In plain English, working capital is your business’s liquid assets minus it’s liabilities. It’s the leftover money you have to grow your business. Often times most businesses don’t have much left over after paying all the bills, employees, etc. This makes it hard to grow and expand. The fact is, big banks don’t really serve most business owners. They will only lend to about 15% – 20% of the businesses out there. What about the other 80% – 85% of businesses? They need help. What if the owner has bad credit? That can make it tough. Luckily, there are options to get working capital with bad credit.
Apply online securely here –> DAC
Time in Business Requirement for Working Capital With Poor Credit
If you’ve ever talked with a big bank about getting a business loan, you know they want anywhere from 2-5 years time in business before they will consider lending to your business. Luckily, there are some revenue based options to get working capital with bad credit. We work with alot of lenders and they can tend to have different requirements. However, we have options that allow you to get working capital with bad credit with just a 4-6 month time in business requirement.
Apply online securely here –> DAC
Are There Credit Score Requirements for Revenue Based Working Capital Loans?
Again, if you’ve looked into bank financing for your business, you know they want stellar credit. Luckily with these revenue based working capital loans, the lenders are liberal. Again, we work with alot of lenders, but depending on all the particulars, credit scores can be as low as 450 – 500.
Apply online securely here –> DAC
Is There a Revenue Requirement for These Working Capital Options?
Again, we are aligned with quite a few lenders. Hence, some of the requirements are different when if comes to working capital with bad credit. Some of the lenders want a minimum of $25,000 in monthly sales / revenue. Some only want $5000 in monthly sales in revenue. So, if your business is making $5000 a month in revenue / sales, you may qualify for working capital with bad credit. Keep in mind that in terms of underwriting, they will look at the most recent 3 months. You need to be making at least $5000 for each month in the last three months. And, keep in mind that they will use your lowest month for their underwriting figure.
Apply online securely here –> DAC
How Much of a Working Capital Advance Can Your Business Get?
Like previously mentioned, it depends on the program. However, the range is from 75% of your monthly revenue up to 1 – 2 times your monthly revenue. It will depend on all the particulars. However, when you apply, we have MANY business working capital lenders competing for your business and you’ll get paired with the best one. Consequently, this means you’ll get the best offer your business qualifies to get.
Apply online securely here –> DAC
Basic Revenue Based Working Capital Qualifications:
- 4 – 6 months time in business requirement
- 450 – 500 + FICO score requirement for business owner
- Collateral is NOT needed
- Must have a Business Checking Account (however, there may be a working capital option available if you don’t have a business account)
- Same or next day funding in some cases
- Worst case scenario, funding could take 1-5 days for larger transactions
- Funding amount ranging from $5000 – $2,000,000 (remember, the amount is based on your monthly sales / revenue)
- The process is super easy and 100% online
- Instant approvals
- Pay back is via ACH either weekly or daily (much easier to pay back in little chunks than one huge monthly payment)
According to the SBA the most common reason that small businesses fail is due to lack of working capital. Thanks to some of the alternate financing options, you may be able to access the funds you need. Apply securely here for –> working capital with bad credit
We also help businesses expand in other ways as well. For example we offer equipment leasing and financing and equipment leasing with bad credit, and more.
Please contact us at Info@TheBroker.Finance for more info about equipment leasing or at (714) 271-8524
