4 ways businesses can dodge loan scams and predatory lenders

By RANDA KRISS of NerdWallet

Scammers and predatory lenders continue to try to take advantage of small businesses searching for COVID-19 recovery funding — especially with the end of the Paycheck Protection Program. To protect themselves from potential bad actors, business owners should watch out for financing sold exclusively on speed, as well as any lender that asks for money upfront to apply for a loan. Small businesses also should be wary of phishing attempts from scammers posing as the SBA or other government agencies. Working with free business advisory resources like SCORE can help make the search for financing easier.