Get Business Loans

While bad credit makes it more challenging, a skilled business funding broker can often still help you secure financing. They know which lenders are more flexible with credit requirements and can highlight your business's strengths to improve your approval odds.

It depends on the lender and the type of loan. An experienced funding broker can match you with unsecured loan options if you lack collateral. They can also help you leverage assets creatively to satisfy collateral requirements on secured loans.

A business term loan provides a lump sum of capital repaid over a fixed term. Benefits include predictable monthly payments, the potential for lower rates vs. other options, and the flexibility to use funds for almost any business purpose. A broker can help you evaluate if a term loan fits your needs.

Payment structure and terms vary by lender. Most term loans have fixed monthly payments over a set period, often 1-5 years. Short-term loans may require daily or weekly payments. A funding broker can match you with lenders offering payment terms that align with your cash flow.

Lenders typically consider credit scores, revenues, cash flow, debt-to-income ratios, collateral, and industry risk factors. An experienced funding broker knows each lender's criteria and can position your strengths while mitigating red flags to optimize your approval chances.

Minimum credit score requirements vary widely by lender, from 500 to 700+. Some lenders have no credit score requirements at all. A business funding broker can evaluate your credit profile and match you with lenders most likely to approve you.

Depending on the lender, there may be a small impact from a hard credit pull. However, a broker can often help you get prequalified with just a soft credit pull, which won't impact your scores. They can also advise on how to strategically apply to minimize credit impact.

The rates and fees you'll pay for a business loan vary depending on the lender, loan type, your credit profile, and business characteristics.

Generally, you can expect term loans to have APRs ranging from 6-30%, SBA loans to have APRs of 5.5-11.25% (plus fees), and lines of credit and short-term financing to have APRs between 10-50%. Common fees include origination fees (1-6% of the loan amount), underwriting fees, and closing costs.

However, it's important to note that these are general ranges, and the actual rates and fees may vary depending on the specific lender and the borrower's unique circumstances. A broker can often negotiate lower rates and fees on your behalf.

SBA loans typically offer lower rates, longer terms, and higher borrowing amounts compared to conventional loans. Down payments may also be lower. An experienced broker can streamline the complex SBA application process and connect you with preferred lenders.

Common options include term loans, SBA loans, business lines of credit, equipment financing, invoice factoring, and merchant cash advances. A business funding broker can explain the pros and cons of each and help you determine which is the best fit for your situation.

Requirements vary by lender but often include business and personal tax returns, bank statements, financial statements, debt schedules, and legal documents. A funding broker can help you prepare a professional loan package with all the necessary paperwork.