Once that is done, the doors of SBA Small Business Administration open up for you. If you fit into the criteria to be eligible for this loan, that is, your revenue is relatively small, the business size is small, etc. , SBA loans offer a great deal to people
with bad
credit. These programs come with comfortable terms and conditions like, longer maturity, lower interest rates and installments, and lesser down payment, for they are either Government guaranteed or are secured by one of the numerous national partners. Substitute Loans with Trade CreditIf the amount required by you is relatively small or is only required for smaller durations, you can substitute your plan for applying for a loan with a relatively easier option of trade credit. Trade credit can be used for almost everything that a business loan can be used for, including making purchases of raw materials and assets. The best thing about trade credits is that, they are easier to obtain being less stringent in their requirements and usually do not require a personal credit check. Sometimes trade credit can even be obtained without giving any guarantees and its only drawback is that the process is not very simple and may require external help. Business Cash Advance AlternativeBusiness cash advances are better and easier for small business financing. Not only do they come with flexible repayment options that suit your convenience, but they also do not make a huge mountain of a problem out of your 'bad credit' molehill. The bonus is the fact that, they are completely unsecured and do not require any guarantee or collateral.
business loans that you don't pay back
Make sure that you prepare totally independent financial statements for your business, that do not include any of your personal finances.