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There are thousands of businesses throughout the country with bad credit in need of financing. Bad credit business loans are provided to these businesses by alternative lending institutions. They are private non-bank lenders. They understand the nuances of the underwriting requirements for businesses that had bad credit.
Why The Need For Bad Credit Business Loans
Bad credit business loans provides a necessary boost to our economy. Small businesses especially drive our economy. These capital infusions that otherwise might not be there allow businesses to expand, grow, and hire new employees. Traditional banks and credit unions look at predictive attributes when analyzing or underwriting a loan. They look more toward credit scores and things like bankruptcy and tax liens rather than business performance. Alternative lenders, like fundingmate.com, look at daily bank balances, ending monthly balances, monthly ending balances, NSF’s, and some other items but less importance is put on credit. The processing of these loans is much more seamless as well. An application is a single page and all you need to send in for an approval decision is 3-6 months of bank statements and merchant statements if you process credit cards. The approvals take only 24 hours and funding in less than 7 days. No collateral and no personal guarantees.
Uses of Bad Credit Business Loans
Bad credit business loans can be used for most anything including expansion, new hires, general working capital, upgrades, inventory, payroll, training, and the list goes on. Often a business owner’s personal credit is affected by non business dealings. A divorce or loss of a previous job can hurt for a while. This should be placed aside when underwriting bad credit business loans. Unfortunately, banks and credit unions do not and a viable business in need of short term capital can lose out and the employees of that business do as well when the doors close. Funding Mate is your source for bad credit business loans. Click here to apply.