{"id":5776,"date":"2013-11-04T11:05:45","date_gmt":"2013-11-04T16:05:45","guid":{"rendered":"http:\/\/blog.123print.com\/?p=5776"},"modified":"2015-07-20T21:54:10","modified_gmt":"2015-07-20T21:54:10","slug":"getting-a-small-business-loan-with-less-than-perfect-credit","status":"publish","type":"post","link":"https:\/\/blog.123print.com\/blog\/getting-a-small-business-loan-with-less-than-perfect-credit\/","title":{"rendered":"Getting a Small Business Loan With Less-Than-Perfect Credit"},"content":{"rendered":"

\"GettingFinding funding as a small business owner can feel like being caught on a catch 22 carousel.\u00a0 Traditional lenders are not willing to take a chance on businesses that don\u2019t have years of proven sales and flawless credit scores.\u00a0 So what is an emerging entrepreneur to do?\u00a0 Read on to discover some credit saving tips and viable funding alternatives that will get you off of the funding merry-go-round for good.<\/strong><\/p>\n

Review Your Statement<\/span>
\nThe first place to start with a credit score situation, is with the credit score itself.\u00a0 Take the time to review your statement and make sure resolved past issues have been dissolved from your case.<\/p>\n

Explore curious penalties that you\u2019re familiar with and look for possible errors.\u00a0 For example, your statement may claim you are \u201cdelinquent\u201d in payment of XYZ, but perhaps you are simply in \u201cdispute\u201d with the vendor.\u00a0 Not all penalties are treated equally, so make sure that yours are listed correctly and are fair.<\/p>\n

<\/p>\n

Pay Bills Sooner Than Later<\/span>
\nNot only will paying bills on time positively affect your credit, but they could save you some money too.\u00a0 Some venders offer discounts for paying before a certain date, be sure to talk with your venders to see if such an offer (or what other offers) are available to you in terms of settling up each month.<\/p>\n

Get Incorporated<\/span>
\nIf you want lenders to take you more seriously, establish your business legally by incorporating it.\u00a0 When the day comes that you try (or try again) for a small business loan, an established business with a designated address and proof of formal statements (like utility bills) will add to your credibility case.<\/p>\n

Understand Your Alternatives<\/span>
\nIf after you\u2019ve implemented the credit saving tips you still can\u2019t get approved by traditional lenders, understand that there are alternative available to you.<\/p>\n

Business owners are getting funded everyday by looking beyond traditional lenders (like banks).\u00a0 For example, the merchant cash advance; MCAs do not require perfect credit or personal collateral to be approved (in most cases approval takes less than 48 hours).\u00a0 Another example is the business credit card, which can be awarded to entrepreneurs with poor credit histories.\u00a0 The beauty of these alternatives is that not only can you get funding granted to you, but also by utilizing them properly, you can build your credit score back up.<\/p>\n

What has been your experience with finding funding in today\u2019s economy?
\nDo you think it can be done with less-than-perfect credit?<\/strong><\/p>\n

About the author: <\/b>Kelly Gregorio writes about topics that affect small businesses and entrepreneurs while working at Advantage Capital Funds<\/a>, a provider of merchant cash advances. You can read her daily business blog here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Finding funding as a small business owner can feel like being caught on a catch […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,8],"tags":[500,614,1040,1041,1046,1047,1048,1054],"_links":{"self":[{"href":"https:\/\/blog.123print.com\/blog\/wp-json\/wp\/v2\/posts\/5776"}],"collection":[{"href":"https:\/\/blog.123print.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.123print.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.123print.com\/blog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.123print.com\/blog\/wp-json\/wp\/v2\/comments?post=5776"}],"version-history":[{"count":1,"href":"https:\/\/blog.123print.com\/blog\/wp-json\/wp\/v2\/posts\/5776\/revisions"}],"predecessor-version":[{"id":9276,"href":"https:\/\/blog.123print.com\/blog\/wp-json\/wp\/v2\/posts\/5776\/revisions\/9276"}],"wp:attachment":[{"href":"https:\/\/blog.123print.com\/blog\/wp-json\/wp\/v2\/media?parent=5776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.123print.com\/blog\/wp-json\/wp\/v2\/categories?post=5776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.123print.com\/blog\/wp-json\/wp\/v2\/tags?post=5776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}