Are you thinking about how to start a small business with bad credit? Are you wondering how to get a small business loan with bad credit?
The number of people with bad credit continues to rise. It is estimated that nearly 25% of Americans have a FICA score lower than 600. For aspiring small business owners withhttps://www.mysolo401k.net/Blog-for-MySolo401k.html?entry=financing-a-small-business-with bad credit, it is less likely they will be approved for loans to start their business or franchise. Moreover, a recent article in the New York Times (“The State of Small-Business Lending”) paints a bleak picture for those hoping to start a business. Stating that without an existing business, stellar credit and a stable cash flow, the likelihood of obtaining a traditional bank loan is essentially a long shot: “If you’re trying to start a business today, you can almost forget about going to a bank for financing.”
What if there was a way to acquire the small business financing you need without going through the traditional credit check? What if the small business financing you desire is interest and penalty free? An alternative to traditional bank financing, known as 401k small business financing or rollover as business startup (ROBS), allows you to tap your retirement funds and can help you start or buy your own small business or franchise without a credit check!
To learn more about how to fund your business without a credit check visit our 401k small business financing page for more information!