Small Business Loans Florida with Bad Credit | Excel Capital Management
108 Greenwich St., 5th Fl New York, NY 10006
For personal assistance, call
877-880-8086
GET STARTED!

FINANCIAL NEWS

Underwriting 101: Small Business Loans Florida with Bad Credit

October 3, 2017 in Business Capital, business funding bad credit, uncollateralized funding

Small Business Loans Florida with Bad Credit 

 

Florida the sunshine state also known as small business hub in the United States. According to SBA.Gov there are 2,180,566 small business in Florida alone. With a sizeable amount of employers with under 100 employees.  See diagram below for breakdown of the Florida Employment by size of firm. With the average credit score of 669 In the entire state it seems like a big percentage of small business loans in Florida are not happening due to bad credit. Let’s also not neglect the fact that most Major Banks require a profitable P&L statement along with some assets.

 

Small Business Loans Florida  | Excel Capital

 

We understand that small business owners need working capital to thrive and expand the businesses and that the uses of working capital are almost infinite when running and operating a small business but non the less working capital is required at some point in time throughout a business’s life. When applying for a small business loan and your credit is under 700 most large financial institutions will disqualify you for a traditional type of funding such as a term loan or standard line of credit. According to Smallbusiness.chron.com a credit score of 700 gives a decent shot of getting a loan and a score of 800 gives you really good odds. When the whole state of Florida is averaging below that 700 mark many business owners find themselves searching google small business loans Florida with bad credit.  According to the New York Fed Cash flow is the most common challenge for small businesses in the US. See the listing below for the most common challenges for small and medium sized businesses in the US According to the Small business credit survey

 

Small Business Loans Florida with Bad Credit

 

So many business owners in Florida wonder what options are available for merchants with what banks like to call sub-prime credit. We have put together a few of most convenient funding options available to you Floridians when cash flow gets tight and working capital is needed. Small Business Loans Florida with Bad Credit should not be a challenge for your business needs. Let’s review the options available if you have less than perfect credit.

A small business line of credit

Excel now offers a true unsecured business line of credit program with very loose requirements

How does this line of credit program work?

  • Fixed monthly payments based on the outstanding credit amount
  • $5,000 + monthly gross revenue
  • 7 minute underwriting and approval based on Cash Flow, Personal and Business Credit
  • 6 and 12 months revolving lines
  • Ability to add multiple streams of revenue into the underwriting like Paypal, Etsy, multiple bank accounts and aging receivables through quick books
  • Once approved the funds are available for automatic withdrawal
  • You only pay for what you use.
  • Simple interest of 1% -6% per month

 

What’s needed to Qualify?

  • 540 + Credit
  • 1 Year in Business
  • Average ledger balance in your bank account of 1,000 for the last 3 months

 

 

Unsecured Business Loans

How do Unsecured Business loan programs work?

  • Daily, Weekly or Bi weekly Repayment terms
  • 24 hours underwriting time frames
  • 24 –72 hour funding after all paperwork is received
  • 3 month to 24 month repayment terms
  • Usually structured as a purchase of future sales at a discount and not interest rated.

 

What’s needed to Qualify?

  • No Credit requirements ( keep I mind this will affect the terms and the price)
  • 3 Months plus in business
  • $10,000 or more in monthly gross revenue
  • Average ledger balance in the bank of at least 500 for the last 3 months (unless you accept credit cards)

 

Merchant Cash Advance or Split Funding

How do Split Funding or Merchant Cash Advance programs work?

  • You must accept credit cards at your business
  • Funding institution buys your future credit card sales at a discount
  • collect repayments via lockbox, split or variable ACH
  • 3 month to 18 month estimated repayment terms
  • Repaid with the ebbs and flow of your business (not committed to repay if you do not have any sale that day)

What’s needed to Qualify?

  • No Credit requirements ( keep I mind this will affect the terms and the price)
  • 3 Months plus in business
  • Must accept credit cards at your business

 

These are our top 3 options for merchant looking for small business loans in Florida with bad credit. Although these are not the only options we have available these are the most common solutions we offer at excel to help business owners who need capital for cash flow as soon as possible. Small Business Loans Florida with Bad Credit made Fast Simple and Secure

Please click here to quickly apply or call us at 877-880-8086 to learn more.

 

 

 

 

 

 

 

 

 

Back to the list

See what your business qualifies for

Some required fields are empty

Latest blog posts

Most Read Posts

Categories


See what your business qualifies for

Some required fields are empty

Your connection to Excel Capital is securely encrypted.

Your Trusted Business Funding Provider 

Over $50 Million Delivered Nationwide 

x