Most entrepreneurs think that because they have bad credit there is no chance of them getting a loan. But in reality, there are actually many different financing options that business owners have in which they can qualify, even with severe credit challenges. As you already know, banks REQUIRE good credit to get approved for business financing. But still, most people only go to their bank when they need money because it’s the only place they know to go to. But the most common business bank loan, SBA loans, only account for 1.1% of all business loans (Department of Revenue 2013). The reality is that the big banks are NOT the suppliers of most business loans. And even though they require good credit to qualify, many sources don’t. The big banks are very conservative, as most know. Due to this they commonly won’t lend to businesses in which the business owner has challenged credit. But businesses can succeed even if the owner doesn’t have perfect credit. And many business loans make...
