Obtaining small business loans with bad credit can be a stressful task. Not to mention most traditional lenders, like banks, use your credit score to determine your creditworthiness. In general, with poor credit, it makes it that much more difficult to finance your business plans.
According to a survey conducted by NSBA, or National Small Business Association in 2015, 27% of small businesses claimed difficulty in getting enough funding. Fortunately, these banks and financial institutions are not your only options – yes, even if you have bad credit or no credit!
Small business loan bad credit programs are a great financing solution. Whether you need funds to keep afloat during a difficult phase of business or to finance rapid growth, First Capital Business Finance offers financial programs tailored to your needs.
Read on to understand which one may be best suited to your business needs.
Heavy Equipment Financing
Equipment financing is an asset-based financing program to buy machinery or equipment. If you need funds to get heavy equipment but have bad credit or an unimpressive financial history, small business loans with bad credit can help you buy the equipment you need to grow your business.
That is to say with equipment financing, you can buy this equipment and use it as collateral for the same loan. Whether you’re facing recent bankruptcy, tax liens, unfavorable judgments, or have bad credit due to past repossessions, heavy equipment financing is your go-to solution.
Freight/Invoice Factoring
Businesses are often in a situation where they don’t always get paid immediately after delivering their load. Non-payments often create a cash crunch that may paralyze your business.
This is where freight factoring comes in. It is the ideal way to mobilize funds without actually borrowing.
Freight factoring ensures you have sufficient funds to cover overhead costs, pay employees, and purchase materials to keep the business operational. That is to say, it allows you to get ahead of your pending invoices.
First Capital offers advances on eligible accounts receivable. Since we only consider the credit score of the company you need to collect payment from, we can provide financing despite your bad credit.
Business Cash Advances or Loans for Small Business with Bad Credit
Cash advances are a hassle-free financing solution, as you’re not required to furnish any collateral.
Also known as unsecured business financing, it comes without the confinement of a strict repayment schedule or late payment fees. Repayments are made through an automatic deduction of a small percentage of your future credit card sale receipts.
First Capital Business Finance provides a straightforward and easy pre-qualification process to get a business cash advance.
In fact, more than 80% of our applicants get access to funds within ten business days of the application. And the relaxed loan qualification requirements means we can even accommodate business owners with a low credit score, too.
Business Line of Credit
Whether you need payroll funds, future project costs, or equipment costs, a business line of credit is one of the smartest ways to increase your short term working capital. Get quick access to your cash when any need may arise.
Advantages include
- Instant access to funds
- Pay interest only on the amount you borrow and use
- Gain a revolving credit limit, which means as you repay; more funds are immediately available for any future use
- Flexible repayment terms
Business lines of credit are a great form of bad credit for small business loans. If you need funds to grow your business but don’t want to pay interest on unused funds, you should consider this option.
Commercial Truck Financing
Find non-traditional financing for commercial trucks. We offer financing for people with bad credit, a recent bankruptcy, and even previous repossessions.
If your bank says they can’t finance you, get in touch with First Capital for all your financing needs.
We finance the following types of equipment:
- heavy duty tractor & trailers
- medium-duty commercial trucks
- sprinter vans
- vans
- bucket trucks
- water trucks
- utility trucks
- box trucks
- tow trucks
- dump trucks
- all sizes & types of trucks
- PTO & blowers – truck must be free of any liens
Get Small Business Loans with Bad Credit with First Capital Business Finance Today!
First Capital Business Finance offers a wide variety of pre-qualified business loans. We provide flexible terms, competitive rates, and quick access to funds.
Speak to our business financial advisers to find out which financing program is best for you. Call us at 888-565-6692 for more information.
Best Business Loans for Bad Credit in 2019 | First Capital Business Finance – Tustin, CA
