Small business owners are often turned away by lenders when they have poor credit. That’s because a bad credit score implies you have not managed your finances properly in the past.
If your credit score is less than ideal, don’t let that hold you back from starting or even growing your business. Of course, it never hurts to inquire about your options with a traditional bank, but if you’re denied, don’t give up. Instead, take the following steps in order to secure funding.
Step #1: Ask for a loan from friends and family
Step #2: Work with a broker to seek non-bank lending
Step #3: Utilize your assets