Bad Credit Doesn’t Have to Mean No Business Financing

By: Allan Thompson | Chief Operating Officer

Don’t let the bad credit blues keep you from getting the business funding you need.

If you or your business are recovering from bad credit or if your business is too new to have established a strong credit history, it can be difficult to secure a traditional business loan. However, that does not mean you can’t find business financing. Newer small business funding products like a business cash advance might be a faster, more flexible solution for your business.

A credit score is just one metric when looking at the overall health and success of your business. Some entire industries, like food service for example, are just considered a little more risky. Or your credit report may still reflect an earlier rough patch that you have worked hard to overcome. When you apply for a  business cash advance from Jet Capital, we look beyond your credit score.

When you apply for a business cash advance, you are selling a portion of future sales. Our decisions are based upon your more recent average monthly revenues, not just credit scores.

As you apply for a cash advance, you will need to provide some documentation to verify the volume of your sales. Expect to submit the last 36 to 12 months of bank account activity (depending on the advance size you’re requesting), the last 3 to 6 months of credit card processing statements, and proof that you own your business. Again, these documents will give us a good sense of how your business is doing a bad credit score is only one piece of the much bigger picture.

At Jet Capital, we offer innovative business funding solutions like our Boost Merchant Cash Advance (Boost MCA), which is designed to help newer businesses. As our CEO, Ken Wardle says, "A lot of clients new in the business lifecycle just need a little more capital to move in the right direction." If your business has been operating for at least 3 months and has average gross monthly revenues of $5,000 or more, you may be able to get the working capital you need to keep growing - even if your business credit history is just getting started.

Consider how a business cash advance could help you improve bad credit, too. When striving to improve credit scores, paying bills on time is an important factor. Over a third of a FICO score is determined by payment history! A business cash advance gets working capital to you quickly so you can manage bills and debt.

When bad or challenging credit limits your ability to obtain a traditional business loan, a business cash advance can also be much more flexible. Banks tend to shy away from smaller loans or lines of credit, and you might not want to take out more debt than you need. A business cash advance will get working capital to your business very quickly and in the amount that your revenues can support.

Another major advantage of a business cash advance is the flexibility of remittances. If you are working hard to repair your credit history, you might also be working to limit your debt. With a business cash advance from Jet Capital, there is never a penalty for satisfying your advance purchase agreement early.

We understand that managing your cash flow is important to keeping your business strong, so if your revenues don’t come in as expected, we can work with you to agree on a daily remittance appropriately sized to your revenue stream. Furthermore, if you establish a strong history with us, you may be eligible for larger advances at a lower cost in the future.

If your credit score is the reason you have been turned down for a traditional business loan, a cash advance from Jet Capital could be the solution you need. Our fast, easy application process is designed to get funding to your business quickly so you can keep growing. Apply online today or give us a call at 866-845-9674 and get funding as soon as tomorrow.

Get Jet Capital Updates by email