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Securing a Business Loan with Bad Credit and No Collateral

Small business owners are often turned away by traditional lenders for having bad credit and being unable to provide collateral. Most small businesses aren’t bankable, and it’s important for them to find the right partner to advocate on their behalf. In the last ten years or so there’s been an evolution of the product to help these small business owners who struggle to receive funds; shorter-term access to capital.

The rise of alternative funding companies like Reliant Funding fill a financial gap that makes it possible for small business owners to secure a loan, even with poor credit and no collateral. To help you understand our processes at Reliant Funding, we’ve laid out a simple Q & A based on questions we hear every day.

Will I qualify?

Over 70% of our business financing applications are approved, compared to banks that only approve 30% of small business loans. You likely qualify for our financial funding if your business:

  • Has been owned by you for at least one year (some exceptions possible for 7 to 11 months).
  • Brings in at least $100,000 in sales per year (or about $10,000 a month).
  • Has no open bankruptcies.

When would I not qualify?

We are passionate about connecting with businesses and helping them expand through business funding. However, to offer such easy, simple business financing, there are times a business cannot be approved right away. For example, a business may not be approved for funding if:

  • The business has been open less than 7 months.
  • The business has an open bankruptcy.
  • There is a negative landlord reference. (Do not worry if you have a positive landlord reference and are behind on rent; if it’s good, that’s no problem.)
  • There are significant judgments and/or liens without a payment plan.

Will my credit history be reviewed?

As part of the qualification process, credit history will be reviewed, but don’t panic. Whereas traditional small business loans from banks focus on credit history, it is not the primary decision tool for pricing or financing approval.  We generally look at the last six months of your business bank statements.

Only for our Premium Programs does a business owner’s credit history have a larger impact.

As the business owner, would I have to pledge collateral or a personal guarantee for the loan?

Most clients do NOT need a personal guarantee, pledged assets or pledged collateral. There are some exceptions; you can discuss this with your Reliant Funding specialist. Ask this question and any others you may have by giving us a call at 877-582-3992.

Are there limits on how I can use my small business financing?

No. Once you are granted a small business loan, you are free to allocate the money where and how your business needs it most. After all, it’s your business; you know it best.

If you would like to know more about how our funding can help your business, read more about the customized solution we provided for an education facility in need of upgrades and cash liquidity in this case study.

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