While the small business lending landscape has been steadily improving over the past year, challenges still remain, particularly for companies that have less than stellar credit histories. Many banks are not willing to provide capital to small business owners who have below average credit scores.
There can be valid reasons why a company might have a poor credit history. During the Great Recession of 2009-10, many small businesses fell behind in payments to vendors or simply could not correct their cash flow issues quickly enough. After all, the hardest time to secure credit is when you are desperate for it. The black marks on a company's credit history can take months -- even years -- to erase.
Fortunately, there are lenders who are willing to take chances on a small business owner who may have run into some short-term financial problems and startup companies that have no credit history whatsoever. However, remember the lenders are usually not "brand names" in the financial services industry; and the interest rates and fees can sometimes be higher than those offered by traditional banks.
Call 866-824-4164 Visit our websites http://get5starcredit.com and http://crowdfundingreporter.com @CrowdFundingR
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