Startup Business Loan Bad Credit

Starting a business is something that most of us want to escape the 9 to 5 curse that has been handed down generation after generation. But did you know that only 21% of Americans had a good credit standing back in 2019?

This leaves the other 79% in the bad credit standing, making it difficult for them to apply for any type of loan available in the market. Applying for loans is something that is considered normal in the adult world – although most people see it as a sign of weakness, it’s actually the opposite.

Getting a Business Loan with a Bad Credit

A lot of business owners applied for a loan in order for them to startup a business and to tell you honestly, most of them had to go through the eye of a needle to get over to the other side. It’s not easy to apply for a business loan especially if you have a bad credit, but fortunately, there’s something that can be done.

Many financial institutions have workarounds for people with poor or bad credit. There are institutions that require collaterals and any other types of securities in order for their clients’ loans to be approved. More so, there are lenders and funding companies who allow credit partners.

Never let bad credit stop you from thinking that you can apply for a startup business loan. Even if you’re always declined or rejected, there’ll always be a way.

Different Startup Business Funding Options

Before you arrive at your decision that you want to go for a startup business loan, you should consider other financing or funding options as well. Explore the world of investments and opportunities because you might just need a loan lightly and not badly need it.

There are options like approaching friends and family members, credit card cash advances, crowdfunding, and grants from investors and from the government.

Raising Capital for your Startup Business

Obtaining the capital you need for your startup business doesn’t always have to be a loan. However, applying for a startup business loan can be beneficial because you’re sure that you wouldn’t share your business with any other people; whereas if you ask help from investors, they might want equity.

But if you have a bad credit, how can you apply for a startup business loan? Well, we here at SoFlo Funding will be able to help you. For a time, we are the company who helped dozens of small businesses and even startup businesses gain funds for their business – even if they have poor or bad credit!

Gain Funds Even with a Bad Credit

Yes, with SoFlo Funding, even if you have poor or bad credit, you can get a startup business loan. We have various ways on how we approve our clients; it’s a bit unorthodox but it’s effective – we’ve aided and assisted a lot of other businesses by providing the funds they needed for their business using the systems and the programs we made and developed ourselves!

Requirements for a Startup Business Loan

Akin to whatever type of loan in the market, we at SoFlo Funding look for documentary requirements and qualifications as well before we settle on approving a startup business loan.

What we check and assess for a startup business would usually include:

• Financial projections of the venture
• Credit score and standing
• Income and bank statements
• Resume or company portfolio
• Business plans

The requirements will vary from company to company and we might ask you for more things, or for even less. SoFlo Funding will assist you in launching the idea you have through our startup business loan despite your bad credit standing!