Bad Credit Is OK! – No Startups!
Our 2-minute application saves you a lot of time, as does our 24-hour approval process. We collect only the information we need, and get you approved and funded quickly. If you need a business loan fast, simply simply fill out the pre-approval form above now!
A Business Loan With Bad Credit – Is it Really Advisable?
First Choice Business Capital concentrates on providing fast and easy business loans in Blaine, MN, for all kinds of businesses with bad credit. Traditional banks often deny funds to businesses that do not have good credit, which causes much frustration to the owners. We understand your pain. Regardless of a bad credit history, we have many business funding options available, such as cash advances, short-term loans and much more.
Here’s The Big Picture About Business Loans With Low Credit
The majority of companies today do not qualify for bank loans. In fact, studies have shown that only 30 percent of businesses would get approved! We pride ourselves in helping companies get the funds they need regardless of what your credit history looks like, and we have many options that we can offer. Banks deny loans to companies with bad credit for a wide range of reasons. It is true that one of the main reasons that denials occur is simply when a business has inadequate credit.
Once a bank turns down a loan, the business often gives up the search for funding. Still, there are other options. A business plainly cannot keep its doors open without a cash flow. From the time the economy collapsed in 2008, it has become very challenging for companies to secure loans. New regulations put into effect after the economic crash has made securing capital nearly impossible. To complicate matters, these regulations apply to “Mom and Pop” type operations that have less than 50 employees.
However, alternative lenders have stepped in to help solve this dilemma. At First Choice Capital, we are skilled in high-risk funding for those businesses that are affected by these regulations. Loaning options for businesses with bad credit are not just a pipe dream. It really is true that businesses with subprime credit can get the money they really need. When traditional routes fail, backup lenders can offer the assistance needed.
Business Loan Options Bad Credit Blaine, MN
Maybe you are one of the businesses that are unaware that short-term loan possibilities are available. Unsecured short-term loans are attainable to businesses just like yours! It could be that you are stressed because you have no collateral and negative credit. Yes, you can get business loans with inadequate credit, because business loans for low credit are our field of concentration! In fact, these business loans are available for all types of companies. What’s even better is that you can get these business loans fast– some alternate loan providers such as First Choice Business Capital can typically fund you within just 24 hours. Are you in dire need of a small business loan, but bad credit is stopping you? First Choice not only boasts a high approval procedure but a simple one as well. We understand the dire need to obtain the working capital you need. We also know that you need the money now, and pride ourselves in helping you get financed as fast as possible./span>
Short-Term Loans and Business Cash Advances
Alternate lending such as these are often referred to as a merchant cash advance, or MCA. When a conventional bank turns down a loan, these can give your company the money required to stay doing business. These alternative loan options are even easier to qualify for since no collateral is involved. We provide loans for a multitude of industries as well, so it is highly probable we would be able to assist you. We do not offer start-up loans, so you must definitely have a business that has been functioning for a minimum of three months. Apart from that, we will definitely need to see that you deposit a minimum of eight thousand dollars for the past three consecutive months.
Advantages of Merchant Cash Advances
Applying for a merchant cash advance certainly has its perks. A big advantage of this type of loan is that it can be funded in a fraction of the time of a traditional banking loan. Many times, a business can have their approval in only one business day. The approval rate of these loans is enormous compared to typical bank loans as well. Believe it or not, over 90 percent of them are approved! You will not need to wait long for your money, either; most loans are funded less than four days soon after approval.
The loan approval process is simple and easy as well, because all you need to submit is a simple one-page application form. You should also be prepared to produce the last six months of business bank statements, since we can work to approve your loan application when this data is provided. A merchant cash advance can be just what you need if you have been denied by your bank because of poor credit. These loans are considered short-term business loans and have a fixed cost of capital. They are usually repaid within four months to a year and a half. In regards to pay outs, they can be made either daily or weekly and loan payments are made daily from Monday to Friday. Lastly, merchant cash advances usually have around 20 and 22 payments each month.
What Kind of Businesses Can We Work With?
All sorts of companies can get short-term business loans bad credit. First Choice loves to help all kinds of companies. Here is a sampling of the types of companies we coordinate with: Home Health Professionals, HVAC, Interior Decorators, Masonry and Stonework, Pest Control, Rigging and Scaffolding, Tire Shops, Trucking, Water Well Drilling, Wrecking and Demolition companies, Automotive/Mechanic Repair Shops, Auto Body Repair and Painting, Pubs and Restaurants, Beauty Shops, Carpentry, Construction, Driveway and Parking Pavement, Gasoline Service Stations and General Building Contractors. These niches and more are entitled to business loans for insufficient credit. We can work with any business that has bad credit and meets our minimum criteria.
What States Do We Consult with?
If your business is in one of the following states, we may be able to help you with a cash advance: Wisconsin, Wyoming, West Virginia, Washington, Virginia, Vermont, Utah, Texas, Tennessee, South Dakota, South Carolina, Rhode Island, Pennsylvania, Oregon, Oklahoma, Ohio, North Dakota, North Carolina, New York, New Mexico, New Jersey, New Hampshire, Nebraska, Nevada, Montana, Missouri, Mississippi, Minnesota, Michigan, Massachusetts, Maryland, Maine, Louisiana, Kentucky, Kansas, Iowa, Indiana, Idaho, Illinois, Hawaii, Georgia, Florida, Delaware, Connecticut, Colorado, California, Arkansas, Arizona, Alabama and Alaska.
Work Only With Credible Bad Credit Business Lenders!
There are unethical companies in this industry, preying on those looking for bad credit small business loans. Due to this, it is essential to ensure that you only deal with reputable brokers. You should be careful, as maneuvering through all the different lending institutions can be a bit tricky. Borrowers are sometimes declined because the wrong information is provided to financial institutions by the brokerage firm.
Respectable brokers know finance and the underwriting process well. They know what it takes to get business financing and the amount of credit could also be raised if the brokerage house knows how to syndicate the transaction. You do not want your broker submitting your application to a ton of lenders. Deals that are shopped to a wide range of lenders can essentially hurt the borrower’s credit score, which is why it is necessary that you work with an alternate lending company like First Choice Business Capital for your business loans when your credit rating is short of stellar.
Get in Touch with Us Now for Your Bad Credit Business Loan
It is not important for you to hold everything until your score improves to apply for a loan. Do you actually want to let this opportunity pass you by? You do not need to put up your personal things as collateral, and you do not need good credit. This is a business opportunity that is just way too good to pass up. Call us now or complete the short online application to get the process started right now!
First Choice Business Capital
Blaine, MN, United States
Communities we serve:
55434, 55449, 55014, 55448