When it comes to small business loans and funding, small business owners face a number number of challenges that they will need to work past in order to obtain a funding to help them in their business.
We can help you find bad credit small business loans in Ontario so that your business can get the funding and capital it needs in order to grow and move forward.
We provide small businesses loans of up to $2 million and have options that can fit any type of business with varying credit concerns.
The loans that we offer small businesses include a number of perks like a fast approval process, funding and as little as two business days, flexible payment plans, and options for bad credit. Plus, you can use the funds however you see fit for your business.
Bad Credit & Small Business
If you are concerned about any bad credit that you may have and how it would affect your ability to obtain a business loan, then you’ll want to check out our options that we offer for small businesses who may have some credit issues that come from the business owner.
Just because you have bad credit does not mean that you cannot get a small business loan here in Ontario.
What you will want to do is make sure that you have all of your financial statements ready and that you’ve assessed the needs of your business as it relates to what you will need within the next one year as well as the next five years to run your business.
This will help the creditors that we work with to understand what stage your business is at and what they’re able to do for you as far as approving you for a loan and what terms your loan will have.
Improving Your Credit
If you’re considering improving your credit before you apply for a small business loan, this may help your chances of getting a better rate on the loan overall and offer better repayment terms for the life of the loan.
One place to start with improving your credit is by looking at your credit reports and making sure everything is accurate. Each credit bureau reports differently and their systems are not all the same. They may have different information or expired information on your credit report. It’s true, credit bureaus can make mistakes on your credit report. All it takes is a simple check to see if your information is indeed correct. This is an important step because this is the same information that a lender or creditor will look at when they’re considering giving you that small business loan.
Know What You Need
Don’t just go to your bank or creditor and say, “I need X amount of dollars because I want to grow my business.” Let them know what the money will be used for and how it will improve not just your business but the community around you, as well as the global community and economy overall.
Banks aren’t just looking for the next place that they can give their money to. They want to know that their investment is a good one. Show them your plans for revenue, plans for marketing, and how you plan on repaying the loan even if those things don’t go according to how you are projecting.
Have a plan A that they can look at an insert elements of a plan B so that they know you have thought this through and have a solid understanding of how this loan can help your business and what you’ll do to repay it back to them within the time agreed to.
What Should I Do From Here?
If you’re already considering applying for a a Ontario bad credit small business loan, what you should do right now is get all of your paperwork together.
Have your business plan ready, as well as your marketing plan, financial statements, and contracts that you’ve had from the past or for future business. These are all things that a bank will want to know as you’re applying for your loan.