5 Steps You Need To Take To Obtain A Small Business Cash Advance With Bad Credit!

ARE YOU ONE OF THE MILLIONS OF SMALL BUSINESS OWNERS THAT NEEDS CASH TO FUEL YOUR BUSINESS BUT YOUR BAD CREDIT SCORE IS STOPPING YOU SHORT?

Long-time business owners like you are devoted to building their businesses. Often, this means making personal sacrifices and high-stakes business decisions. This can lead to BAD credit. Having bad credit can make it difficult or even impossible to secure a loan from a bank or other financial institution. Many loan companies, rather than recognizing the big picture of your overall business growth, focus only on credit scores and often turn away great businesses because of this one factor.

Or you may be a fairly new business owner and in the first few years of operation encountered the need for additional capital to overcome temporary cash flow issues, expand services or enter new markets. Unfortunately, you may have found yourself in this position before you had the opportunity to establish an independent credit history for your business, or your personal credit may be less than what is necessary to attain additional financing. In this situation, getting a small business loan despite bad credit can be a critical issue.

Either way small business owners or new entrepreneurs with bad credit seeking a loan will find there are few lenders that extend commercial loans to a borrower with bad personal credit. You can employ strategies to increase your chances of securing this type of loan through a traditional bank. You must be willing to take the time to incorporate these strategies and to seek alternative funding sources.

BUSINESS CASH ADVANCES WITH BAD CREDIT ARE TOUGH TO COME BY…
TAKE THESE 5 STEPS TO INCREASE YOUR SUCCESS.

STEP 1
Visit the websites of Experian, Equifax and Trans Union and order your personal credit reports. If you already have a business and are seeking a loan, go to Dun and Bradstreet's website and order a copy of your business's credit report. Dispute any errors on your personal or business credit report directly with the reporting agency. For trade lines, another name for accounts, that are accurate but have a negative effect, contact the original creditor and offer to settle the debt for 20 cents to 30 cents on the dollar in exchange for reporting the debt paid in full. Request a copy of the agreement in writing and only pay the settlement with a certified check or money order.

STEP 2
Evaluate your financial needs. Most often, business owners will be denied financing because their ACTUAL NEEDS don’t merit the amount being requested. Be certain that your plans could not be completed with fewer dollars before you submit your request. Meet with a commercial lender and explain the steps you have taken to resolve negative trade lines and present the settlement letters.

STEP 3
If your financial needs are less than $35,000, you may qualify for a Small Business Administration (SBA) 7(a) loan. The SBA has several loan programs under the 7(a) category. These loan programs are government-guaranteed so lenders are willing to extend financing to business owners with less than exemplary credit.

STEP 4
Find alternative lending sources if a loan cannot be secured from a bank, such as private capital lending and secured loans or collateral loans - for example a home equity line of credit or home equity loan. Another alternative is to take a loan against a personal retirement account.

STEP 5
NEVER GIVE UP. There will be a trusted financial partner out there that will work with your current situation and help you to succeed. Alternative lending sources are out there for business cash advances with bad credit – you just need to keep searching.

For more information, contact us at 714.988.6355 or visit us online at www.1businessloans.com