Low Credit Small Business Funding
With a streamlined online application, businesses in Canada with low or bad credit can access up to $500,000 in working capital from Greenbox Capital® in as little as 24 hours.
Fast Small Business Funding for Low Credit Scores
Getting small business funding is hard under the best circumstances, and it’s even tougher when you have a low personal or business credit score. Whether your credit is low because of your personal financial history or your business hasn’t had a chance to accrue a strong business credit history, bad credit can overshadow even the strongest business finances, especially if you are applying for funding from a traditional lender.
With a simpler application, faster turnaround, and flexible approval requirements, Greenbox Capital can fund more businesses with low credit in as little as one business day. Revenue-based financing, including merchant cash advances for low credit, are a popular funding source that is easier to access and can help increase your revenue and grow your business. We offer a variety of small business funding options for low credit scores, including revenue-based financing from as little as $3,000 up to $500,000. We fund all industries, including healthcare businesses, medical practices, law firms, retail stores, business services, restaurants, and more.
How To Use Business Funding for Low Credit Scores
There are no restrictions on how businesses with low credit scores can use their funding. Alternative funding for businesses with loan credit scores is most ideal for supporting growth initiatives that will increase your business’s revenue, such as:
- Hiring staff so you can expand services and take on more business
- Purchasing new equipment or technology
- Renovating or remodeling your space to offer a more comfortable environment
- Expanding your business or acquiring another business
- Building a new website or expanding your existing online presence
- Purchasing raw materials or inventory in bulk at lower prices
- Investing in continuing education and training
- Energizing your marketing and advertising to bring in more business
Sometimes, businesses may also need a quick infusion of working capital to help meet the unique challenges of their field, such as:
- Keeping up with industry trends
- Meeting changing client and customer needs
- Standing out from competition in your niche
- High cost of equipment, supplies, or raw materials
- Skilled labour shortages and employee turnover
- High cost of repairing appliances or equipment
How Alternative Funding for Low Credit Scores Works
-
1
Apply
Gather 3 months of bank statements and other records. For faster approval, grant us secure access to your bank account’s transactional data.
-
2
Choose Funding
A Funding Advisor will reach out to you within 1 hour (during regular business hours) to complete your application & discuss your funding options.
-
3
Get Funded
Once you and your Funding Advisor determine what funding option works for your business, your funds can be approved and deposited within 24 hours.
-
4
Set Repayment
Payments will be automatically deducted from your business’s daily or weekly debit and credit card sales. Payment amounts will be based on your sales.
Will You Qualify for Business Funding with Low Credit?
The best candidates for small business funding with low credit are prepared with a firm understanding of how much funding they need, what they plan to do with it, and how they plan to repay it.
The minimum credit score and other qualification requirements will depend on the type of funding you are seeking. Collateral is not required for most forms of alternative small business funding, including merchant cash advances for low credit.
At Greenbox Capital, approval requirements are more flexible than traditional lenders and are not based solely on your credit score or financial history. Instead, we focus on the overall health of your practice, including:
- Business revenue
- Cash flow
- Vendor payment history
- Years in business
- Public records
Low Credit Funding Q&A
How can I get a business loan with bad credit?
Direct online lenders are the best place to get a business funding with bad credit. These lenders have more flexible approval requirements that consider the overall health and potential of your business—not just your credit score—and offer revenue-based financing options that are more ideal for businesses with lower credit scores, such as merchant cash advances for low credit. Contact one of our Funding Advisors to learn more.
Can I get a business loan with a 500 credit score?
Yes, you may be able to get a business loan from an alternative lender with a 500 credit score, depending on your business’s revenue and cash flow. Some direct online lenders will approve funding for a 500 credit score, but take the time to thoroughly research your lender to ensure they are reputable, and never work with a lender that engages in “loan stacking”.
