Skip to main content



  

 Alternative ways to Finance a Small Business

A little creativity can improve your business credit.


There are bad credit small business loans available in spite of what you may think. Lenders are willing to work with you, especially if you make a considerable effort to prove your willingness and ability to repay the debt. The first step is to make a clear distinction between your personal and your business credit.

Your personal history can have a profound effect on your business’s ability to get financing. However, you can take steps to assure that your personal past repayment problems do not hinder your venture’s financing options. This can be a time-consuming process, but well worth the investment.

Consider that no bank will even look at a potential borrower that has a credit score lower than 640. You have to work towards creating a new score for your personal financial health as well as for your business. Bad credit business loans are attainable if you prove that you are diligently working on the problem.

Steps to Getting Bad Credit Small Business Loans

Consider your efforts to getting financing for your business with bad credit as a process that is ongoing. This can be considered to be a monetary diet of sorts. It is necessary to cut out your personal credit history in order to cut out some of the fat. This may be the bulk of your excessive credit problems.

Cut out your unhealthy credit history and replace it with brand new habits that help to rebuild a healthy business financial profile. Ideally, you will work to improve your personal credit in the process as well. Consider this to be your overall financial health plan.

How do you cut out your unhealthy debt history? You can start by creating a new credit history for your business that is completely separate from your personal finances. This is accomplished through incorporating your enterprise. 

When you incorporate, you establish your business as a separate entity with a financial profile of its own. Your company will have an Employer Identification Number (EIN) or Tax Identification Number that will be used in place of your Social Security number. 

The next step is to build a spotless credit report for your company. Borrow a little at a time, beginning with small advances that you can repay quickly and efficiently. Once a little bit of reliable repayment is accomplished, continue the process. 

After awhile, you will be able to successfully be approved for bad credit small business loans. Use the good habits that you are developing in building a great repayment history for your business for your personal finances as well.

Charles Colbert is The Director of Sales with American Capital Group. Leveraging his experience & education, Charles currently partners with growth stage companies who are in need of creative financing solutions to help them grow. He can be reached by telephone at 212-201-0729 x718 or by email: ismallbusinesscredit@gmail.com.  Website: http://ismallbusinesscredit.com

Comments

Popular posts from this blog

Press Release - iSmallBizCredit Partners With Chick N' Friends

iSmallBizCredit, an online lending marketplace dedicated to small business owners, today announced a partnership agreement with a new licensing model in the food and beverage industry. https://www.prlog.org/12665459-ismallbizcredit-partners-with-chick-friends.html ChickNnomics NEWARK, N.J.  -  Sept. 19, 2017  -  PRLog  -- The new partner Chick n' Friends, is now uniquely positioned to offer consultant services for independent restaurant operators as well as entrepreneurs interested in the extension of the Chick N' Friends business model through a licensing program. A new cost effective way to business owners to franchise. This includes turnkey integrated commercial restaurant equipment & supply system, blended seasonings, and confirmed operations and policies & procedures manuals. iSmallBizCredit will provide an efficient financing and payment processing platform for their independent owner/operators. This partnership will streamli...

Secured vs. Unsecured Business Credit Cards: Which is Better?

Secured vs. Unsecured Business Credit Cards: Which is Better?                 Having a bad credit report can surely become a hindrance in establishing your business. Most likely, you will have difficulty in trying to persuade lenders to give you a business credit account, which can be very significant for your company. Without business credit for back up, you are placing your company at a very huge threat of running out of cash and even a possible stop in its operations. Your credit score may not be very constructive to your reputation, you may have very limited options –either you get an unsecured bad debt credit card or a secured credit card . In this article, let us know the difference between these two credit cards and how they can help your business, especially if you have bad credit. The Difference between a Secured and an Unsecured Credit Card A secured credit card would basically requ...
Press Release Distribution iSmallBizCredit Launches Revolutionary Online Product "BridgeCap" https://www.prlog.org/12600632-ismallbizcredit-launches-revolutionary-online-product-bridgecap.html General contractors and commercial real estate investors will now be able to receive a unsecured bridge financing approval online with iSmallBizCredit . iSmallBizCredit brings the Commercial loan experience to the finger   NEWARK, N.J.  -  Nov. 10, 2016  -  PRLog  -- The General Contractor and Commercial Investor Funding product from iSmallbizCredit, Bridge CAP, is a state-of-the- art financial platform helping commercial real estate investors complete and close more deals. Key benefits for real estate investors include: • Bridge CAP designed for Investors: Bridge Loans with no collateral with funding up to $2,000,000 with 3-36 month terms and lines of credit up to $1,000,000 • Competitive pricing: Annual interest rates as low as 8.99% for sel...