Credit Unions
Credit Unions provide a better chance of capital approval for local small businesses. They are considered non-profit organizations that take a vested interest in improving their community. They often provide financial assistance to known local business institutions. Most credit unions have specialized funding for specific types of business. This can be beneficial to you if your business is in line with their chosen industry.
Provide Collateral
Having collateral improves your chances of getting approval for a secured business loan. Land titles, expensive items or valuable business equipment are some of the options that most business owners use as collateral to loan.
Co-Signer
A Co-Signer is someone who will “guarantee” on the loan. He/She takes partial accountability for the loan by “co-signing” the loan agreement. It is often a person with higher credit score or with a steadier source of income compared to the borrower. The co-signer is able to handle the loan payments in case the borrower fails to pay them.
Does Fast Business Financial Offer Loans for Businesses with Bad Credit?
Fast Business Financial considers your business needs even if you have bad credit. We look at your business model and its profitability in the future – not just your past credit score. We take into account many factors that affect a business.
Factors include some combination of personal credit reports, income and expense statements, corporate tax returns and other business financial documents. We evaluate your business statements and decide on your eligibility for credit. We take a holistic view of your business and offer a business line of credit to business owners with imperfect credit scores.
If your business is more than one year old, you may qualify for a business line of credit. If approved, you can get access to the funding on the next business day.
Talk to our loan specialist today! Give us a call at (866) 277 2907. You may also fill up the online application here. See if our customized loans fit your business needs.