Wondering About Financing Small Business Loans?
If you’re worried about qualifying for a loan, don’t. While traditional lenders only approve a quarter of small business loans, lending marketplaces like National Business Capital approve more than 60%. That doesn’t mean you can drag your credit score through the gutter and walk away with copious amounts of financing — but it does mean that you don’t have to be perfect to qualify for a variety of solid loan options.
Lenders hold more of the cards when it comes to small business loans, but you should still shop around before you start a lengthy application process. Consider trying your own bank first, especially if you have a long, responsible relationship with that lender. Banks that know your backstory might be more sympathetic to your needs. Also consider credit unions that make small business loans — they might have more flexible criteria and more willingness to listen to you make your case.
Small Business Loans
However, you can use its unsecured personal loans for small business purposes. This can make our company a good choice if you need a smaller amount (you can borrow up to $3,000,000) and your business doesn’t have the established track record to qualify for dedicated small business loans.
For 25 years, we have been making business loans ranging from $10,000 to $3,000,000 to small businesses throughout the United States who may have trouble securing funding from banks and other traditional sources. We consider non-traditional collateral, offer flexibility in the loan structure, and loan decisions and relationships are managed locally. We also work to ensure our clients’ success by offering highly customized, peer-to-peer business coaching by an extensive network of local, successful business owners. This innovative blend of lending and learning helps entrepreneurs overcome obstacles, grow strategically, and create jobs.
Small Business Loans No Credit Check
Credit history is one of the most important factors in making our decision to provide a loan. Credit history is the clearest indication we have of your willingness and ability to repay loans. However, we are willing to take into consideration extraordinary circumstances that may have damaged a previously good credit history.
A Line of Credit is a revolving flexible credit facility used to meet short term borrowing needs. With a line of credit, you determine when and how much money is borrowed at any time. Principal outstanding under a line of credit is repaid periodically at your discretion, while interest on the principal is billed monthly. A line of credit is best suited for repeated and continuous borrowing, and is usually used to provide working capital for your business. Utilizing a line of credit can often afford you the opportunity to take advantage of supplier discounts and specials or support receivables or expanding inventories during a period of business growth.
A Letter of Credit is a guarantee of payment on behalf of a customer to another party where a commercial bank substitutes its creditworthiness for that of its customer. Letters of Credit are often utilized to facilitate trade or support performance required under certain types of contracts.
Small Business Loans Bad Credit
If you don’t have established business credit yet, you can leverage your personal credit to qualify for financing — but you’ll probably have to personally guarantee the loan or put down collateral. And just like a personal credit score does, a strong business credit score can help you qualify for better rates and terms. Taking the time to build excellent business credit — and monitor it regularly — can save you thousands of dollars on the cost of your loan.
Available to help businesses manage their short-term credit needs. Funds can be used for seasonal fluctuations, increases in accounts receivable, inventory purchasing, operating expenses or any unexpected business expenses that may arise. This product provides the flexibility to access funds quickly and conveniently. Please give us a call today toll-free at (844) 824-2432 to learn more!