Recently, however, it was discovered that small business owners with good credit found it easier to get business loans from those traditional banks – small business financing is part of job growth. Unfortunately, on another note, those with poor credit may have a hard time getting the money they need during a financial crisis. So what can a business owner do if they have bad credit and need money?

Many are under the impression that they have to stay with traditional banks to get a loan. There are a variety of financing programs and solutions that help business owners get money, regardless of their credit. Instead of credit, other factors will be considered, such as credit card sales, bank deposit history, and credit partners.

Here are some things that can help you get a business loan if you don’t have good credit:

Credit card sales

In exchange for a portion of future credit card sales, some institutions are willing to lend money. If you have regular monthly credit card sales, but have poor personal credit, you may want to look into a merchant cash advance, but an unsecured business loan is always the best option.

Bank deposits

If you have a business and make regular bank deposits, simply submit this information to the lender. Generally, you should be able to get an unsecured business loan equal to 10 percent of your annual gross deposits, even if you have poor credit.

credit partner

Using business partners to help you get the loan can be a viable solution. If your business partner has a strong credit score, you’re better off using them. If you don’t have a business partner, you may want to branch out and find a potential credit partner who is willing to help you. Of course, with this method, there are some risks, because you’ll be co-signing with the business to get the money you need.

So there you have it, if you have bad credit, don’t sit back and watch your business fail. There are several things you can do to improve your chances of getting that unsecured business loan you need to keep your business running. Go ahead and find a financial institution that is well known for lending money to people with bad credit.