According to a recent report, a lack of funding is the main reason why would-be entrepreneurs decide not to start their own business - with 63% of survey respondents saying that their financial health was the biggest barrier between themselves and their dreams. 

After all, starting a business can be incredibly expensive, especially for those who are not in a great financial position to begin with. For example, many of those with a bad credit history believe that they’ll be unable to obtain the necessary loans or funds to kickstart their business - though this is not the case. There are plenty of ways in which you can unlock a business loan with bad credit, putting you on the path to long-term success.

Understanding Business Loans with Bad Credit

What is Bad Credit? 

An individual with bad credit will likely have a past wherein they have failed to pay bills on time or owe a significant amount of money. Credit scores are awarded on a scale of 300-850, with anything lower than 580 being considered a poor score. According to a recent report, 16% of Americans have poor credit scores, which impacts their life in a variety of different ways. 

Can You Get a Business Loan with Bad Credit?

Generally speaking, your credit score will impact your chances of obtaining a business loan. However, this does not mean that obtaining a business loan is out of the question; you simply need to be a little more diligent in your research. 

For example, you could work alongside a loan broker, such as American Capital Express, to find a lender that is willing to work alongside you. Loan brokers tend to have strong working relationships with a variety of lenders, which means that you’ll be able to find the best possible deal and obtain the funds you need to start (or scale) your business. 

We are able to assist when it comes to obtaining a wide range of business loans, including: 

• SBA Loans
• Bank Loans
• Short-Term Loans
• Business Line of Credit

If you are unsure which path to pursue, our team of friendly, qualified experts is on hand to help. We’ll ensure that you apply for a loan that aligns with your current situation, business plan, and goals, too. 

If you are struggling to obtain a loan, we will work with you to repair your credit. This means that over time, you’ll find it easier to obtain loans from reputable lenders without having to worry about your credit score.

Benefits of Using a Credit Repair Service.

The most obvious benefit of using a credit repair service is that it provides you with the means to improve your credit score, allowing you to get within a healthy range. This will not only make it easier to obtain business loans, but it will also improve your overall financial health. 

However, there are many other benefits associated with utilizing these services. After all, it means that you have the backing and support of an expert who knows the exact steps you should follow to improve your credit score—something that is not guaranteed when attempting to build or repair your score independently. This often means that you can achieve the results you crave faster. 

Benefiting from these services also means that you’ll have a better understanding of credit moving forward. Given that business owners who understand their credit scores are “41% more likely to be approved when they apply for a bank loan,” this knowledge is truly invaluable when it comes to scaling your business! 

Contact American Capital Express To Secure Your Next Business Loan.

Whether you are looking into obtaining a loan from your bank or an SBE loan or are considering refinancing your debt, we’re here to help! 

With years of industry experience, we’ve helped countless clients unlock business loans and pursue their dreams—even if they had poor credit scores to begin with. After all, when it is not possible to obtain a loan outright, we’re on hand to help you to repair your credit score.

No matter what kind of business you are running or the amount of money you need, our team of friendly, qualified experts is ready to go above and beyond to assist you on this journey.

Get in touch today to find out more, or start applying for your loan online.