How to Finance a Business with Bad Credit in Just 5 Easy Steps
Tired of your business funding applications being denied?
Seeking working capital for your small business can be disheartening. There's a ton of red tape, numerous hoops to jump through, weeks or months of back-and-forth with various lenders. It's a lot... especially if you've had financial difficulties in the past.
That's why we've put together these 5 easy steps to help you get your small business funded as soon as possible.
1. Understand your credit situation.
Not every small business funder requires a credit score minimum [or even checks credit in the first place], but it's good to know and understand your unique credit situation when considering your funding options.
2. Consider your working capital.
To put it simply, working capital is a company's liquid assets that fund its day-to-day operations. Business owners should use working capital as a metric to understand their company's financial health. Learn how to calculate your working capital in this blog post.
3. Learn more about your options.
Bank loans are not the only funding option out there for small business owners – far from it, actually. There's also Merchant Cash Advances (that's what we do!), credit cards, crowdfunding, angel investors, venture capital, etc. Put your feelers out and research all your options. You know your unique business needs, so you'll be able to hone in on the financial products that suit you best. You never know what opportunities you have until you conduct your research.
4. Apply for funding.
Once you've honed in your best options, apply for the financial products at the funding companies that seem like the best fit for you. Be sure to provide all information they request in a prompt manner to help expedite the process.
5. Select your top choice.
Once you have been sent your acceptance offers, review each one in detail, and stack up their benefits and drawbacks. Which option has the lowest fees? Which company has the best customer service? Which company has the most stringent repayment penalties/policies? Consider all angles before selecting your funder. You'll be working with your funder a LOT in the coming days/weeks/months, so it's important to be confident in your choice.
Elevate Funding is a direct funder that specializes in Merchant Cash Advances (MCAs). An MCA is not a loan – it’s simply a way to get access to your future sales immediately. The MCA application process is simple and quick, and we are able to fund companies in as little as 24 hours. Plus, there are no restrictions on how you use the funds.
More perks? We do NOT check credit (for our standard MCA product), we do NOT charge outrageous fees, and we do NOT require collateral.
When you select Elevate as your funding provider, you are placing a safe bet on your financial future. We want to see our merchants succeed, and we will do everything in our power to work with you on your specific needs.
If you need funding and wish to speak to someone now, please call us at 888-382-3945 or click here to send us an inquiry. One of our teammates will get back to you as soon as they are available.