BUSINESS FUNDING WITH BAD CREDIT

July 29th at 5:38am Published by firstdownadmin

POOR CREDIT SCORE – A ROADBLOCK TO PROGRESS

Qualifying for small business funding when you have bad credit can be difficult but not impossible. As shown above, there are plenty of funders willing to overlook bad credit if you are strong in other areas like cash flow. Traditional funders like credit unions and banks prioritize credit scores in their applications so you likely won’t be able to qualify if you have a credit score below 680.

Most businesses will find their financing needs best met by term funding, business lines of credit or business credit cards. These three products will usually provide the most flexible spending terms and options. If you can’t qualify for financing at a bank because you have bad credit or don’t have the cash reserves, apply for financing with an online funder as they tend to be far more lenient than traditional funders.

Types of business funding for poor credit offered by alternative funders include:

  • Short-Term Funding. …
  • Short-Term Business Line of Credit. …
  • Collateralized Funding. …
  • Merchant Cash Advances. …
  • Working Capital Funding. …
  • The Relationship of Personal Credit to Business Funding Approval. …
  • The Relationship Between Credit Scores and Interest Rates