Business Loans for Bad Credit

Business loans for those with less than perfect credit.

Banks and traditional lenders are hesitant to lend to business owners with credit scores below a certain threshold.

The struggle is real.

Small business owners have struggled with this problem since credit scores began being used as a measure of creditworthiness. Low personal credit scores hamper a business owner’s ability to obtain the funding their business needs to succeed.

business loan bad credit chicken egg

It really is a chicken and an egg problem. If the business is successful, the business owner can begin repairing their credit. But with the wrong credit score they can’t find funding and their business lacks the capital to grow. Entrepreneurs in this situation can feel frustrated at best and hopeless at worst.

A systemic trend across the economy.

After the 2009 Recession, banks pulled back from lending to individuals with FICO scores lower than 700. At a FICO score of 700 and above, business owners can qualify for various forms of financing including SBA loans, term loans, and low rate credit cards. Unfortunately, these options can disappear with a credit score less than 600. And the truth is that 35% of Americans have FICO scores less than 620, which means there are thousands of small businesses that lack the funding needed to succeed.

Accounts Receivable Financing

What are my options?

However, companies like Harper have stepped up to fill the void. We recognize that credit score by itself is not an accurate measure of a company’s prospects. Every situation is different and a business’ ability to repay a loan should be based on the factors unique to that business. Traditional lenders’ rigid underwriting requirements based on credit score and other metrics can keep a good business from being funded.

The Harper team understands how absolutely frustrating this reality is, and have dedicated ourselves to creating financing options for business owners of all types, even those with not quite perfect credit. Our team, including several serial entrepreneurs, understand this frustration all too closely.

Solutions for business owners of all stripes.

Our financing solutions include low credit small business loans for business owners seeking funding for working capital. Regardless of bad credit scores, Harper’s business capital loans feature easy paperwork, fast turnaround, and fixed payments. Even if you already have a loan outstanding on the business, we can fund second position behind it!

If you’re a retail / ecommerce business that handles daily credit card transactions, Harper also offers a merchant cash advance that provides much needed funds in exchange for a specific percentage of future credit card sales. This allows business owners to obtain the cash they need and repay it based on future transactions rather than credit score.

Give us a shout, you may be surprised at what’s available.

Either way give us a call at (310) 817-0376 or fill out your contact info to the right if you’re interested in learning what we can do for you. Our team is standing by and looks forward to working with you!

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