Small Business Loans with Bad Credit?

Bad Credit Business Loans? Do they Exist?

When applying for a small business loan with bad credit one will see that there are few options if any and will be very expensive.

Would that being said it is very important that a business owner should take the time to look over his personal credit in the 3 major credit bureaus experian, equifax,and transunion. The business owner should look for any negative information such as collections, inquiries, bankruptcy, late payments etc.

One should write to the credit bureaus to challenge theses negative items or seek help with a credit repair company to delete these items which could very well be the reason why their fico scores are low and loan requests were being denied in the past.

Where Can I see My Credit Reports?

A good place would be is to go online to www.AnnualCreditReport.Com. There you can see your scores and match it up with these examples to see how you fico scores rank.

Excellent -750-850
Good —-650-780
Fair—– 600-660
Poor—– 500-600
Challenged— 500 Or Below

Anything below 600 makes it tough to get approved for a small business loans with good terms and good rates.

Can a business get a small business loan with credit from 500-600?  Yes there are a few options ,but if you find one and get lucky the terms will be short and the cost of the loans will be pretty expensive. However it may be just what you need to turn your business around.

Can A Business Owner Look For Capital With His Business Credit?

Some lending institutions will take business credit scores into consideration when applying for a small business loan, however if business is fairly new they will mainly go by the FICO scores.

Why Does Bad Credit Limit My Loan Options?

Lending Institutions and Big Banks want business owners that show history of paying loans and obligations in a timely manner.They look at how long people have credit? How many lines of credit? How many different types of credit? All this history leads to credit scores that lending institutions will use evaluate trustworthiness as a borrower. Financial Institutions are very careful limiting approvals for small business loans to minimize their risks.

How Can A Business Owner Increase His Chances Of A Small Business Loan Approval?

  • Having a high credit score
  • Good Revenue
  • Good debt to income ratio
  • Good Cash Flow
  • No Debt
  • Collateral
  • Having A Good Business Plan

Need Advice? Free Consultation. No Obligation. We have many different loan products to help small business owners with credit from 500 to 850. Let us help you get your small business loan today!


UP TO $500,000

CALL TODAY (407) 269-8286


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