What alternative action might Alex consider to secure the $30,000 loan?

Finding a mentor or guarantor to help secure the loan is an effective alternative action for Alex because it adds a layer of security for the lender. A guarantor is someone who agrees to take responsibility for the loan if the borrower fails to repay. This can reassure lenders, particularly if the borrower has a limited credit history or insufficient income. The presence of a mentor or guarantor can provide additional credibility and demonstrate financial responsibility, making the loan application more appealing.

Securing a loan often depends not only on the borrower's financial background but also on the confidence lenders have in the repayment ability. A mentor may also offer guidance in improving financial literacy and making the business plan more attractive, thus enhancing the chances of loan approval. Engaging with a mentor can also involve building connections that may lead to better financing options in the future.