Where to get a bad credit business loan
A business loan is possible even if you have bad credit. Here’s where to look.
About the author
Emily Maracle is a former small business loans editor for Bankrate.com. She is passionate about creating high-quality content to help educate and make complex financial topics accessible to all readers, especially those looking to start or grow a business.
Emily holds a bachelor’s degree in English Literature from the University of British Columbia. Previously, she worked as an editor and writer in the insurance and real estate industries, specializing in scaling content and businesses while broadening her knowledge in fintech.
Based in New York, Emily enjoys getting outside with her two dogs, reading, living sustainably and all things coffee.
Emily wants you to know
Getting a loan can be a long and complicated process. From prequalifying to meeting lender requirements and applying, the process can take weeks to months. Starting a business is a huge undertaking. I aim to empower others to make educated financial decisions and reduce the stress of taking out a loan — whether it’s their first or fifth. I'm also passionate about helping and advocating for minority business owners and underserved communities. Everyone deserves equal access to funding, whether that's personally or for their small business.
Many resources are available for new and seasoned small business owners, but it can take time to navigate. Funding inequality and wealth gaps in the U.S. also impact how entrepreneurs access these resources. Acknowledging this and providing tools for all small business owners to succeed is a small way I can help others.
— Emily Maracle
Growing a small business typically requires financing. While necessary, there are risks when financing a small business that you should be aware of.
The SBA 8(a) program can help disadvantaged small businesses access government contracts and provides additional opportunities.
To qualify for certain types of funding and SBA loans and resources, you must meet the U.S. Small Business Administration’s definition of a small business.
Business grants are usually taxable, but it depends on the grant type.
Startups or businesses with bad credit may want to consider hard money business loans. Learn what they are here.
A DUNS number isn’t required for businesses, but it is essential for tracking business credit and applying for certain funding.
A business debt schedule can help you manage your long-term business debts. Here’s what you need to know about them.
Income statements are essential financial documents for small businesses. Learn more about them here.
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