SCOTTSDALE, AZ—(Marketwired – July 19, 2016) – New Business Funders (http://www.newbusinessfunders.com) is out to set the record straight on just what your options consist of as an entrepreneur when you go to borrow money for your business but have a poor credit rating.
“Traditionally, banks look at your business credit, transaction history and other types of paperwork when making a lending decision,” explained Troy Bohlke, spokesperson for New Business Funders, a company that specializes in helping new businesses secure lines of credit. “But for new businesses, this really is not an option because the credit has not been established. If that's the case, banks will look to your personal credit score, which will make or break the deal.”
So what can a borrower do if they have a poor credit rating but require funds to get their business up and running? Bohlke says it's all about who you borrow from, who you borrow with, and how fast you work to clean up your credit score first.
“You can use a rapid credit restoration service that can get your credit score restored and remove erroneous reporting,” Bohlke advises. “Usually, this is the cure–all for bad credit loan applications.”
But sometimes that's just not enough to get people approved. In these instances, Bohlke has one more option to offer: “Apply with a business partner, trusted friend, spouse or relative,” he says. “Doing so can help you meet the scoring requirements so you can get approved.”
Bohlke would know. He heads a service that connects new businesses to low–interest lines of credit. “We help bad credit borrowers get approved all the time using the variety of methods I've just described. Give me a call, let me see how I can help you.”
To learn more about this small business program, go to:
http://www.newbusinessfunders.com
Or contact: Troy Bohlke at: 1–855–680–FICO ext. 101; by email at: funding@newbusinessfunders.com.
You can read the new guide online at: http://www.newbusinessfunders.com/get–approved–loans–small–business–owners–bad–credit.
About New Business Funders
New Business Funders helps connect startups to the lines of credit they need in a simple and efficient manner. Using their broad network of banks that are eager to loan money to startups, NBF helps get new businesses the credit lines they need without the runaround. Just a 680 FICO score or better gets your business approved for a line of credit from $10k to $250k with low interest and easy repayment options. No tax returns, bank statements, automated payments, business statements or sales receipts required. It really should be this easy to fund your new business.