The recent misfortune of American businesses — many of which are struggling to raise cash to stay afloat — is creating new moneymaking opportunities for hedge funds and private equity firms, big investors that have been relatively unscathed by the pandemic.

With hundreds of billions of dollars sitting in reserve, these firms are plotting strategies to extend high-interest loans to companies, especially smaller, already troubled ones that banks have largely shunned over the past decade. Private equity firms, in particular, are also exploring buying minority stakes in public companies, which would provide them with an immediate cash infusion. But for companies exploring these so-called alternative lending options, the relief may come at a high cost.

“The problem for companies today is everybody has less money, and the cost of capital has just gone up a lot,” said Marc Lasry, co-founder of Avenue Capital Group, a $14 billion investment firm that specializes in distressed assets and loans to medium-size businesses.

Ever since the coronavirus pandemic shut down major parts of the economy, companies of all sizes across a swath of industries have raced to shore up the cash on their books. Big-name businesses with good credit have turned to commercial banks and big Wall Street firms for financing help, or issued bonds directly to investors. But there are far fewer options for companies that already carry a lot of debt, or are deemed risky by investors because they operate in industries, like retail, entertainment, energy or tourism, that have been hit especially hard by the pandemic.