In case your company is a start up or considered a “niche” industry; an “outside the box” small business loan can help your small business with working capital, expansion, consolidating business debt or buying out an existing partnership. To get your small business loan approved you will need the following:
- Fair Credit of 620 Credit Score or Higher
- Healthy Accounts Receivable
- Healthy Bank Statements
Start-ups have the most challenges of getting a small business loan. Because why? Because of the time they have been in business. You heard these words before: “grow your business organically or wait until you have 24 months of established business and healthier receivables.”
What Does an “Outside the Box” Small Business Loan Mean Anyway?
There are lenders with available programs who are willing to finance niche industries, fair credit, and businesses with less than two years of established business. Before you make the call, lenders will not approve your small business loan if you have a foreclosure on your credit report within the past 12-24 months.
More and More
First Pro Capital receives more calls from potential clients whose lender is not renewing their existing business line of credit, and it’s not because of the client’s credit, it’s for some lenders who want to free up their cash by not renewing existing business lines of credit.
Have your exit strategy ready to exit out of your alternative business loan.
For more information on how we can locally improve your small business loan and credit in Bonita Springs, Fort Myers FL and Naples FL, please fill out the online contact form about your concerns or give us a call at 855.477.9007. Read what our valued clients have to say about First Pro Capital on our Testimonials page.
First Pro Capital and Credit Consulting Experts know business and credit
Allow our team of professionals to assist you!