Business Loans with Poor Credit in New York

There are numerous small business owners who require business loans New York. These business owners often encounter problems with the banks approval system, when they apply for business loans. We on the other hand do not have any form of fancy criteria to provide small businesses with funding.

As a private lender our requirements from small businesses is very different from those of banks to provide small business loans in New York. Typically, banks have a long list of criteria, which most small businesses find difficult to meet. The criteria of banks is designed to select only the ideal small businesses, however in today’s fluctuating economic situations that is rare. As a result over 90% of all small business loan applications are rejected by banks.

Mentioned here is our list of criteria, which are reasonable and achievable for small businesses owners.

1.       The owner of the business should not be in any form of active bankruptcy. If they were before they should be discharged from it at the time of the loan application.

2.       The business needs to be at least 12 months old, and a running business, and not a business that was established 12 months ago, but not in operation.

3.       The gross income of the business must be at least $10 thousand or over.

These are our basic and easy to meet criteria, most small businesses that require the funding we provide easily meet these criteria. In addition to this there are also other features that make the entire loan application process more convenient for small business owners.

To provide small business owners with a business funding New York we do not require collateral and security. Our loans are uncollateralized loans, unlike the banks, and as a result we do not require collateral to secure the cash. Banks on the other hand do require collateral, and this makes things difficult for small business owners who do not have the collateral to put up.

We do not require high credit scores either, and often work with credit scores that are in the mid-500s, and fund them as well. Banks on the other hand reject applications whose credit scores are not above average.

The time we take to process the business funding is a lot quicker also. We provide small businesses with the funding within 48 to 72 hours at the earliest, and within a few days to a week at the most. Banks on the other hand take months to do the same, and they are in no hurry to provide the loans either.

Contact us for more information related to merchant cash advance in New York, our funding team will provide you with the information you require. On the other hand you can fill in the application yourself by clicking on the ‘get started’ tab and filling the simple form.