Perhaps one of the most typical concerns we get from entrepreneurs is whether or not they could possibly get your small business loan if they have bad credit. A bad credit history doesn't mean it really is impractical to secure a small business loan. Nevertheless, your options available and also the price of money are a lot greater than for somebody who has good credit.
One of the keys is knowing where you should look. You likely won't be able to secure a small business loan from a large bank if you own a small firm and have been in operation for less than three years and have a credit score of below 650.
Big banks (over ten dollars billion in assets) are lending at unprecedented post-recession prices, but nevertheless reject three out of four loan requests and therefore are typically conservative inside their financing parameters. Approaching them if you have bad credit will be a waste of time.
SBA loans are an alternative fo...