Small Business Loans With Bad Credit 192
Thousands of small business owners with bad credit are forced to shut down their businesses because they can’t get funding to keep their businesses running. In many cases, the owners have credit that is too low to qualify for a traditional loan. Luckily, there are several options available to small business owners with bad credit to get money through untraditional means.
• Industry Investing Companies – Many large industries have companies that will invest in smaller companies in the same market in an effort to keep said market strong. While these companies are relatively rare, it is possible to be aligned with one to get a loan.
• Suppliers – Sometimes suppliers are willing to help out small business owners to get a loan with bad credit. In these cases, the small business is usually one of the supplier’s larger accounts and it would make sense for the supplier to help with getting or giving a loan, rather than have the business shut down altogether.
• Private Investors – Plenty of wealthy individuals are always looking for small businesses they can help out or expand, sometimes giving loans to businesses that have made an impact in their community.
• Credit Unions – Many local credit unions have programs for small business owners that need loans but don’t qualify traditionally due to their bad credit.
• Non-Profit Organizations – Micro-lending institutions exist with the sole purpose of helping owners with bad credit get small business loans, generally all the way up to $50,000.
• Small Business Association (SBA) – This was set up to help nurture high risk business loans in the US. It has lots of programs to help small business owners with bad credit get loans. Some are leery because the SBA is a government agency, but it was set up to strengthen small business.
• Industry Investing Companies – Many large industries have companies that will invest in smaller companies in the same market in an effort to keep said market strong. While these companies are relatively rare, it is possible to be aligned with one to get a loan.
• Suppliers – Sometimes suppliers are willing to help out small business owners to get a loan with bad credit. In these cases, the small business is usually one of the supplier’s larger accounts and it would make sense for the supplier to help with getting or giving a loan, rather than have the business shut down altogether.
• Private Investors – Plenty of wealthy individuals are always looking for small businesses they can help out or expand, sometimes giving loans to businesses that have made an impact in their community.
• Credit Unions – Many local credit unions have programs for small business owners that need loans but don’t qualify traditionally due to their bad credit.
• Non-Profit Organizations – Micro-lending institutions exist with the sole purpose of helping owners with bad credit get small business loans, generally all the way up to $50,000.
• Small Business Association (SBA) – This was set up to help nurture high risk business loans in the US. It has lots of programs to help small business owners with bad credit get loans. Some are leery because the SBA is a government agency, but it was set up to strengthen small business.