Television Northern Canada
CANADA'S PUBLIC ABORIGINAL TELEVISION NETWORK
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Currently, small businesses have access to many sources of capital, such as small business loans Canada offers. Although many small businesses can now access loans, there are many challenges that they are facing, especially if they have bad credits. Most financial lending institutions are not willing to give financing to small business owners that have bad credit rating. Even though some companies have genuine reasons for having bad credit, financial institutions do not consider the reasons. While the bad remark may take some time to get off your credit history, your business needs to keep operating. Luckily enough, there are many lenders who are willing to sanction the loans even if the owner of the business has a poor credit score.
What options are available for small business with bad credit Score?
Home equity loans
Starting a business and building the credit score may take a while. In the meantime, a small business entrepreneur may apply for a home equity loan if he or she possesses a home. However, before committing to this serious decision, one should consider the business risks. If the risks are high, you may end up pledging your home.
Family and friends
Have you considered asking for support from your friends and family? If not, then you might be missing out. Statistics have it that 50 percent of friends and family fancy the idea of small business as well as entrepreneurship. Thus, they are usually ready to support you in your endeavors. Therefore it is not such a bad idea to ask your relatives and friends for a little support.
Merchant cash advance
This refers to a short-term loan that is given to a business owner in a lump sum amount. It covers the business' future debit-card or credit card sales. Such loans should be repaid on short-term basis and can also be repayable in installments. These loans are not like bank loans that are usually repaid in monthly installments or over an extended period of time. Merchant cash advance loans should be paid back in a short period, usually 48 hours. The person applying doesn't need to have excellent credit rates. Their disadvantage is the high interest that they attract.
There are many online non-bankers and non-profit organizations that can lend microloans to small business entrepreneurs. They may offer loans ranging between $5,000 and $50,000. These loans are usually designed for minority entrepreneurs, women, and companies that aim at economic empowerment. Thus, they are appropriate for people who do not have a wonderful credit score yet they need financing for their businesses. Their interests are affordable.
Business credit cards
Business credit cards can assist businesses to get urgent financing and also to improve their credit score.
Lending from vendors and suppliers
If you can have an agreement with your suppliers, they can supply products then you pay alter. Also, in case the supplier is ready to supply goods on credit, report to the relevant credit authority. This way, you can improve your credit score, however, the score will only improve if you pay in time.
Small business owners now know how they can improve their businesses by getting the financing that they require.
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