Bad Credit Small Business Loans
For most it would be hard to believe that they can get bad credit small business loans with below average credit. However, the truth is that from a private lenders perspective bad credit small business loans are not out of the ball park.
The way banks review documents of small businesses applying for a loan, is vastly different from the way in which a private lender such as Funding Easily reviews the documentation. We have very reasonable and practical requirements of businesses looking for bad credit small business loans, as compared with a bank.
Our criteria are different and are mentioned here; the business needs to be at least 12 months old, the owner of the business should not be in active bankruptcy, and the minimum gross sale of the business should be at least $10 thousand a month. In addition to this we do not require excellent credit scores as well, and work with credit scores as low as in the mid-500s.
Bad Credit Business Loans
Bad credit business loans with poor credit are possible for any small retailer provided they meet the basic and reasonable criteria mentioned above. The criteria of banks is stringent for the simple reasons that they are not keen on providing funding to small businesses. Small businesses are viewed as a high risk investment from the perspective of the banks. The criteria of banks is designed to filter out business applications that appear to be high risk. Most small businesses as a result cannot meet these criteria which are better suited to large businesses or corporations.
A bank would want to see a lot of documentation to make a decision that is if the credit score of the business owner is about 700, in addition to this they would also require collateral, security and other forms of guarantees. These are the reasons about 90% of all bad credit small business loans are rejected by the bank.
For more information on how to get a bad credit business loans from Funding Easily, contact us or fill the application form on our site. Our funding team will assist you with information and also the funding application if required.
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