Can I Get a Small Business Loan with No Credit
Businessman J.P Morgan once said, “No problem can be solved until it is reduced to some simple form.” Nevertheless, sometimes your problem is the word no, such as trying to get a small business loan with no credit.
Credit is a huge part of life today. Everything from purchasing a car to ordering television service for your home seems to require a credit check. Getting a small business loan with no credit may be especially difficult but after doing your homework and obtaining the right information, you will find that you do have options.
What You Need to Know about Credit
The first thing to know is that almost everyone has credit. It might not be great, but most people do have a credit history.
Your credit score is made up of factors such as your payment history, amounts currently owed, types of credit you have and searches for new credit. While things like credit cards and business bank loans weigh heavily on your credit score, these are not the only items considered. Events such as student loan debt, unpaid medical bills and any bill that went into collections are also used to calculate your credit score.
Additionally, if you are a business owner, you have undoubtedly worked with vendors or other businesses to get the things you need to operate. Having a good payment history with these places may not show up on your credit report but can be used as proof that you are a decent credit risk.
Is There an Alternative to Getting a Small Business Loan with No Credit?
Most banks expect applicants to be perfect before offering financial assistance. This means you must have the right amount of collateral, a flawless financial history and stellar credit. If you are missing any of these elements, you will be denied.
For a better option with fewer hassles, turn to a business cash advance company, like Financing Solutions (www.financingsolutionsnow.com). They work with most types of business owners, including those with bad credit or no credit, to provide the fast business financing necessary for growth and success.
With Financing Solutions, you can get same day business funding from an A+ rated BBB company. Most importantly, since they do not require personal guarantees, your credit score will not be negatively affected by working with them.
Things No Small Business Should be without
Of course, you are already aware that every business needs access to fast business capital to facilitate growth and survival. Nevertheless, there are other fundamentals you must have in order to outshine and outlast the competition.
One vital tool is promotion. You can’t expect people to buy your product if they don’t know you exist. Even more importantly, today’s consumer insists on knowing all about the companies they patronize. Look for local sponsorship opportunities, speak at events, build relationships with reporters, and find other ways to get your name in front of your target audience.
Every business must also have a plan B. Unexpected events are bound to happen and you have to be prepared. You may need to change your approach to problem solving, honestly evaluate your product or customer service operation or be more open to suggestions in order to create alternate scenarios, but it will all be worth it should the unthinkable occur.
The most crucial element in your arsenal should be a smart financial plan, and Financing Solutions can help with that. They will provide the quick business funding it takes to get your business on solid ground.