subject: Loans for Businesses With Bad Credit, No Credit Checks, Easy Financing Up To $50,000 [print this page] Loans for Businesses With Bad Credit, No Credit Checks, Easy Financing Up To $50,000
Loans for businesses with bad credit without credit checks, are available with easy financing up to $50,000. This gives the established small business with bad credit a great opportunity to obtain a loan for their business without a personal credit check. This no credit check bad credit business loan and financing program isn't a merchant cash advance or merchant loan. Additionally, it isn't related to the payday loan program.
This no credit check bad credit business loan and financing program is constructed in the following manner. The small business bad credit applicant should follow the below guidelines:
1) Maintain at least a $4,000 ending bank balance in their business account
2) Deposit at least 10-15 times per month in their business account
3) Be in business at least one year and establish the ability to repay back the business loan
4) Have no outstanding large tax liens, delinquent child support issues, not currently in bankruptcy or foreclosure
Documentation Requirements
1) Signed and dated application
2) Provide a copy of the detailed business bank statements for the last four months
3) Copy of the Owners Drivers Licenses
4) A copy of the Articles of Incorporation if Applicable
5) Copy of a business license, tax id number or any other relevant license
The lender will advance up to 2.5 x the average ending balance on the business bank account for the last four months up to $50,000. These are business loans and the length of the loan is four months which can be renewed. The loan can replace a merchant cash advance if it doesn't exceed 40% of the eligible borrowing base. At funding, the lender will pay off the merchant cash advance or loan and pay you the difference.
Example, your monthly average ending balance in your business bank account is $20,000 for four months. Your borrowing base would be $20,000 x 2.5 or $50,000. If your current cash merchant advance is $18,000, the lender at funding would payoff the merchant first and remit to you the difference for $32,000. Obviously if you didn't have an outstanding merchant cash advance, this area wouldn't apply.
The types of businesses that would be great for this type of bad credit business loan and financing program would be the following:
Gasoline and gas stations, grocery, convenience, C stores, restaurants, bars, discos, tanning salons, pizza shops, dry cleaners, doctors, dentists, physicians, lawyers, accountants, Cpas, limousine owners, automobile service centers and body repair shops, dog groomers, florists, beauty and nail shops, distributors, all different types of service providers.
In conclusion for the bad credit business loan applicant, this is a great opportunity to obtain short term small business loan financing in this tough economy. This isn't a merchant cash advance or loan program which can be quite tedious in its paperwork and processor work requirements. This great business loan and financing program isn't credit driven, therefore your Fico Score isn't an issue.. These small business loans can be renewed every four months if needed by the applicant and gives the business a working capital injection.
Happy hunting for your bad credit cash business loan and its related financing.
