There are a lot of small businesses that want to expand or need additional working capital but can’t get any due to their credit. Bad credit small business funding is an area that alternative lenders, like Small Business Funding, excel in. Banks are not “built” to take on the risk like an alternative lender is.
Alternative lenders providing bad credit small business funding have sophisticated underwriting and scoring allowing them to have an acceptable default threshold. The scoring is weighted less on credit and more on business performance. They will take into account your monthly revenue, your average daily bank balances, number of NSF’s, and ending monthly balances. They have an algorithm that will encompass all this information plus their application details and credit to determine how much they can lend and for what term. A low FICO score won’t determine if you’re approved or not but will affect the amount you can borrow and the term. The documentation required is much less voluminous than what you would need for a bank. 3-6 months of bank statements, 3-6 months of merchant statements (if your small business processes credit cards), and possibly a tax return. You’ll receive a lending decision in as little as 24 hours. They can get a small business their capital in just 5 days.
Small Business Funding can connect every business owner in need of bad credit small business funding with an alternative lender. There are numerous options that a funding specialist can discuss with you including a merchant cash advance, a unsecured loan, a factor loan, or asset based loan. With this arsenal of lending products Small Business Funding has over a 90% success rate in getting small businesses with bad credit the financing they require. They are your one stop shop from applying to funding.
For bad credit small business funding go to smallbusinessfunding.com or click here for bad credit small business funding.