Bad Credit Business Loans
A bad credit business loan can be a difficult proposition. You may even feel that due to your bad credit you will not be able to get a business loan, but that is not always the case. While tradition financial institutions, such as your local bank, will not lend you money due to your bad credit there are still other non-traditional lenders that will give you a bad or poor credit business loan.
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What is Bad Personal Credit?
A person with bad credit would be considered anyone with a 640 or FICO score. While the mid-600′s are still a grey area, you will be denied more often then not when applying for a loan. In order to get a loan, you will need to separate your bad personal credit from your business credit, once that is done you can begin to seek financing for your business. There will be almost no business financing available to a person with bad personal credit and bad business credit. We suggest that folks with an above average personal credit rating try their local community or specialty lenders, they will tend to focus on a combination of business and personal credit scores until your businesses credit is established in itself.
What is Bad Business Credit?
Business credit works on a sliding scale from 0-100, with 75 and higher being excellent credit, 0-20 being bad business credit. A business with 75 or higher on Duns & Bradstreet’s scale will have no problem obtaining financing. You can see a detailed breakdown of personal and business credit scores in our credit score tables.
