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A business loan for bad credit can provide small business owners with much-needed financing. These loans can help purchase equipment, fund day-to-day operations or expand your business.
2. Choose the right type of bad credit business loan. You have a wealth of bad credit business loan options at your fingertips, and different types of loans can be used for multiple purposes.
Bankrate insight. Bad credit business loans are available for businesses with low credit scores, but maintaining a healthy score is important. Owners should avoid utilizing more than 20 to 30 ...
For personal credit, a bad credit score is often categorized as a FICO score of 300 ... Like any small business loan, a bad credit business loan provides funding that must be repaid over time and ...
Bankrate insight. Accion Opportunity Fund is an example of a nonprofit lender that focuses on smaller loan amounts with flexible terms and requirements. Loans range from $5,000 to $250,000, and ...
Depending on the lender, you could secure a small business loan with a personal credit score of 550, with higher credit scores increasing the likelihood of approval and potentially better interest ...
Some short-term lenders cater to bad credit borrowers, offering loans to those with personal credit scores around 500. But you may need to show strong revenue or business growth to offset your low ...
Banks typically require a credit score of at least 670 for a small business loan. Bad credit and subprime borrowers may have better luck applying for a loan with online or alternative lenders ...