Are you Struggling to find a Bad Credit Small Business Loan?

bad-credit-business-loan-940x627When you run a small business and you have bad credit, finding the funding you need can be difficult. Many banks and lenders won’t work with businesses with bad credit. However, there are ways to find the capital you need. Here are some of the ways you can get funding even with bad credit.

Credit Card Sales

If you accept credit cards for a large portion of your sales, you can leverage these receipts for business funding. Some lenders will provide a business cash advance with flexible payment terms, based on your credit card sales. They may not even need to check your credit to get you approved for the funding.

Bank Deposits

With regular bank deposits, you may also be able to get a bad credit small business loan. This is known as a revenue-based loan and is a program you may be able to take advantage of, as a small business owner. Often, you will be able to get about 10% of your annual deposits in the form of a loan.

Choosing a Credit Partner

Another way for a small business to get financing with bad credit is through a credit partner. By leveraging a new business partner with good credit, you may be able to get business credit cards and loans for your small business.

This person will need to be somebody with strong credit scores and an interest in your business. You may have to give up some of the equity to make this person a partner, but you will be able to use their good credit to get the funding you need.

Even with bad credit, small business owners can find the financing they need. Whether you use your credit card sales, your bank deposits or a credit partner, there are certainly ways to find the capital you need to keep your business running smoothly.

Recent Posts