A loan can be an important source of capital for your small business, but what if you have bad credit? You don't have to beg on the street for working capital, this guide can help you alternatives so you can get the capital you need--bad credit or not.
Government Bailouts
With all of the stimulus funding floating around this can be a great source of alternative money. It is safe, reliable and inexpensive source. Unfortunately it combines the extensive process of traditional loan with the legendary efficiency of the federal government. The low interest rate can more than make up for the inconvenience, though you will have to provide collateral. Visit The Small Business Administration website for more information.
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Credit Cards
This is an option, but it may be what ruined your credit in the first place, so be extremely careful. Using credit cards can be a helpful short term solution. Interest rates can be a killer-especially if you already have bad credit--so you should make sure you are going to have the cash to pay off the card in full every month.
High unemployment means there are many people looking to own their own business, or with any luck, they may want to share yours. A partner buying into your business can provide both working capital and another hand, all at a low cost. You need to be extremely careful in selecting a partner, because a bad partnership can destroy a business.
Merchant Advance
Services such as a merchant advance, are designed for people who may not qualify for a traditional small business loan due to bad credit. A Merchant Advance is when a lending company purchases a piece of another company's future credit card sales. For example, the lending company may buy $10,000 of your future sales for $8,000 today. As you make credit card sales, a portion of them are sent to pay back the lender each month until the lending company receives its $10,000. Depending on the terms and the reliability of the company this can be a good a good source Bad credit capital for small business owners with less than perfect credit. Caution is advised however, while some companies can provide much needed capital, a few can be less than honest.
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