David Solis, sales performance manager at Bank of America told CNN:
“Millennials are on the earlier curve of their small business ownership and entrepreneurial paths.
It makes sense that they’re going to be pursuing alternative forms of lending.”
But in addition to those factors, technology just seems to be having this kind of impact in every industry.
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Editor’s Notes: Loans for entrepreneurs are not as difficult to obtain for newer generations of businessmen and businesswomen. Young people with business aspirations now have more funding opportunities available to them and that is a good thing. There's no such thing as "too many options" in regards to small business loans.
- Baby boomers and Gen-Xers are behind the curve in regards to taking advantage of peer-to-peer lending services.
- Young entrepreneurs have adapted quickly to the new alternative lending options fund their business ventures.
- The fact that older borrowers are not yet in tune with alternate loan sources has no bearing on the future of lending, the alternate lending market is growing more and more each day.