Small-business proprietors often need financial help to transform their entrepreneurial dreams into reality or keep an existing company afloat. If you need cash to purchase business equipment, fund your marketing campaign or cover your payroll, it may be necessary to find small business loans without credit.
Most business lenders will require a credit check. If you’re concerned about dinging your credit, there are some lenders that just do a soft credit pull, meaning it won’t affect your credit rating or credit score. Very few lenders want to lend to startups with less than three months in business. Because of this, startup company loans and no credit check are often difficult to obtain.
What is a Small Business Loan?
Small Business Bank Loans are a critical resource of funding, and without them, lots of businesses would disappear altogether. According to the SBA, nearly 50% of small business new ventures close after five years, and just one in three maintain it past ten years. Access to competitively priced financing is an essential factor to the survival of a company.
What are Small Business Loan Funding Options?
There are very few options for people without credit, however here are a couple of options:
- Crowdfunding or Peer to Peer Lending for Small Business Funding
- Small Business Grants
- Microloans and Nonprofits
- Business Credit Cards
- Friends and Family.
Small Business Startup Loans without any Credit.
By spending responsibly with a secured charge card, your road to accessing small business startup funding will be smooth.
Try secured bank card for poor credit. Here are some of the best credit cards for people with bad credit, cards like:
- Capital One Spark Classic
- Discover It Secured Card
- Bento for Business Visa Debit Card
- Capital One Secured Mastercard.
Starting a business without any credit could be a difficult proposition, but with hard work and perseverance, growing your business can occur.