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!
Can I Get a Business Loan If I Have Bad Credit?
If you are hoping to get a bad credit business loan in Burnsville, MN, First Choice Business Capital can help. We understand that having a less than stellar credit score can hamper your chances for a business loan from traditional banks.
The Facts About Obtaining Business Loans With Low Credit
Recent reports show, a colossal 70% of businesses don’t qualify for a bank loan. We pride ourselves in really helping companies get the funds they need regardless of what your credit history looks like, and we have many solutions that we can make available. Reasons for declined loans could be as straightforward as a company applying for a business loan with poor credit.
Once a bank turns down a loan, the business often gives up the search for funding. Nonetheless, there are other options. Without proper access to cash most businesses couldn’t keep their doors open for very long. In 2008, the economic climate collapsed, and ever since even those companies that are successful have had a hard time securing bank loans.There are new guidelines in place as well that make the process even more challenging than it was before the collapse. To complicate matters, these regulations apply to “Mom and Pop” type operations that have less than 50 employees.
This is quite the dilemma, yet it has opened the market up for alternative lending options. High-risk lenders like First Choice Business Capital can certainly provide quick approvals and no-nonsense funding solutions. So despite of what you may have heard, it is undeniably correct and not just a fallacy that businesses with bad credit can quite easily get the funding they need by leveraging the various alternative-lending options available to them.
Business Loan Options Bad Credit Burnsville, MN
Most companies are not alerted of the options easily available to them. Even unsecured short-term bad credit business loans are achievable. Uncollateralized loans are easily available to small, medium and large size businesses with bad credit for all types of businesses. First Choice Business Capital in most cases funds loans within 24 hours. Yes, just one day! Do you need small business loans, but have bad credit? First Choice not only boasts a high approval procedure but a fast 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 assisting you get financed as quickly as possible.
Short-Term Loans and Business Cash Advances
These types of offerings are known as a merchant cash advance (MCA). These business loans are sometimes the only thing standing between a company remaining open or closing for good. When a traditional bank turns down a loan, these can provide the money required to stay doing business. These alternative loan options are even easier to qualify for since no collateral is required. We provide customized business financing in all types of industries. We only require that your business has been working for three months minimum and that you deposit between 8-10 thousand dollars monthly.
Merchant Cash Advances Perks
Merchant cash advances offer many conveniences to all kinds of companies. 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. It’s estimated that 90 percent of these loans are approved. Finally, these loans are generally funded in 48-96 hours after approval.
The process for a loan approval is very simple, because a one page basic application is all that is needed. You will also need to provide bank statements from the last six months, in order to approve your loan quickly. A merchant cash advance can be solely what you need if you have been declined by your bank due to terrible credit. These loans, which usually range from 4 to 18 months, have a fixed cost of capital. Daily loan payments are Monday to Friday and MCA loans have between 20-22 daily payments a month.
We Team Up with Many Businesses
All sorts of companies can get short-term business loans with horrible credit. First Choice loves to help all kinds of companies. Here is a sampling of the types of companies we collaborate with: Automotive/Mechanic Repair Shops, Wrecking and Demolition, Automobile Body Repair and Painting, Water Well Drilling, Taverns and Restaurants, Trucking, Beauty Shops, Tire Shops, Carpentry, Rigging and Scaffolding, Construction, Pest Control, Driveway and Parking Pavement, Masonry and Stonework, Gasoline Service Stations, Interior Decorators, General Building Contractors and Home Health Providers. There are many more company niches that can be serviced with these business loans. We can work with any business that has bad credit and meets our minimum criteria.
Are You in One of These States? We Can Help!
Merchant cash advances are accessible to business entities in the following states: 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.
Reliable Substandard Credit Business Loans Company
When looking to get bad credit small business loans, be positive that you are dealing with a trusted broker. You should be careful, as browsing through all the different lending institutions can be a bit tricky. There are also times when borrowers are turned down because the brokers provide the wrong information to potential lenders.
A good brokerage house can get businesses funded by thoroughly understanding the underwriting process of the different lenders available to them. You should also know that some brokerage houses could even syndicate deals, which can amplify the total approval amounts. Also, a good broker should stop your deal getting submitted to multiple lenders. Deals that are sent in tandem like this can make your credit score take a downtrend even further. You do not want this to happen, particularly when a low credit score is why you are shopping for alternative lending in the first place. Choosing an established lending house like First Choice Business Capital will save you this heartache.
Call Us Right Away For Your Bad Credit Business Loan Needs
Why wait for your score to get better? There are no worries about collateral and this is a tremendous opportunity for your business to get the funds you need now, instead of later. The straightforward application can be answered online right now, and operators are anticipating your call. You can get this process started right now by filling out the simple form. It is available online, or if you prefer to discuss your options, you can call us today!
First Choice Business Capital
Burnsville, MN, United States
Communities we serve:
55337, 55306, 55044