“When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” – Henry Ford
Businesses with bad credit may face obstacles in their way. Take the right steps to survive the competition and overcome the challenges.
Small Business News
ObamaCare, or the Patient Protection and Affordable Care Act (PPACA), commonly called the Affordable Care Act (ACA), has recently introduced new regulations for small businesses in the United States. If you employ more than 50 people, you must, by law, provide them healthcare or you must pay a fine.
Banks have pulled back from small business lending. This is especially true of residential mortgage lending. Business owners having a hard time getting a traditional bank loan should consider peer-to-peer lending, which has become so much popular. Such landing can really help small businesses grow.
First American Merchant offers business loans to its customers to help them grow. Businesses, especially small ones, can be sure to get approved for a loan even if they have bad credit. Choose FAM for a bad credit business loan and start expanding.
How To Get A Bad Credit Business Loan?
Some of the loan programs developed for bad credit businesses include:
- Bad Credit Business Loans / SBA Commercial Loans – These are backed by a government agency serving as a guarantor to commercial lenders. The lender will get the investment back should the business defaults on its loan repayment.
- Business Line of Credit – You can get approved for this type of loan in advance and use it when you need it. Repayments can be made when money is borrowed. Only paying the monthly minimum is required.
- Merchant Cash Advance – The borrower should present a detailed and comprehensive business plan. With experts in the field like FAM, you can get approved for your bad credit business loan fast and easily. MCA offers approval for credit scores below 500. You’ll get your funding within 72 hours from application. No tax returns or financials are required.
- Microloan – It ranges from $500 to $50.000. Microloans are ideal for small businesses like hair salons, restaurants, and retailers that have small huge financial needs and don’t have great credit.
- Peer-To-Peer Loans – Banks like to deal with larger companies that need larger amounts and boast good credit. Choosing P2P lending for your small business, you don’t necessarily have to present your personal financial information, repayment details, and your business plan.
- Poor Credit Commercial Mortgages / Commercial Hard Money – Businesses with bad credit should give collateral to the lender to leverage the debt. This loan is great for bankruptcy business funding. The lender is interested in the business’s equity (machinery, real estate, vehicles, etc.).
- Story Lenders – These are institutions offering loan application and approval depending on how the borrower expresses himself/herself. The borrower must present a detailed business plan and explain why he/she is having investment challenges.