深圳风采2018044 www.6y0x0.cn If you run a small business and have bad credit, you're far from alone. That's the nature of the beast, as many fledgling companies are run on a wing and prayer until they get their financial footing. But if you're looking for a business loan, fear not: Lenders may not beat down your door to offer you as loan, but you do have funding options.
The first place to try is with a lender approved by the Small Business Administration (SBA). The SBA doesn't actually make the loans, but it guarantees them, and its terms are usually fairly generous.
SBA-approved lenders are familiar with the usual financial troubles small businesses face and often know how to work around roadblocks. For your best odds, try an SBA lender at a small bank--bigger banks are more likely to work with established companies. Do note, however, that even if one SBA lender rejects you, it doesn't mean another will do likewise.
For those determined to 深圳风采2018044, prepare to make potential sacrifices. In many cases (especially with SBA loans), the lender may request a personal guarantee--it might well be a lien on your home. It may sound scary--and it is--but think about it from the lender's viewpoint: The lender's looking for a sign that you truly believe in your business and expect to succeed. Agreeing to a personal guarantee shows that you have skin in the game and are a responsible businessperson.
Meantime, although your credit may be less-than-stellar, your business might have other things going for it.
If your business has strong cash flow and makes regular bank deposits, a revenue-based loan might be available. You might be able to get a business loan equivalent to 10 percent of annual gross deposits.
Another option is known as a merchant cash advance, with businesses getting cash upfront in exchange for some of their future credit card sales.
If all else fails, consider the so-called "online or "alternative" lenders. These lenders typically are Internet-only operations and offer quick decisions on funding because they use analytic software and nontraditional means of assessing applicants. Many businesses turned down by SBA lenders find themselves receiving funding through these sources.
But there's a catch.
The loans often come with extreme interest rates and feature onerous terms and limited transparency. In many ways, they're akin to the "payday loans" that trap consumers in a never-ending cycle of interest payments and loan renewals. If you simply must have a loan, be quite certain you won't get trapped in the debt cycle.
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