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Got Bad Credit? 3 Ways to Get an Unsecured Business Loan

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Bad Credit Unsecured Business Loan

Did you know major banks view personal FICO® scores of 640 or less as a “bad credit” risk?

Now it’s difficult to generalize about FICO Scores® when getting approved for a business loan, because every borrower and bank is different. However, when it comes to qualifying for an unsecured business loan with a major financial institution there are stricter lending standards imposed. bad credit unsecured business loan

The reality is many small business owners struggle even today to get the loan they need because of less than perfect credit ratings. Even though we are a few years past the recession and the economy is slowly recovering, what does “bad credit” mean for small businesses?

Can you still get a business loan even if you have bad credit? Here are three ways you can get an unsecured business loan and overcome bad credit once and for all:

1) Use a Business Credit Partner
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The Amazon Corporate Credit Line Revealed

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Amazon Corporate Credit Line

Are you a small business owner that shops online at Amazon.com?

If you answered yes, the Amazon Corporate Credit Line may be just what your company needs.  As you know you can pretty much buy anything through Amazon so having a credit line can be a very convenient way to shop for your business. amazon corporate credit line

The fact is Amazon has hundreds of millions of products in all type of categories from industrial to janitorial, construction to office supplies. It is the largest Internet-based retailer in the United States. Whether it’s a 3D printer or snacks for your employee break-room, you won’t find it difficult to find what you need and at a decent price.

Best of all you can customize your business account to suit your needs. For example, as an administrator you can create multi-user accounts and assign permissions for each user. Whether you have one or two employees or hundreds, you can easily connect your team and set up roles, payment methods and shipping addresses.
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How to Get an Instant Approval for a Business Credit Card

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Instant Approval Business Credit Card

Does your company need credit fast for an unexpected expense or upcoming purchase?

Instant approval business credit cards are a convenient way to speed up the application process because when you apply online you get a quick decision, usually within minutes, on whether you’re approved or declined. instant approval business credit card

Now before you apply let’s go over what to expect. First of all, to get an instant approval, you will need good to excellent FICO® scores. So if your scores are in the 680+ range then you are more likely to get approved.  If you don’t know your current credit scores you can obtain all three credit reports and scores at BusinessFundingEngine.procredit.com.

Now if you have limited, fair or bad credit history, you still have plenty of options. Several credit card issuers offer prepaid business cards, secured business credit cards, and instant approval business credit cards specifically for business owners with fair to bad credit ratings. Another alternative to overcoming a credit challenge is through the use of a business credit partner.
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D&B Corporate Linkage: 5 Key Reasons to Understand It

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Corporate Linkage

Did you know D&B has over 17 million DUNS Numbers linked in over 4 million corporate family trees? corporate linkage

Knowing how a business is related to other businesses that you have a relationship with can be a powerful sales and prospecting tool and may often change how you approach them. It can provide the transparency and insight your business needs.

It’s also helps companies (including your own) better manage risks, identify opportunities, and enhance purchasing power by identifying current businesses that come from the same corporate family.

So what is corporate linkage?
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The Connection between Credit for Your Business and Success

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Credit for Your Business

The formula for success in business requires drive and dedication, and the ability of staying power. But make no mistake about it; credit is the component that ultimately makes a company sustainable and valuable too. The fact is business credit is an asset and considered an economic resource that make up the financial foundation of a business. credit for your business

Although cash is king the reality is every business – at one time or another – has cash flow challenges. It can be from a major account falling behind on paying you, to a slump in sales, to other unforeseen expenses.

The fact is, even though your company may be running just fine now, you can’t predict what may happen in a few months from now. You may find yourself in a position where you are having a hard time paying a supplier or needing to purchase and/or upgrade equipment – without enough cash in the bank.

While the ideal thing to do is to have enough money saved to handle cash shortages like these, the next best thing is to have credit available for your business. According to Dun & Bradstreet, credit is at the heart of every successful small business. They need to borrow from banks, suppliers and others in order to survive and thrive.
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