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 in Duluth, MN – Is it Really Conceivable?
First Choice Business Capital specializes in providing fast and hassle-free subpar credit business loans Duluth, MN, for all kinds of businesses with bad credit. Traditional banks often turn down 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.
What You Need to Know About Getting a Business Loan with Low Credit
We pride ourselves in helping companies get the funds they need regardless of what your credit history looks like, and we have many solutions that we can deliver. You may be shocked to learn that only 30 percent of businesses qualify for a bank loan – which means you are not alone!
A company may have a court judgment against them, or there may be tax lien issues. Most of the time, businesses are refused funding simply because they have a bad credit score. Being turned down by a bank is often disheartening, and many businesses simply give up after hearing “no.” A business must have working capital in order to stay afloat and when the economy tanked in 2008, businesses suffered. Since then, getting a bank loan has become tougher. There are new policies in place as well that make the process even more challenging than it was before the collapse.The ones affected are the small and medium-sized entities, those employing less than 50 workers.
While this is a step in the wrong direction, it has opened up a new market for those specializing in alternative funding options. If you are interested in a lending process that does not take the traditional route, a high-risk lender like First Choice Business Capital can provide the money you need, faster than you ever thought possible.
Bad Credit Business Loan Options Duluth, MN
It is a shame that many individuals do not know their options. Unsecured short-term loan options do exist for companies in your situation! Yes, you can get business loans with unsatisfactory credit, because these business loans are our field of expertise! Furthermore, you can get these business loans in a short amount of time. Many times, funding occurs in only 24 hours, as a result you will be putting that money to work sooner than you ever thought conceivable! Are you searching for a small business loans, but many financial institutions are refusing you because of bad credit? No problem! Yup! When a business needs working capital, they need it now. First Choice acknowledges this need and offers fast approvals.
Business Cash Advances, Unsecured Loans and Short-Term Loans
Merchant cash advances like these are also called an MCA. When conservative options do not work due to lack of great credit, these business loans can be an awesome business opportunity for a company in terrible need of funds. If you’re a business with horrible credit, you don’t need to have collateral. We offer custom lending for businesses in all types of industries. If you have deposited somewhere between 8-10 thousand dollars each and every month for the last three months, and have been in business for at least that amount of time, we can assist you!
What Are the Perks of Merchant Cash Advances?
There are many advantages to applying for a merchant cash advance. One of the primary advantages of a loan of this sort is how quickly it is funded; it is incredibly fast in comparison to a loan from a bank. Many times, a business can have their approval in only one business day. The approval rate of these loans is astronomical compared to typical bank loans as well. Believe it or not, over 90 percent of them are approved!
Furthermore, the process for a loan approval is very simple, since an easy one page application is all that is needed. The only requirement is to have your business’s last six months of bank statements ready, because we can work much quicker when we are supplied with this information. When your business is halting due to a lack of cash flow, this short-term business loan can get you the money you desperately need. These loans have a fixed capital cost and run from 4-18 months. Loan payments are each business day and with an MCA there are usually 20-22 payments each month.
We Deal with All Types of Companies
Short-term business loans for a mediocre credit score are on call to a wide variety of businesses. Small, medium and large business qualify for unsecured short-term loans. The following specialized niches are just some of the businesses we work with: Beauty Shops, Tire Shops, Carpentry, Construction, Masonry and Stonework, Driveway and Parking Pavement, Heating and Cooling, Gasoline Service Stations, General Building Contractors, Automotive/Mechanic Repair Shops, Wrecking and Demolition companies, Car Body Repair and Painting, Home Health Services, Interior Decorators, Pest Control, Cafes and Restaurants, Rigging and Scaffolding, Water Well Drilling and Trucking. Business loans with low credit can be had by these companies and many more. If you meet the criteria we talked about previously, First Capital can work with you.
States We Do Business In
Merchant cash advances are in the market to business organizations 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.
Work Only With Dependable Bad Credit Business Lenders!
It is imperative to only work with reputable providers when trying to attain these type of small business loans. It might be quite challenging working out which institution to go with, and there are lots of them at one’s disposal. Perform your due diligence while you wade through the loan solutions that are readily available. It is unfortunate when a borrower is declined because an agent provided erroneous information to a lender.
A respectable brokerage house should have extensive knowledge of the industry. Additionally, they should know how to get businesses financed by the lenders accessible to them, and they should have a comprehensive knowledge of the process. When brokerage houses can syndicate, they may have the chance to secure even more money on the loan. What you do not want is for the broker to shop your deal around. It should not be submitted to many lenders, because when an application is shopped around it can damage your credit score even more. Choosing a trustworthy alternative lending firm like First Choice Business Capital will protect you from this.
Got Bad Credit Business Loan Needs? Call Us!
It takes a long time for your credit score to improve. Why wait? Keep your personal belongings – you don’t have to worry about not having enough collateral. Call us today or fill in the short online application to get the process started right now!
First Choice Business Capital
Duluth, MN, United States
Communities we serve:
55811, 55812, 55804, 55805, 55807, 55806, 55803, 55808, 55802, 55810, 55801, 55814, 55815, 55816