Meet Nick. Nick started his own small business, a budding young advertising agency, about a year ago. Nick is creative, resourceful, and hardworking. However, Nick has a horrible credit score, and is unable to secure a loan from a bank because he doesn’t know about bad credit small business loans. Nick’s company soon goes bankrupt.
Nick’s ad agency showed promise. He had creative new ideas for selling his client’s products, but he needed capital in order to keep his business going. His FICO score was awful, but had he known about bad credit small business loans, he would have been able to keep his company afloat while eventually turning a profit. What Nick should have done is gone to a company like Small Business Funding, which connects small businesses like Nick’s with alternative lenders that have different criteria for lending to small businesses. These lenders look at the type of business and the performance of the business rather than solely looking at the credit score. Had Nick known about bad credit small business loans, he would have been able to secure the capital he needed to stay afloat and eventually start making the big bucks.
Running a small business is not easy. There are many costs, expenses, and hardships that larger corporations don’t have to deal with. For small business owners like Nick, he may have a great idea, an innovative business plan, and all the tools to succeed, but something like his bad credit score, which in this case is not indicative of how well his business can do, could hinder him or even cause the company to go bankrupt before it even has the chance to succeed. By securing a bad credit small business loan, Nick can get a loan based on the type of business and how well it performs, rather than his credit score, and he can finally show the world what he is really made of.