your business.
  • Supportive Programs: Many grant programs offer additional resources and support.

How to Apply:

  • Research: Identify relevant grants and their eligibility criteria.
  • Prepare: Write a compelling grant proposal and gather necessary documents.
  • Submit: Follow the application instructions and submit before the deadline.

5. Crowdfunding

What It Is:

Crowdfunding involves raising small amounts of money from a large number of people, typically through online platforms.

Key Platforms:

  • Kickstarter: Rewards-based crowdfunding for creative projects.
  • Indiegogo: Flexible funding for a variety of business ventures.
  • GoFundMe: Donation-based crowdfunding for personal and business causes.


  • Marketing Boost: Crowdfunding campaigns can increase brand awareness and customer engagement.
  • No Repayment: Unlike loans, the funds raised do not need to be repaid.
  • Community Support: Builds a community of supporters and potential customers.

How to Apply:

  • Choose a Platform: Select the crowdfunding platform that best suits your business needs.
  • Create a Campaign: Develop a compelling campaign with clear goals, rewards, and marketing materials.
  • Promote: Share your campaign through social media, email marketing, and other channels to attract backers.

6. Invoice Financing

What It Is:

Invoice financing allows businesses to borrow money against their outstanding invoices, providing immediate cash flow without waiting for customers to pay.


  • Improved Cash Flow: Access funds quickly to cover operating expenses.
  • No New Debt: Uses existing invoices as collateral, avoiding additional debt.
  • Flexible Financing: Available as needed based on outstanding invoices.

How to Apply:

  • Eligibility: Ensure you have outstanding invoices from creditworthy customers.
  • Documentation: Prepare copies of the invoices and business financial statements.
  • Application: Apply through invoice financing companies or online lenders.


With the conclusion of the Paycheck Protection Program, small businesses still have various funding options available to support their operations and growth. From SBA loans and business lines of credit to alternative lenders and crowdfunding, there are numerous ways to secure the necessary funds. By exploring these options and preparing thoroughly, you can find the right financial solution for your business.

Ready to explore your funding options? Get offers today! Fill out an application with Approvd and discover the best funding solutions for your business. For more business, credit, and financial insights, visit our Approvd blog page.

About the Author

With over 20 years of experience in the business loan marketplace at Approvd, our expert has helped countless small business owners navigate the complexities of securing the right funding. Passionate about empowering entrepreneurs, our expert combines industry knowledge with a deep understanding of the challenges faced by small businesses today.

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