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!
You Can Get a Business Loan With Bad Credit
Are you seeking out business loans, but you are being rejecting from one bank to another in Minneapolis, MN? If you want an immediate and hassle-free answer, First Choice Business Capital can assist you today! Here at First Choice, we understand the irritation and frustration that getting denied for loans from traditional banks can cause. 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.
What’s The Whole Story About Getting a Business Loan with Poor Credit?
Studies have shown that approximately 70 percent of companies will not qualify for traditional bank loans. So if you have been denied, you may find yourself in the majority. 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 array of reasons. It is true that one of the main reasons that denials occur is just simply when a business has bad credit. When a company does not have access to cash, they are not going to be able to stay in business for very long at all. In 2008, the market caved in, and since then even those companies that are making money have had a hard time securing bank loans. New regulations implemented after the economic crash has made acquiring capital near impossible. Furthermore, the entities affected by these are not large corporations, but those with under 50 employees.
This situation is a burden to those needing funding, but it has opened the doors for alternative finance companies to step in to provide much-needed programs. High-risk lenders like First Choice Business Capital can absolutely provide quick approvals and no-nonsense funding solutions. We even offer 24-hour approvals! It really is true that businesses with subprime credit can get the cash they need to have. When traditional routes fail, alternative financial institutions can offer the assistance needed.
Bad Credit Business Loan Options
What most businesses don’t realize is that unsecured short-term loans are readily obtainable to them! These business loans for insufficient credit are not just for certain types of companies, either. We service many different types in Minneapolis, MN, and what’s even better is that you can get low credit business loans fast. Some alternate loan providers such as First Choice Business Capital can typically fund you within just 24 hours. When a business needs working capital, they need it now. Thankfully, First Choice understands this need and offers speedy approvals.
Business Cash Advances, Unsecured Loans and Short-Term Loans
Merchant cash advances such as these are also referred to as an MCA. For companies that have been turned down for a business loan by a bank, these kinds of business loans offer an amazing opportunity to get funding. You do not really need collateral in order to qualify for an MCA. This makes the approval procedure even easier! We only require that your company has been in business for three months minimum and that you deposit between 8 to 10 thousand dollars monthly.
Merchant Cash Advances Benefits
MCAs offer lots of advantages to all types of companies like yours. 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 immense compared to typical bank loans as well. Believe it or not, over 90 percent of them are approved and the loan procedure is painless, too.
All that is involved to be filled out is one simple page, but we do ask you to provide us with the last 6 months of your business bank statements. The reason for this is that with this information, an approval can be given very quickly. A merchant cash advance is a short-term business loan that can get you working again. These loans are generally paid back in fewer than 18 months, some as little as four months. Repayments can be made either daily or weekly from Monday – Friday. Merchant cash advances ordinarily have in between 20 and 22 payments each month.
Some Businesses We Coordinate with
Short-term business loans for low credit are available for many types of businesses. A merchant cash advance company like First Choice will not discriminate based on business type. There is a large range of businesses that merchant cash advance companies like to work with. Some of the most common niches include: Building and construction, Electrical contractors, Painting, Carpentry, Roof repair, Plumbing related, Air Conditioning, Brickwork & Stone, Driveway & Parking Pavement, Water Well Drilling, Wrecking & Demolitions, General Building Contractors, Trucking, Heavy Construction, Moving Company, Restaurants/Bars, Gasoline service stations, Interior Decorators, Rigging and Scaffolding, Automotive/Mechanic Repair Shops, Auto Body repair and Painting, Tire Shops, Beauty Shops, Pest Control and Home Health Providers. These markets and more are suited for business loans when their credit is below average. First Choice can help any business that meets the requirements and has credit woes.
States We Deal with
Merchant cash advances are readily available 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.
Working With a Professional Broker of Subpar Credit Business Loans
For companies with poor credit looking to get a bad credit small business loans, always check the reputation of the agent. There are lots of different lending institutions, so you have to navigate carefully. It is unfortunate when a borrower is declined due to a broker providing erroneous relevant information to a lender.
Also, it is very important that the brokerage firm has an in-depth understanding of the underwriting process. They really should know their lenders well and be able to guide the borrower through the process. You will also want to ensure the brokerage firm is not showing your deal to a wide variety of lending institutions. A borrower’s credit score can be adversely influenced when the application is shopped around to multiple lenders. Choosing a professional alternate loaning company goes a long way in making sure this does not occur. First Choice Business Capital knows this, and would not do anything to damage our client’s credit further.
Call Us Now For Your Bad Credit Business Loan Needs
It is not important for you to hold everything until your score improves to apply for a loan. You don’t need to let any business opportunity pass you by, and don’t have to hand over your personal belongings or property to use as collateral for a loan. Call us now or complete the short online application to get the process started right now!
First Choice Business Capital
Minneapolis, MN, United States
Communities we serve:
55407, 55406, 55408, 55414, 55411, 55404, 55419, 55417, 55418, 55412, 55410, 55405, 55403, 55413, 55409, 55454, 55401, 55430, 55416, 55415, 55455, 55402, 55420, 55421, 55422, 55423, 55424, 55425, 55426, 55427, 55428, 55429, 55431, 55432, 55433, 55434, 55435, 55436, 55437, 55438, 55439, 55441, 55442, 55443, 55444, 55445, 55446, 55447, 55448, 55449, 55450, 55467, 55468, 55472, 55474, 55478, 55479, 55483, 55484, 55485, 55486, 55487, 55488, 55440, 55458, 55459, 55460, 55470, 55473, 55480