How to Get a Small Business Loan with No Credit
It has been said that there is no such thing as impossible; it’s just a matter of figuring out how to achieve the results you want. For example, you may think that getting a small business loan with no credit is an unattainable goal when it’s really a matter of reviewing all your options.
Trying to get a small business loan with no credit may feel like you are banging your head against a brick wall. However, perhaps there are other ways to get the fast business money you need. Learn what’s available in order to make the right decision for your business.
The Problems in Getting a Small Business Loan with No Credit
It’s a common Catch-22 in business. You can’t get a loan without a credit history but you need an instant business loan to grow or expand your business and establish a credit history.
No credit score typically means you don’t have debt, which should make you very attractive as a candidate for fast funding business loans. Unfortunately, the opposite is true. Banks are uncertain about how you will actually handle debt so they are unlikely to approve your application.
Are There Alternatives to a Small Business Loan When You Have No Credit?
Let’s face it, getting money from a bank nowadays is impossible but there are now alternative financing companies, like Financing Solutions (www.financingsolutionsnow.com), that are specifically set up to provide small business funding to those who have no or low credit. As long as you have been in business for at least two years and have $150,000 in sales, you are eligible to apply.
At Financing Solutions, they look beyond credit scores to give you the short term business funding that is often necessary to manage cash shortages, make payroll and take advantage of profitable growth opportunities. As a company run by two serial entrepreneurs, they understand the challenges and stresses that come with owning a small business and are willing to consider other factors, such as the strength of your business plan and recent payment record, when making approval decisions.
In fact, more than 90 percent of the companies that apply receive approval for fast business financing. Best of all, you will get an answer in about an hour. Then, after submitting the supporting paperwork, you can have the money in your account in less than two days.
Why Saying No Can Be Good for Your Business
As a small business owner, all your focus is likely on pleasing customers and making money. Therefore, you don’t have time to think about what’s really right for your business. Sometimes, saying no can actually help you grow faster and stronger.
For example, if you have lots of clients with small accounts, you are probably working very hard for the smallest amount of money. You may want to pass on taking more of these accounts and concentrate your efforts on attaining bigger fish.
Additionally, many of us often say yes because we are afraid disappoint potential customers. This may cause you to take clients you don’t really want and perform work that doesn’t add value to your business. In this case, it’s best to say no.
Saying no in some areas also leaves you free to say yes to other opportunities, like getting quick business funding from Financing Solutions. With their help, there is no limit to how much your business can grow.