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How do I get financing for my business when I have bad credit?

Financing a business can be hard and is best left to professionals. Do you feel going to the bank, SBA, or a business capital company is a wasted of your time. It’s not; getting a professional opinion is never a waste of time. There are several ways to finance a business. There are non recourse loans that are based on the business and not on the client. Here are some things that you need to know. These are the basic things that any lender is looking for:

  1. What is the collateral? What will the bank lien against commercial real-estate or viable business?
  2.  What type of business you have. There are certain industries that lenders will lend on manufactures, medical, trucking companies, temporary agencies with accounts receivables. 
  3. What are the assets of the business? What does the business own? The assets of the business such as equipment, real-estate, automobiles, contracts and income.
  4. Is the business making money? What is the plan for the loan proceeds?  How will it improve the bottom-line?   
  5.  Are your licenses up to date and in compliance?  If your company licenses are not up to date you are not in business. If you are out of compliance if state, federal and local laws no institution will lend you money. 
  6. How long have you been in business? The leaght of time you have been in business determines the loan. If you are a start up you are less likely to get financed through conventional methods. The longer you have been in business and your experience will factor in your success.   
  7. In case of default will this business be asset that the bank will want to own.  It is saleable. 
  8. Sell stock in your company. This is a great way to raise capital.  Seek the advice of a professional to set up stock sales of your company.   
The bottom line is the asset, weather you have excellent credit or bad credit. No matter what is this economy the asset is what matters? Is it a profit making business?

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Financing a business on Amazon

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