Starting a business without the right amount of capital, one may seek partnership with a venture capitalist or get into a bad credit small business loan. Which among the two options is more preferred and provides better financial status to the business?
Studies support that engaging with a venture capitalist would require the business owner a valuable equity and that would even be too risky as the capitalist might have a huge possibility of controlling and owning the business especially when it is no longer doing well in the market.
The other alternative for borrowers who have a bad credit record is the bad credit small business loan. It provides easy loan money to the borrower without requiring too many paper requirements especially credit records.
Most financial institutions offering bad credit small business loans have designed the facility with affordable, flexible, and simple loan programs that could range from as small as $5,000 to $500,000. The loan approval won't take you so long to wait. In just a matter of 5 working days, the money you borrowed is given immediately.
Most loan programs also provide friendly payment schemes especially fitted to the capacity and kind of the business. The payment scheme may be in 26, 40, or 52 weeks depending on the nature and capacity of the business involved.
The loan amounts would highly vary from 4 percent to 8 percent of annual sales as stated on the current or projected sales record to be submitted to the lending company. Thus, the borrower would have to present some minimal documentation as basis for the loan amount to be determined by the lender. If the sales showed an increase, this is one good factor for the company to allow and approve an additional cash loan.
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