For the numerous small businesses that are looking for business funding with bad credit, we provide them with that, and the entire process for them is easy to follow and quick. We do however require that the business owner is decided regarding the funding that they are applying for. Small businesses make up 99.7% of all business in the United States and for this reason alone, small businesses are also considered to be the spine of the economy.
Banks do not fund small businesses due to these being classified as ‘high risk investments’, banks prefer to fund big businesses and corporations. As a result of this the qualification criteria that banks have are very stringent, and these stringent criteria make it very difficult for small businesses to qualify. Due to this over 90% of all small business loan application are rejected by the banks.
We do however fund small businesses, and this is because our qualification criteria are completely different from the stringent qualification criteria of the banks. Mentioned below here are the qualification criteria that we have, and based on these any small business owner can ascertain for themselves whether they qualify for the funding or not.
1. The owner of the business should not be in any form of active bankruptcy at the time of the loan application.
2. The business needs to be at least 12 months old, and it needs to be a running business.
3. The gross income of the business needs to be at least $10 thousand or over that amount.
These criteria that we have are simple and allow small businesses to easily obtain the business funding bad credit that they require. Also mentioned below here are the other features that make the entire process hassle free and quick.
The processing time frames that we have are very quick, and typically we can provide the funding to the small businesses within 48 to 72 hours from the time we receive the completed application form. At the latest we would take a week or ten days, and not over that period of time. The reason we are able to do the processing so quickly is because of our easy to use qualification criteria that we have, and these enable us to complete the application quick. Banks on the other hand have very complicated qualification criteria, and as a result they cannot process the application within a week, and would realistically require a couple of months at the least.
The credit scores are also not a limiting factor for small businesses with us, and we do provide them with fast business funding. Credit scores are not part of our qualification criteria, and as a result we are able to provide them with the funding regardless of their credit scores. We often work with businesses whose credit scores are in the low to mid-500s and we do fund them. Banks on the other hand do require credit scores that are in the 700s to accept an application, however there is no guarantee of funding due to high credit scores as well.
Collateral is another feature that we don’t require much, this is due to the fact that our funding is unsecured or uncollateralized. This is an excellent feature for many small businesses, many of whom do not have the necessary collateral required by the banks and other financial institutions. Typically, the value of collateral for those who require it needs to be double the value of the funding amount.