Bad Credit Business Loans
What are Bad Credit Business Loans?
A low credit score can pose significant challenges for business owners seeking financing. Even if your business boasts strong financials and a track record of over two years, a poor personal credit score can greatly diminish the likelihood of securing a business loan from traditional banks.
The difficulties in borrowing have been exacerbated by the economic repercussions of COVID-19. Not only have lending standards become more stringent with banks, but there has also been an overall tightening of lending across the entire financial landscape. Many lenders, grappling with the uncertainties of financing during a crisis, are hesitant to extend loans, irrespective of an individual's credit history.
Blum Bridge has a proven track record of assisting numerous business owners during the financial crisis of 2008 and is well-equipped to navigate the intricate financial challenges posed by the Coronavirus. We understand the unique circumstances businesses face, and our commitment is to help business owners secure the necessary funding precisely when they need it. Our range of bad credit business funding options caters to the diverse needs of each business owner. Whether you operate in manufacturing, retail, or any other industry, if you are an existing business owner, you are eligible to apply for a business loan with us, regardless of your credit history. Blum Bridge is dedicated to taking every possible step to ensure you obtain the funding essential for your business's success.
BAD CREDIT BUSINESS LOANS OVERVIEW
Estimated Business Loan Term: 2 to 18+ Months
Rates: 12% to 45%*
Time in Business Required: 2 Months
Min Credit Score Require: 500
Min Monthly Deposits Required: 5
Min Monthly Revenues: $8,000
Min Business Loan Amount: $5,000
Max Business Loan Amount: $1,000,000
Max Number of Negative Days: 3 Within a Month
*rates depend on duration of funding
What Do I Need to Qualify?
Below is a list of the general requirements needed to get approved for our merchant cash advance program. Although in some cases there are many additional factors that may be considered, meeting these three requirements gives you a very high chance of having your application approved.
✔ At Least 2 Months in Business
✔ 500+ Min. Credit Score
✔ $8,000 Min. Monthly Revenue
What Will Short Term Financing Cost You?
The cost of a short term business loan often depends on a factor rate and the length of time you have the funding. Let’s say you take a merchant cash advance of $100,000 for 12 months at a factor rate of 1.22. That would make the cost of borrowing in this scenario $22,000, so your total pay back amount on 100K would be $122,000. Your payments would vary depending on whether you have daily or weekly payments.
How Do Bad Credit Business Loans Work?
Most of our short term business loans are an immediate funding solution where a business owner receives a set amount of money for a specified period of time at a set cost. The payback amount, which includes the amount borrowed and the factor fee, as well as any additional fees, will be paid back through daily or weekly debits from the business bank account. The duration of the loan can be between six months and thirty six months depending on the information provided in the application process.
Are Bad Credit Business Loans Right For You?
Our short term business loans can be a good fit if you require working capital for a relatively short period of time and you want some of the best rates and terms that we offer. This type of financing does however require a fair credit score so if you know your credit score is below 650 please see our business cash advance loans. Our short term program is a great solution if you do not meet the requirements for traditional financing but there are some important evaluations to make before you acquire this type of funding.
Can your business manage the payments of short term financing because the payments are larger when compared to a loan for the same amount over a longer period of time. You also have to consider what the total cost is for the financing and whether the loan will be a benefit or a burden for your business. These are just some of the questions you have to consider before applying.
What Documents are Needed to Apply?
Documents Required for Less Than $100,000
Drivers License
Bank Statements
Proof of Ownership
Property Lease Agreement
Credit Card Processing Statements
Voided Check
Additional Documents for Advances More Than $100,000
Personal Tax Returns
Business Tax Returns
Profit & Loss Statement
Balance Sheet
Business Debt Schedule (possible)
Potential for Others
Typical Questions Asked Before Applying
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This type of business funding has low document requirements so you can receive funding possibly in the same day you apply.
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This type of alternative funding option very flexible credit history requirements so it will have very little impact on whether or not you receive funding.
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There are no restrictions, you can use the money the loan how you see fit.
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It may be possible, it just depends on a few factors. Speak with your representative for more details.
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Blum Bridge does not sell information to other lenders. We handle everything in-house so you do not have to worry about receiving unwanted phone calls from multiple lenders.
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No. You do however have to own at least fifty one percent of the business.
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A minimum of 2 months is required, however, most approved businesses have been operating for at least 3 months or more.
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No. In fact, in some cases you may receive a discount.