Small Business Loans for Women with Bad Credit
Did you know that women own more than 30 percent of small businesses in the U.S.? If you are a woman who owns a small business, you are aware of how much work goes into keeping such an operation afloat.
If you’ve ever applied for a traditional business loan and been turned down, then you know firsthand how hard it can be to get business financing. Did you know that women receive $1 for every twenty-three dollars in small business financing? Imagine the challenges for female business owners with bad credit.
Crazy, isn’t it? So, we know that it’s a definite struggle. On top of that, if your personal credit is bad, it’s even harder. Every business bank or any of the traditional financial institutions require a minimum credit score. These banks and credit unions also need your business plans, the last three years of personal and business tax returns with FICO scores over 700 and personal guarantees.
There’s no doubt about it: It’s time to explore how you can get small business loans for women with bad credit from Sunwise Capital.
How to Get a Small Business Loan with Bad Credit
Being approved for a small business loan from a bank or a traditional lender is notoriously difficult. The fact of the matter is that such financial institutions are extremely leery about extending credit to companies that aren’t very large or well-established.
Their approval process is complicated and challenging, and it can take months to hear back. Your business not only needs a good credit rating, but you do too. Traditional lending institutions like banks and credit unions require quite a bit of financial information and documentation.
Here is an infographic that details the requirements that enable you to compare Bank Business Loans VS Sunwise Capital.
If you’re one of the thousands of women business owners struggling to get a small business loan, Sunwise Capital is here to help with several loan programs.
What are Business Loans for Bad Credit
Unfair though it may be, traditional lenders consider business owners with bad personal credit or lack of time in business a high risk when processing loan applications. If you go the traditional route, as demonstrated in the infographic above, you do not have a lot of loan options. The fact that there are not a lot of options available makes it twice as difficult for existing businesses let alone the startup business.
Here are some of our funding programs:
Merchant Cash Advances – The merchant cash advance or MCA is an attractive financing alternative. This option of funding works for almost any business that takes credit cards. Business owner personal credit score is a very minimal consideration and is the least dependent on the personal credit reports. This funding option is ideal for newer businesses or any firms that cater to the retail trade. Cash advances loan terms range from six to sometimes 18 months, depending on the time in business. Funding amounts are from $10,000 to $500K. Term Loans – Our business loans are an excellent financing option for those who have credit in the FICO score range of low to mid 500’s up to the low 600’s. Terms range from six months, and funding amounts are from $10,000 to $500K.
Unsecured Business Loan – Our unsecured loans are a great option for those with credit scores in the 500’s, 600’s and even 700’s. These unsecured loans with no traditional personal guarantees go up to $2M and will provide you with up to 10% of your gross annual revenue. If you are looking for a simple solution with highly competitive rates and terms that range from 5 months to a maximum of 21 months, look no more. The best part is that there are no traditional personal guarantees! Remember, the days of getting a business line of credit is gone!
At Sunwise, we do things just a bit differently. We understand the unique challenges that are faced not only by women entrepreneurs and women business owners, and we don’t think that poor credit should hold you back from growing and improving your business. Our team is co-owned by a female entrepreneur and is made up of small business owners who know the various challenges you must meet daily. We’ve developed a process that makes it fast and easy to get the funding that you need – even if your credit isn’t so great.
Where to Get a Small Business Loan for Women with Bad Credit
Applying for a small business loan with Sunwise Capital couldn’t be easier. All that we need is a completed one-page application and three months of your most recent business bank statements. No collateral or assets are required, and no traditional personal guarantees are necessary.
Applications processing is within 24 hours. At that time, we present you with several funding options. You can then select the one that most closely suits your needs. Our loans fund the next business day, so you’ll have the capital that you need before you know it.
You can use our funds for any business purpose. In fact, many business owners who don’t otherwise qualify for a different type of loans because of their credit use our loans instead of:
How to Apply for Small Business Loan with Bad Credit
At Sunwise Capital, the application processes are simple. We require minimal information to get you approved within 24 hours and funded in 24 to 48 hours. The most important factor is your cash flow. Are you able to maintain a positive bank balance every month? If you can answer “YES,” here is what we need:
- One page application – Apply Online
- Three months’ business bank account or business checking account statements
- Minimum 6 – months’ time in business
- Minimum annual revenue $180,000
- Discharged bankruptcies over one year OK
- Tax liens OK up to $175K
- Loan amounts start at $10,000
Other Resources on How to Get a Business Loan with Bad Credit and No Collateral
Traditional lenders don’t offer small business loans for women with bad credit because they require applicants to have good personal credit. Sunwise Capital, one of the top small business alternative lenders in the U.S., has the unique ability to put more weight on your company’s credit standing. Most of our business loans do not report to the personal credit bureaus — only to the business credit bureaus. Further, you can use your loan for any business purpose, from expanding your business to catching up on tax payments to taking advantage of that timely opportunity.
Most our programs offer unsecured business loans.
Like many business owners with a poor credit history, you may have held off on applying for a bad credit small business loan because you’re sure that you’ll be turned down. Don’t let bad personal credit keep you from making the most of your business and business opportunities. See how easy it is to get business loans for women regardless of credit by applying for one with Sunwise Capital today. You will find that we offer competitive interest rates and terms. If we cannot help you here are other resources. The list of resources below is not an exhaustive
resource and is for guidance and exploration purposes.
SBA Loans – The Sunwise Capital SBA (small business administration) program offers a real alternative if you have a 680 ++ FICO score. We deal directly with a nationwide top 5 preferred SBA lender. Our competitive advantage is that we can offer a FIVE-MINUTE PRE-APPROVAL.
Women-Owned Small Businesses (WOSB) Federal Contracting Program – This federal program is designed to help women compete for federal contracts. The key is that It also allows set-asides for WOSBs in industries where women-owned small businesses are substantially underrepresented.
National Business Council – This non-partisan Council is on the federal level and serves as an independent source of advice for the SBA, Congress, and the President on matters of economic importance as it relates to women owned businesses.
The federal government offers grants; however, these grants are not specifically for women. Asa small business owner, they provide for certain specific uses and are not for start-up or day to day purposes. To find all the government grant programs and government contracting opportunities check out Grants.gov.
Business Grants for Women
Women’s Business Center is a network of over 100 educational centers designed specifically to work with female entrepreneurs helping them start and grow a small business.
Amber Grant dollars to a different woman owned business every month.
Venture Capital and Angel Investors for women
Women’s Venture Capital Fund Their focus is on Digital Media and Sustainability.
Built by Girls Venture concentrates on the early stage consumer internet and mobile startups . BBG Ventures looks for companies with at least one female business owners.
Belle Capital USA is another early stage angel that’s looking to help fuel the growth of businesses across the U.S. with at least one female founder focusing on IT, Digital health and CleanTech.