Business Credit And Bad Credit Business Loans
Is it possible to get business credit for people with bad credit? People with bad credit who are looking for a bad credit business loan are in for a rude awakening. Most (more than 80%) of loan applications are declined. Many lenders look not only at the business's ability to repay business credit, they will also look at the individual business owner applying for the loan. This includes scrutiny of the personal credit report to decide if they will approve the business credit. If you are looking for a bad credit business loan, there are a few steps to take before going out to find business credit.
- Separate your business credit from your bad personal credit by forming a corporation or LLC and applying for an EIN.
- Use your company's EIN to establish a business credit profile completely separate from your bad personal credit.
- Build a strong business credit profile while repairing your poor personal credit.
- Prepare separate financial statements for your business that does not commingle any of your personal finances.
Factoring as a Bad Credit Business Loan Alternative
It may turn out that a bad credit business loans can be substituted by utilizing business credit established with a factoring company. CapitalPlus is an innovative business credit and financial services company offering businesses a full line of factoring services. For years CapitalPlus has been providing companies alternative means of funding bad credit business loans when conventional business credit is not a viable option. For new and growing businesses, CapitalPlus' factoring services are a flexible, hassle-free solution to working capital needs, one that gives you immediate access to cash. Funding approval is fast and easy and credit limits are determined by your customer's credit not yours. Factoring is the sale of accounts receivables. By selling your invoices for future payment, you generate cash sooner than if you collected the money on your own. CapitalPlus' factoring service takes title to the invoices and collects them when they are due. Just about any business that has a creditworthy commercial customer base with invoices for products delivered or services rendered to another business or government agency can benefit from CapitalPlus' alternative to business credit. If you are concerned about your business credit and need a bad credit business loan call CapitalPlus today.
Thank you for sending the money same day. I would not be in business if it were not for you.