As a small business owner, you know that you can’t make sales if you don’t have a great product that the public actually wants. That one’s easy. However, a harder question is where you can get a business bank loan if you have bad credit. This may require a more detailed answer.
Getting fast business financing is difficult enough for a small business. It seems that lenders want everything to be perfect in order to even view your paperwork. That’s what makes getting a business bank loan if you have bad credit so challenging but fortunately, there may be a light at the end of the tunnel.
Is it Possible to Get a Business Bank Loan if you have Bad Credit?
In a word: no. Perhaps if your last name is Trump or Hilton, your actual credit score may not matter. For the average entrepreneur, however, a business bank loan with bad credit is out of the question.
Most banks are beholden to shareholders and boards of directors. As a result, they strictly scrutinize every application for a fast business loan and insist on perfection. If you have any flaws, such as bad credit, you are considered too much of a risk and you will be denied.
Are There Alternatives to a Business Bank Loan for Those with Bad Credit?
For your best option, turn to a business cash advance company, like Financing Solutions (www.fundmypayroll.com). They look beyond your credit score to provide you with the cash you need.
At Financing Solutions, they consider your business as a whole when making a decision about eligibility for quick business funding. They understand the importance of other factors, such as your business model and current payment behavior. Therefore, you can get funding even with bad credit.
Best of all, the process is quick and easy. You can get the cash now that you need in less than 48 hours. Also, with their flexible repayment schedule, you can pay off the money in a few weeks or months with no penalties.
Can You Keep Your Business Healthy Even If Sales Are Slow?
Studies have shown that many businesses make 80 percent of their sales during only 20 percent of the year. Any business can have a slow period. It could be seasonal, every few months or economy-based.
It is important to be able to keep your business running smoothly during these times. One thing you can do is to prepare for the bad times while you are still experiencing good times. This could mean putting money aside in a working capital fund or consolidating debt now for an easier payment schedule later.
You can also implement policies that will work to put more money in your pocket, such as offering incentives to those who pay early or creating special offers designed to encourage business during slow periods. For example, you could distribute coupons to customers at Christmas time (a strong sales month) for 10 percent off purchases in February (a weaker sales month).
The best thing you can do to keep your business healthy is to contact Financing Solutions. Even if your bad credit has blocked you from quick business financing in the past, they can help get you back on track.