Bad Credit Small Business Loans

by Mack Bartlett

I’m an entrepreneur myself, and I have a real passion for seeing small businesses succeed. You always hear the statistics that say that 90%+ of small businesses fail, but you rarely hear why. I can tell you that small businesses fail much more often due to lack of cash flow than any other reason. That’s why small business owners spend so much time looking for bad credit small business loans.

The tough part is the fact that small business loans with bad credit don’t really even exist. At least not in the sense that you’re probably thinking of them. Think about it – small business financing is really tough to come by even if you have stellar credit and a successful business running already. Banks are just very leery of giving loans to small business that are just trying to get their legs under them.

Small businesses do have other opportunities for financing though. An up and coming resource is called business cash advances. Here’s what you need in order to be a good candidate for a business cash advance:

1. Your business has to accept credit cards (not just credit cards, but that has to be one of the forms of payment you accept).

2. Your business has to have some revenue, usually at least $1,500 to $2,000 in monthly receipts.

3. You must be able to provide a history of your sales receipts, specifically credit card receipts that go back the previous three months.

4. Your business needs to already have celebrated its first birthday.

If you qualify for a small business loan with bad credit (or business cash advance) you’re going to be able to essentially borrow up to a million dollars against your future sales, depending on your current sales. In other words, they’re not going to lend you $500,000 if your business is only doing $5,000 per month in sales.

These cash advances sound great, but how much do they cost, right? I don’t want to be paying credit card interest on these programs.

Of course you don’t, and I can’t say for sure how much interest you’ll pay. I’m sure most of the finance companies who provide these services charge a percentage of the cash advance, and they probably offer some kind of discount on higher amounts.

The best part of these cash advances is they’re totally unaffected by any bad marks on your credit score. These folks run their business strictly on the basis of your gross monthly receipts, and this is the closest thing you’re going to get to small business loans for people with bad credit.

Related posts:

  1. Poor Credit Business Loans
  2. Bad Credit Business Loans
  3. High Risk Business Loans to Keep Your Business Afloat
  4. Business Loans For Bad Credit to Get Your New Venture Off the Ground
  5. Small Business Loans with Bad Credit
  6. Business Credit Card Debt Consolidation Loans

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