Welcome back. In this video, we're going to talk about how to apply for a small
business loan with bad credit. Believe it or not this is a common question and a
lot of other business owners just like you have sacrificed their credit
building their business. Or I've had unexpected things happen either in their
business or in life that have hurt their credit score. In the video today, we're
going to show you exactly what to do and how you can apply for a small business
loan with bad credit.
A lot of business owners just sacrifice their credit in order to build their
business. So it's completely understandable. I've been there myself
and I've spoken a lot of business owners who have done the same. So don't feel bad
about it. But trying to get financing when you have some challenge credit or
your credits not the best can be extremely frustrating.
There are options out there that are available. There not many and knowing the
right place to go is extremely important. Otherwise, you'll get frustrated and
exhausting from shopping around and around and then you'll have your credit
ran multiple times which again is not going to do anything to help improve
your credit score. So it's really important that you get with someone that
has experience in helping business owners with financing with bad credit. So,
if you've already gone to your bank or realize that your credit score is not a
650 or 680 or higher then there are some options are available. And the options
that are available aren't really all that bad. There's some really great
options available with some lenders that focus on business owners and specific
industries that are really more focused on the business and the cash flow of the
business and what you're looking to get accomplished in your
business more so than your personal credit. There are a number of options out
there for business owners with bad credit. And again, depending on your
industry, depending on what you're looking to get accomplished will make
up the right lender that will be able to help you. There are some lenders out
there that will actually go down to a 500 credit score. Even below 500 credit
score. Which is an extreme situation and a bank would never look at financing
someone with a credit score in the 500 range. So again, depending on your
industry and depending on what you're looking to get accomplished. We'll make
up that program and product. If you're unsure of your credit score, there's a
number of places online that you can go and run your credit for free or very
small charges and get your credit score. Which would be important for you to know.
But it's really important that you don't shop around from lender to lender to
lender and continue to have your credit and ran because the multiple inquiries...
It doesn't really help you and can hurt you and actually make your score even
worse. You don't want to do that. So there are lenders out there that will
actually get you funded and not focus on your personal
credit score. And there's someone there that'll go all the way down to a 500
credit score even below a 500 credit score. We recently had a dentist that ran
into some life challenges and some things happen that dropped his credit
score to just above 500 which was extremely low. He's never been that low
but he had some opportunities to expand this business and needed some financing.
You know, we... You know, a lot of the lenders that we work with are just are
focused on small business... On small businesses. And they understand that life
happens and that there's challenges. So what we were able to do is we were able
to really dive deep into the business, get a better understanding of what
happened and saw that it was something outside of the business. And he had a
great time in business, a great history we were able to present a pretty strong
case to our lender and we actually get him approved for over $100,000 with that
with that credit score being just above 500. Which was amazing.
He was able to purchase a piece of equipment add an additional staff member.
And focus on growing and expanding his business. It was a really great story and
we were really happy to help. And there's a lot of stories out there like that. On
top of that, a lot of business owners sacrifice their credit and the beginning
to get it going and we understand that. But it's really important that when
you're... If you're dealing with the situation where your credit is going
through a tough time, it's really important that you're working with a
company that understands how to present that in the right way to underwriting in
order to really ensure that you're actually going to get an approval. And
it's really important that whoever you're working with works with the
number of lenders if that offers multiple financing programs so they can
place you or get you to the right place that's actually going to prove you.
Otherwise, it can be extremely frustrating challenging. You'll get a lot
of feedback that you know it's... Where it's in underwriting, where we're waiting
for an answer and, you know, you don't want to deal with. You don't want to burn
up weeks or months of time hoping that you're going to get approved then to
find out that you weren't. We're really great with eliminating that frustration
and time and getting you to a very fast no and telling you
what maybe you need to do to improve. With the dentist and the reason why that
worked out so well is we were... (1) We really able to have a an in-depth
conversation with the dentist or business owner and really find out what
exactly happened. We also were able to take a look at a number of different
great things that were happening in the business. And we were able to bring the
dentist to a lender that specifically focuses in the medical space that is
extremely comfortable with dentists and primary care doctor offices. Which was
really important. But was really important is we were able to go through
and explain a number of different things. 1, the reasons what what happened. And
then the areas of opportunity and all the great things that the dental
practice has going on even though there was some recent things that happen that
dropped his credit score. After going through that and putting together and
really presenting it in the right way to to underwriting and to the lender, the
lender, you know, felt comfortable and approved them for for a great deal.
So, the reason why you may want be watching this video is perhaps you might
have bad credit or gone through some different challenges. Whatever it might
be. And we completely understand that and we've all gone through them in business.
It's super important that you get with someone that can understand and hear
your story and really present it and paint the picture with the lender and
underwriting to ensure that you're going to get approved. There are some lenders
out there that even after hearing your story may not approve you. But there are
also some lenders out there that maybe really understand your specific industry
and will absolutely hear your story and give you an approval that you never
thought you might get. We've been really great with helping business owners all
across the country in all industries with bad credit. Get approved and
actually get funded. If you can use our help, please check out the link below and
we'd love to hear your story and help you get funded
and get growing. Another bonus thing that we offer is we're not just about helping
you get funded. We offer a number of different business services. And one of
them actually is personal credit repair. So, you can also not only help you get
funded but we work with you after the funding in order to get your credit
score back to, you know, where it should be.
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