If your business has a less-than-perfect credit rating, it doesn’t mean you should be denied the chance to grow. In fact, loans for small businesses with poor credit are available to help you move forward.
Why Traditional Lenders May Not Be an Option
When trying to secure a loan, many businesses turn to high street banks. However, traditional lenders tend to have tight lending criteria. If you have a history of bad credit, it can make securing a loan even more difficult, as they view lending as a risk.
Alternative Business Funding
Alternative funding options are a great solution for businesses with bad credit. Whether you have a County Court Judgment (CCJ) or a history of late payments, these lenders focus more on your business's potential and recent performance than on past credit issues.
How Can I Get a Business Loan with Bad Credit?
Bad credit shouldn't stand in the way of growth. Thankfully, there are alternative financing options for businesses with poor credit.
One popular option is a merchant cash advance. This allows you to borrow money based on your business’s recent card sales, without focusing on your credit history. If your business makes consistent card sales, the lender will assess your recent income to determine how much you can borrow, repaid through a percentage of future card sales.
What Type of Finance is Available for My Business?
There are various financing options available, even for businesses with bad credit. We specialise in merchant cash advances designed to help businesses with less-than-perfect credit histories.
Should I Tell the Lender if I Have Poor Credit?
Honesty is key. While a poor credit score may not disqualify you from receiving a merchant cash advance or other alternative loans, being upfront about your financial history helps build trust. Lenders often have specific criteria, and transparency can speed up the approval process.
This honesty helps establish a long-term commercial relationship, which can lead to more opportunities in the future.
My Business is in Financial Difficulty
If your business is struggling financially or you've been rejected by traditional lenders, alternative finance providers might be the answer. Many businesses face cash flow issues, tax demands, or other financial challenges. We specialise in helping businesses like yours.
The UK Government, through the British Business Bank Investments, supports loans for small businesses, especially when other lenders have turned you down. These loans often don’t focus on your credit history, making them a viable option for businesses facing difficulty.
How to Apply for a Business Loan with Bad Credit
If you're looking for a business loan with bad credit, we can help you secure a merchant cash advance. This funding option allows you to access the cash you need based on your recent card sales, without the need for a perfect credit history.
Get in touch today to discuss how a merchant cash advance can help your business. Apply now to get the funds you need and continue growing your business with the support you deserve.
