Your credit maybe satisfactory and not impeccable, you need a business line of credit for working capital or expansion but you get declined by your local bank because of their small business underwriting guidelines. Fix or fine tune your personal credit and business credit before or after you obtained alternative business loan. Make credit restoration part of your exit strategy when you decide to refinance out of your alternative business loan and into traditional lending like SBA or Asset Based Lending.
What are Your Credit Options?
Your options are a business loan outside the box than what your local bank offers such as:
- Get an alternative business line of credit while you are restoring your credit
- Merchant Cash Advance
- Factoring your accounts receivable
- Purchase order financing
- You always have the option to decide to go back to your local bank
These types of business loans are not hard money loans with high interest rates. In fact, they are an alternative to conforming business financing, the rate maybe a slight higher and this all depends on your personal credit score.
Getting Financed for Your Business
Even if you are marked with a past bankruptcy or tax liens, chances are you can still get financed for your business. With some underwriting methods for a business line of credit, the approval process is a make sense approach, and good credit explanations of why you defaulted in the past. If you have proof that you have recovered from your hardship and established or re-established healthy accounts receivable, its likely to get an approval for a business line of credit. Your most cost effective option is check your credit, then if needed fix or tweak your personal credit first before you apply for a business loan.
For more information on how we can locally best serve your Destin and Fort Walton Beach Business Credit , 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 Experts know Business and Credit.
Allow our team of professionals to assist you!