I got an email reminder the other day about my article deadline and wondered how I was going to fit it in with an incredibly busy time at work and so many other commitments with chamber awards ceremonies, holiday gatherings with clients and the like.

I had the idea of what I wanted to write about, but zero time to research. That is when I remembered my colleague and friend Kathy Bardins wrote an article titled “To AI or Not to AI” back in September. I wasn’t sure if artificial intelligence was going to make it more difficult or if it would be easy.

My idea was to write an article about alternative lending sources, as I have been seeing a fair number of opportunities lately that aren’t a good fit in the traditional banking channel. So, I downloaded ChatGPT, typed in “alternative business lending channels” and within 6 seconds or less, it had a complete article written. I read it and it was 100% what I would have thought I would have come up with doing my own research. The whole idea that this is becoming mainstream is kind of crazy. But here it is, in quotations, what ChatGPT wrote (and I promise to write my own next time):

“In the ever-evolving landscape of business finance, entrepreneurs are increasingly turning to alternative sources for loans beyond traditional banks. These alternatives offer flexibility, faster approval times, and unique funding options. Here, we delve into some alternative business loan sources that are gaining popularity among small and medium-sized enterprises.

• 1) Online Lenders: With the rise of fintech, online lenders provide a convenient and swift way for businesses to secure financing. Platforms like LendingClub, Kabbage, and OnDeck use algorithms to assess creditworthiness, enabling faster approvals compared to traditional banks. While interest rates may be higher, the accessibility and speed of online lending make it an attractive option.

• 2) Peer-to-Peer Lending: Peer-to-peer (P2P) lending platforms connect individual lenders with borrowers. This decentralized approach often results in competitive interest rates. Websites such as Prosper and Funding Circle facilitate these transactions, creating a direct link between investors and businesses seeking funds.

• 3) Invoice Financing: For businesses dealing with slow-paying clients, invoice financing provides a solution. Companies like BlueVine and Fundbox advance funds based on outstanding invoices, allowing entrepreneurs to maintain cash flow without waiting for payment. The loan is repaid when the client settles the invoice.

• 4) Crowdfunding: Crowdfunding platforms like Kickstarter and Indiegogo have become go-to options for entrepreneurs seeking funds. Whether for product development or business expansion, crowdfunding allows businesses to raise capital directly from a large pool of contributors, often in exchange for early access or special perks.

• 5) Microloans: Microloan programs, often supported by nonprofit organizations or government agencies, cater to small businesses and startups. These loans are typically smaller in size, making them accessible to entrepreneurs who may not qualify for larger traditional loans. The Small Business Administration (SBA) Microloan Program is a notable example in the United States.

• 6) Angel Investors: Angel investors are affluent individuals who invest their personal funds into startups or small businesses in exchange for equity. Beyond financial support, angel investors often provide valuable mentorship and industry connections. Platforms like AngelList connect entrepreneurs with potential investors.

• 7) Venture Capital: While more common for startups, venture capital (VC) firms can be an alternative funding source for businesses with high growth potential. In exchange for equity, venture capitalists inject capital and strategic guidance, helping businesses scale rapidly.

• 8) Community Development Financial Institutions (CDFIs): CDFIs are financial institutions that focus on providing affordable financial services to underserved communities. They offer loans to businesses that may face difficulties obtaining financing through traditional channels, promoting economic development in local areas.

As the landscape of business financing continues to evolve, entrepreneurs have an array of alternative sources to explore. Each option comes with its own set of advantages and considerations, requiring careful evaluation to align with the specific needs and goals of the business. Whether it's online lending, crowdfunding, or seeking support from angel investors, diversifying funding sources can contribute to a more resilient financial strategy for businesses of all sizes.”

So, there you have it … ChatGPT just saved me from missing a deadline! If you are looking for additional help with starting or growing and funding your small business or need a mentor, go to score.org/tipofthemitt.

Tracey Dryovage is vice president of commercial lending at First Community Bank in Petoskey and a volunteer business mentor with SCORE's Tip of the Mitt chapter.

This article originally appeared on The Petoskey News-Review: Alternative business lending from a ChatGPT perspective