When You Can’t Get a Business Loan at Your Local Bank

When You Can’t Get a Business Loan at Your Local Bank

Since you’ve been in business less or equal to two years, your company is considered a start up. Your credit is satisfactory and not impeccable, you need a line of credit for working capital or expansion but you get declined by your local bank because of their small business underwriting guidelines.

What are Your Credit Options?

Your options are a business loan outside the box than what your local bank offers such as:

  • Factoring your accounts receivable
  • An asset based Loan
  • Purchase order financing

These types of business loans are not hard money loans with high interest rates. In fact, they are an alternative to business financing. Don’t worry about the rates; the rates are fair for portfolio lending.

Getting Financed for Your Business

Even if you had a past bankruptcy or tax liens, chances are you can still get financed for your business. With some underwriting methods for factoring accounts receivable, asset based lending and purchase order financing, it’s a make sense approach, and good explanations why you defaulted in the past. Chances are greater for approving your business line of credit if you have proof that you have recovered from your hardship and established or re-established healthy accounts receivable.

For more information on how I can best serve your Chicago buisness loan and credit needs, please fill out the online contact form about your concerns or give us a call at 855.477.9007. Read what people have to say about First Pro Capital on our Testimonials page.

First Pro Capital and Credit Consulting Professionals  know Business and Credit.

Allow our team of professionals to assist you!

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