Debt Restructuring

A business acquisition loan provides financing to small businesses looking to expand their reach by purchasing another business. There are a couple of different ways small business owners can utilize an acquisition loan. One option is to purchase an existing business outright. Maybe it’s a competitor or a related industry you want to expand in. Or maybe you’re interested in owning a business, but don’t want the hassles of navigating a start-up. Alternatively, an acquisition loan can also be used to purchase a franchise location.

The primary advantage of small business loans for bad credit is accessibility. A poor credit score won’t prevent you from being approved as long as your business has a steady cash flow. In addition, strong sales can decrease the effect of a bad personal credit score on the small business loan’s cost and terms.

Bad credit borrowers can also use the funds to pay off existing debts, which is a common cause of poor credit. Unfortunately, many traditional lenders require borrowers not to use funds for this purpose or even approve borrowers with too much existing debt.

Another advantage is the establishment of a track record of timely payments. Of course, not every bad credit small business loan will directly impact your personal credit score. But now that you’ve proven you can pay off a small business loan on time, you will likely qualify for a second, larger round of funding with a lower interest rate and more favorable terms.

For this reason, you might think of this type of small business loan/line of credit as your first step towards obtaining all the financing you need to accomplish your goals. After all, less than perfect credit doesn’t mean your goals are unattainable. It just means you’ll have to wait a little longer to reach them.

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