Businesses that don’t have a good credit score or have no credit history at all can have a difficult time getting approved for business financing. Even if you’re excellent at running your business and you bring in consistent revenue, traditional banks and payment processors will stay away from you if don’t meet their strict requirements.
Fortunately, reputable business loan providers like firstamericanmerchant.com offer loan programs that are developed to help people in this situation obtain financing. FAM offers business funding opportunities to merchants of any type and size (small, medium, large). Instead of only analyzing your credit score, FAM evaluates the amount of cash flow in your business to figure out how much you are eligible for.
Funding for Businesses Tabbed as High Risk
Don’t let high risk nature create problems for your business. If your business is related to the below-mentioned industries, it’s is classified as high risk:
- Airlines
- Bad Credit Assistance
- Credit Repair
- eBooks
- Electronics
- Gaming
- Nutraceutical
- Technical Support
- Telecommunications
- Travel
- Warranty
Thanks to online merchant funders like First American Merchant, you can enjoy a variety of programs and loans tailored to the needs of your type of business. Don’t choose to engage in risky transactions with foreign and shady organizations. FAM provides the security that is necessary to grow your high risk business.
To determine whether or not your small business qualifies for a loan, First American Merchant will at the following:
- Company cash flow
- Assets and liabilities
- Business plan
- Down payment
Funding for Businesses with No Credit History
Many think no credit is better than having bad credit. However, this won’t seem to be true when you apply for a loan and get turned down. The thing is that many lenders refuse to loan money to businesses that don’t have any credit history.
If you’re on the lookout for a business loan and have no credit, First American Merchant can help. FAM offers loan no credit check. FAM is experienced in working with people who lack well-established credit histories.
Alternative Lending
Businesses with bad credit, no credit or those that are labeled high risk can apply to for alternative lending. First American Merchant’s popular Cash Advance implies asking for cash upfront in exchange for a share of future credit card sales. This is the right solution for merchants who have regular monthly credit card sales, but don’t have good credit. The program features:
- Credit scores below 500 are approved
- You can receive your funds within 72 hours
- Simplicity and flexibility
- No tax returns or financials are required
- Fast and hassle-free application process
Merchants can also apply for an ACH Loan. You can be eligible for the program without creating a formal account with FAM. Loan amounts are based on future earnings prospects. FAM will take a pre-determined amount from your checking accounts for annual repayment of loans.
If you don’t have a reliable payment processor to apply for business funding, consider turning to First American Merchant. FAM is a trustworthy loan provider and high risk processor that offers loan no credit check.
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