Get Business Financing Even With Bad Credit
Whether you're getting your new business off the ground or have been operational for some time there is a number attached to everyone, lurking, waiting for the moment it's asked to reveal itself and then, BAM! You find out your credit score is so low it's only a few numbers higher than the available cash in your personal account. This could have setbacks on your plans to grow your business especially if capital isn't readily available, let alone the difficulty of finding a bank or credit card company that would be willing to take on a risky borrower.
To quickly cover what's considered as bad credit it's important to preface this can include late payments, accounts in collections, medical bills, delinquent accounts, high debt-to-credit ratios, student loans, credit card debt and more. When any of this is present in a personal credit report, an applicant will soon find out that they're disqualified for bank financing which quickly leads them to believe they're tapped out for business financing options altogether. This couldn't be any more inaccurate.
Entrepreneurs with sub-prime or bad credit have all kinds of options available to them. There are credit lines, term loans, equipment financing, account receivable factoring, and many more forms of financing available to gain access to capital and build business credit.
Once a credit score is discovered, the next step is figuring out where to turn in order to get the financing your business needs. There are lots of options such as asking friends or family for a loan, selling off equity, liquidating assets, or what most entrepreneurs do which is turn to the internet and find a financing company to guide them. This is when it's important to judge a book by its cover to determine who'll be the best fit for financing your business. Ratings, reviews, time in business, and transparency should all play a role in whom you choose.
Over the last seven years I have personally helped fund over 480 million dollars to more than 8,500 businesses nationwide. Even though every client had a unique scenario, credit score, their purpose of funds and so on; I approached each of them with patience, respect, and integrity to give my clients a more personal experience, separating myself from the pack while delivering the best deal.