Business Financing: Bad Credit Business Loan, Business Loan for owners with poor credit (low credit score)
Need financing or a loan to purchase supplies, parts, tools, or equipment? Will $500,000 Help Your Business? But you have poor credit, or even worse, bad credit? Stop wasting your time going to the bank.
Getting a business loan is not easy for businesses with bad credit. Getting approved for a business loan from a bank with a credit score of 700 or less can be extremely difficult. Unfortunately for young businesses bad credit is a common plight. Many business owners quickly learn that their initial business loan was helpful in establishing and starting up - but expansion, maintenance or even growth requires additional funding which may not always be available. It is a well known fact that 80% of startups fail. New businesses tend to diminish their chances for additional financing during slow beginnings when fixed loan repayments are not always made on time. Other factors such as personal credit may also damage ones ability to be approved for a business loan as most lenders (banks and other financial institutions) look at a combination of both personal and business credit. Many business owners turn to private lenders, small loan companies, or even family or friends. Acquiring the necessary funds through these private channels is usually not realistic as funding amounts are typically limited.
Getting a bank loan can is very often hard as financial institutions and banks demand? collateral, good credit and many other strict guidelines. Fixed loan payments for loans can also diminish your businesses in the automotive industry hurt your Cash flow in sales from month to month. If your business accepts credit cards, you can be approved for a Merchant cash advance of up to $500,000 against future sales without a stringent application process of a bank loan.
Help you with the purchase of parts, supplies, tools, or equipment
Increase cash flow for salaries and other needs
Fund renovations to your auto shop or expansions
Cover all your business needs
Bad Credit Is Not A Problem - we have a lot of ways to work around it; a low credit score is not necessarily an indication of how well the business performs.
Our alternative to a bad credit business loan program requirements are simple. To be elligible for our unsecured cash advance, your automotive business must:
Accept Visa or Master Card as a method of payment.
Have minimum credit and debit card sales of $2,000 per month.
Be current with your lease.