One could say troubled times fuel innovation.

Even if bank-related financing is hard to come by, a few options remain where even small businesses with poor credit and limited assets can access funding. Alternative financing models such as microfinancing, peer-to-peer lending, and most recently, crowdfunding, have become increasingly mainstream. The following funding options were compiled by The Frugal Entrepreneur:

1. Microlending

Microlending programs provide funding via community-based, nonprofit microfinance institutions. While any business can apply for microlending, typically businesses in rural or disadvantaged communities use this means.

The Small Business Association Microloan Program provides direct funding to nonprofit intermediary lenders such as community-based organizations, who then provide microloans to small business owners and entrepreneurs. The Small Business Jobs Act of 2010 helped the SBA program grow to a loan limit from $35,000 to up to $50,000. SBA microloans do have restrictions - monies can't be used to cover debt or purchase real estate, for instance. A list of participating microlenders by state is provided on the SBA website.

Accion USA, one of the largest microlenders in the U.S., also offers small business loans up to $50,000, with competitive interest rates, no application fee, and an online application. Accion also offers small business consulting on how to deal with traditional financing.

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