Business Funding with Bad Credit

To access funding or loans and credits for your business, you need to meet certain requirements and qualifications according to the source or lender.

All these requirements vary all the time, but there are a few that are very similar or repeat themselves regardless of the source you are using to request your funds.

One of those conditions is having a good credit score.

Unfortunately, most entrepreneurs—mostly those who are starting their businesses—don’t have it and this can be a huge obstacle for them to access the funding they need.

Some people can have a bad credit score because of specific circumstances.

However, for most funding sources, they don’t care about it unless you can make up for it—but this is not possible most of the time.

Therefore, the idea of business for most people comes down without even starting.

And some businesses are not able to keep operating or going for new projects because they can’t access the funds they need.

Now, you should do your best to do something about your credit score, and try to negotiate with all the requirements and conditions.

Also, looking for a better source or solution may be the best idea.

However, you still need to understand a few things before even thinking about applying for a loan.

What is a credit score?

A credit score represents the risk that a lender takes when lending money to someone else and this risk kind of means the percent of probabilities that the person who is borrowing the money will pay for it on time or other circumstances.

This credit score is determined by different parameters.

There are aspects and things you cannot change and will affect your score, like not having a fixed source of income or meeting the source’s requirements or conditions to apply for a loan in general.

Usually, when you have bad credit, you will not be able to even apply for a credit or loan. However, you should still go for it but only when you find a proper source or place that your credit score allows you.

Can you get business funding while having bad credit? 

Yes, you can! But as mentioned before, you should try your best to find business loans that are accessible to people like you. Now, before we continue, you must know that a bad credit score goes from 300 to 629; a fair one from 630 to 689; good credit score from 690 to 719, and an excellent one from 720 to 850.

If you are between the first two numbers, you have bad credit but do not stress over it, instead, starting searching for different companies or sources. A good option for people with bad credit is to go to a funding company. This company is pretty much like a bank for businesses and companies, but the requirements, conditions and credit score, are much more reasonable and accessible for entrepreneurs from different stages, new or experienced ones.

Why us

Our company, Business Funding Team, is a leader in this field and was founded for other entrepreneurs that were once like you and know how hard it is to deal with funding, money, credits, and loans. Since we have been in your shoes before, we want to help you to get the money you need under our conditions, but we can assure you there are not too many and for almost every person, it is possible to apply for a loan.

If you are worried about your bad credit, don’t be. We want to give a chance to every entrepreneur and even if you do not meet the credit score— we request from every person— you can always bring a partner with a better score. For a startup business, you should have a score of 650 or above, and for business funding, it can be very low, starting in 500. For both options, you can bring a business partner, a member of your family or anyone you trust with a score of 650 or higher, without problems, and this is probably the most important aspect when applying for a loan in our company, the rest is going to be a piece of cake or even negotiable when discussing your loan options.

Do not worry, even if you have a lower score, you can still apply for a loan and we will have one of our professionals to speak with you about the probabilities and options we can or not give you. However, be positive! We want to help new and experienced entrepreneurs, so do not hesitate to request funding from us just because of a number.