There are options to keep your business growing
Securing a business loan without a strong credit is difficult as traditional lenders are unwilling to work with businesses without an established credit. However, your options don’t end there. Alternative lending options such as Simply Funded specialized in getting the funds you need with a streamlined approach.
Things to Consider Before Applying
1. What to do with unpaid invoices?
Chances are you have more than a few unpaid invoices. Cash flow sources that can be freed up through invoice financing. The best part is, the invoice itself is the collateral as landers focus on the invoices that you are owed.
2. Is it the right time for a loan?
While a loan can be necessary, the need might not be immediate. As an owner, ask yourself the following questions, are there places where capital might be tied up? Are my business able to meet the loan obligations?
3. Are there inaccuracies in my personal credit history?
Your personal credit history will impact your qualifications for a business loan. If your business does not have a long history, lenders look at your personal credit history to gauge how you will manage your business finance. Take another look at your credit history, are there inaccuracies hurting your score?
4. Business line of credit?
This is a great option with one of the best terms for a small business. You only pay for what you borrowed, and after the repayment, you can borrow again.