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!
How To Get a Business Loan With Bad Credit in Minnetonka, MN?
First Choice Business Capital can help you obtain the business loans you may need to keep your business in Minnetonka, MN, adrift, whether or not you have bad credit. At First Choice, we understand how stress filled and bothersome it can be if you have a subpar credit score and you’ve been getting declined from typical banks for backing. That’s the reason why we have dedicated ourselves to making business-funding solutions easily available to all businesses regardless of a bad credit history.
What’s The Deal About Getting Funding With Bad 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 really helping companies get the funds they need regardless of what your credit history looks like, and we have many solutions that we can offer. Reasons for declined loans could be as basic as a company applying for a business loan with poor credit. A company could also have tax liens or judgments against them.
Businesses with bad credit normally give up after they are declined for a bank loan. Working capital is at the heart of pretty much every business and it cannot keep its doors open without a cash flow. Ever since the economy collapsed in 2008, it has become exceedingly difficult for companies to secure loans. Regulations enacted after that time have cut access to capital for a considerable amount of companies. The fact is, it is not the large corporations suffering the brunt of these new laws. The ones impacted 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. High-risk lenders like First Choice Business Capital could provide quick approvals and no-nonsense funding solutions.With alternative lending possibilities available, it is a reality.
Minnetonka, MN, Bad Credit Business Loan Options
What nearly all businesses don’t know is that unsecured short-term loans are easily obtainable to them! Loans are easily available, even with no collateral and negative credit. Many different types of companies can get business loans for horrible credit with the options we offer. Do you need small business loans, but you have bad credit? That’s not a problem at all, because First Choice understands this. We take pride in helping you solve your financial emergency as quickly as possible, and we boast a high approval rate as well.
Short-Term Loans, Unsecured Loans & Business Cash Advances
These types of offerings are known as a merchant cash advance (MCA). These business loans are sometimes the only factor standing between a company staying open or closing for good. When a conventional bank turns down a loan, these can supply the money required to stay doing business. Since collateral is not needed for a business cash advance, it is easier than ever to qualify. There are financing options for all sorts of companies; so no matter what niche you are in, we can help. The only requirements needed is that the business has been operating for at least 3 months and you’re depositing at least 8-10 thousand dollars continually over the last 3 months.
What Are the Merits of Merchant Cash Advances?
There are many advantages to applying for a merchant cash advance. One of the leading advantages of a loan of this sort is how quickly it is funded; it is especially fast in comparison to a loan from a bank. Most loans are approved in a day and above 90% of all inquiries get a loan approval. Plus, loans are funded within 48-96 hrs. after a loan approval.
The loan experience is painless, too. All that is required to be completed is one simple page and have your business’s last six months of bank statements ready, too. This is because we can work to approve your loan application when this info is provided. A merchant cash advance can be simply what you need if you have been refused by your bank because of poor credit. Merchant cash advances are short-term business loans, run from 4-18 months and these loans have a fixed cost of capital. Daily payments are made five days per week, not counting Saturday or Sunday. For a merchant cash advance, there are usually between 20 and 22 payments every month.
We Work With Many Businesses
Short-term business loans when credit is bad can be obtained by many types of businesses. A merchant cash advance company like First Choice will not discriminate based on business type. Here are just a few we have worked with: Building and construction, Electrical contractors, Painting, Carpentry, Roofing, Plumbing, Heating and Cooling, Brickwork & Stone, Driveway & Parking Pavement, Water Well Drilling, Wrecking & Demolitions, General Building Contractors, Transportation, 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 niches and more are qualified for business loans for insufficient credit. As you saw before, the application process is easy and the criteria minimal. If you have credit concerns affecting your ability to obtain a loan, First Capital can help.
States We Consult with
Merchant cash advances are readily available to business entities in the following states: Alaska, Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wyoming and Wisconsin.
Work Only With Legitimate Bad Credit Business Lenders!
It is imperative to only deal with reputable companies when trying to get hold of bad credit small business loans. It can be quite tricky determining which institution to go with, and there are many. Perform your due diligence while you wade through the loan possibilities that are available. Borrowers are sometimes declined because the wrong information is provided to lenders by the brokerage firm.
First rate brokers know financial institutions and the underwriting system well as well as they understand what it takes to get businesses money. Brokers may also be able to syndicate deals, meaning more funding for your company. That being said, you want to confirm your loan application is not shopped around. When your credit rating is poor, the very last thing you really want is it being lowered even further because of your broker’s activities. You want to choose a respectable company like First Choice Business Capital to guarantee this does not happen.
Got Bad Credit Business Loan Needs? Call Us!
It takes a long time for your credit score to improve. So, why wait even longer? Keep your personal belongings – you don’t have to worry about not having enough collateral. 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
Minnetonka, MN, United States
Communities we serve:
55345, 55305, 55343, 55391, 55346, 55426