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Top 10 Industries Bad Credit Business Loans Can Help

Top 10 Industries Bad Credit Business Loans Can Help

Bad credit business loans help many small businesses get the financing needed for success. What is a poor credit score? Generally, a credit rating under 600 makes it difficult to find an approval for traditional loans.

You can still get business funding with bad credit. Contrary to what you may think, you don’t have to accept absurd interest rates to qualify. All you need to do is select financing designed specifically for businesses with past credit issues.

10 Industries That Benefit From Bad Credit Business Loans

Many industries are vulnerable to periods of poor credit. If you find yourself in this situation, bad credit business loans are an amazing solution. Here are several industries that benefit the most:

1. Plumbing

Plumbers have to deal with huge variations in seasonal demand. Sometimes, business is incredibly busy with emergencies. Other times, work slows to a standstill. Bad credit loans for working capital can help plumbers pay employees and purchase items needed for upcoming jobs.

cleaning companies

2. Janitorial

Many cleaning companies have a small team, so they deal with the same cash flow challenges as other small businesses. Losing a large client can also hurt a credit score. Fortunately, equipment financing for bad credit enables janitorial businesses to lease or purchase high-quality cleaning technology. This is valuable for carpet cleaning, office cleaning, floor cleaning, and other applications.

3. Construction

Balancing the cost of supplies and the profits from construction projects isn’t easy. Many construction companies end up with poor credit scores due to the complexity of bidding. Our bad credit equipment financing doesn’t look at your credit history. Instead, the heavy equipment acts as collateral. This allows you to qualify for financing when under normal circumstances with your traditional lender/bank would disqualify you. 

4. Medical

Many healthcare practices have trouble qualifying for financing for a different reason: Outstanding debt, like college loans. Many banks are uncomfortable lending when the person has unpaid loans, but we’re different. Our alternative financing options provide funds to invest in diagnostic equipment, treatment equipment, and furniture. This helps doctors, dentists, veterinarians, physical therapists, and other medical professionals.

5. Retail

Clothing businesses may have slower periods of sales, like we’re experiencing right now with Covid19. All retail stores have to balance operating costs, such as rent, payroll, and inventory. Working capital business loans and invoice factoring are two excellent options for business funding with bad credit. They supplement your cash flow so you can always cover costs.

6. Lawn & Garden

Landscaping businesses go through many seasonal variations. Unexpected weather can reduce profits. How can you get the capital needed to buy or repair essential landscaping equipment? Bad credit financing is the answer.

7. Fitness

Are you starting your own business as a personal trainer? Many banks refuse to lend money unless you have at least two years in business. At First Capital Business Finance, we have financing programs even if you have been in business under two years. They’re ideal for energetic entrepreneurs launching a dream business.

Automotive Repair

8. Automotive Repair

Starting a body shop or repair garage requires a strong investment of capital. You need to buy lots of tools, diagnostic equipment, and repair equipment. There’s also the question of hiring repair techs and leasing space. What if your personal credit history isn’t great? Your startup can still qualify for bad credit equipment financing

9. Restaurant

Coffee shops, restaurants, and food trucks all need a lot of revenue each month. You need money to buy and repair cooking equipment. Today’s eateries often need to invest in modern technology such as point-of-sale systems and tablets. Bad credit equipment financing is a perfect solution for less than perfect credit.

10. Marketing & Design

Whether you’ve been in the design business for a long time or want to launch a new firm, financing is essential. You may need an IT team, design pros, printing equipment, specialized software, and many computer systems. Don’t worry, as we can help you get everything you need with excellent terms.

At First Capital Business Finance, we understand that even amazing entrepreneurs can end up with poor credit. Countless small business owners have credit issues because of unexpected emergencies. We’re happy to help you finance, just give us a call.

Excellent Business Growth With Less-Than-Ideal Credit

One misconception is that bad credit business loans are only for companies going through severe financial trouble. While it’s true that this financing option can help your company stay afloat in tough times, that’s only a small part.

In reality, bad credit loans focus on stimulating business growth. They can stabilize your cash flow and help you invest in the best equipment. To learn more, contact our friendly financial advisers at 888-565-6692 right away.



Top 10 Industries Bad Credit Business Loans Can Help | First Capital Business Finance

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