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. First, 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.

What are Your Credit Options?

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

  • Get and alternative business line of credit while you are restoring your credit
  • ACH business lending, proceed with caution
  • An asset based loan
  • Factoring your accounts receivable
  • Purchase order financing
  • Or after fixing or fine tuning your credit, go back to your local bank and apply for that conforming business loan

These types of business loans are not hard money loans with high interest rates. In fact, they are an alternative to conforming business financing.

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 ACH business financing, factoring accounts receivable, asset based lending and purchase order financing, the approval process is 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. Your most cost effective option is to fix your personal credit first before you shop for a business loan.

For more information on how I can best serve your Boca Raton Business Credit and Personal 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 Professionals  know Business and Credit.

Allow our team of professionals to assist you!

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