9 Tips, Requirements, & Hints for Businesses with Challenged, Poor or Bad Credit

Life happens to us all and negative acts in our past can come back to haunt us when we’re ready to do something as audacious as starting a business. One key element in the business building process is that old adage – “it takes money to make money.”

Bootstrapping (growing your business with what you have without help of outside financing) is an option but can take longer and prove to be more difficult for getting the business up and running and having the necessary cash flow for daily operations. A tech or online business (that solely uses the internet to provide services and accept payment for services online) can manage the bootstrapping approach far better than a business like a restaurant for example.

Here are some basic steps for business owners and consumers alike to improve your credit profile and score:

1. Get a copy of your credit report and continue this ritual every year to find the pain points, check for accuracy and your credit score.

2. Put a process in place for paying off debt (or bad debt).

3. Pay all bills on time especially credit cards since they are a major player in credit score ranking.

4. As you put into practice healthy money and credit repairing habits, give it time to see improvement.

The next few tips are geared specifically towards business owners with challenged credit who’d like to obtain equipment financing.

Business and Equipment Leasing Credit Requirements

5. If you have filed bankruptcy it must have been discharged.

6. You may need a co-signer or additional collateral to obtain approval.

Helpful Hints to Get an Approval for Your Equipment or Start up Business Lease:

7. Write an explanation for the negative items on your credit report.

8. Submit at least 3 months bank statements (all pages) with your application.

9. Write an explanation on how this piece of equipment will improve your business profits or save your business money.

No matter how daunting it may be, there is always a way to make your dreams come true, but it may take some creativity, persistence, and energy on your part to make it happen. Whatever your stage in business, let our years of experience in financing help you to get the equipment you need!

Call Lease Genie today toll-free at (877) 715-5105 or (402) 715-5100 for a free no-obligation consultation, we look forward to helping you grow.

David Craig | Equipment Leasing & Working Capital Services

Lease Genie was founded in 2006 by David Craig who leveraged his 30+ years of real world experience in banking and private business. David understands the difficulty businesses face obtaining and financing the equipment needed to run a successful and profitable business. Let David and his team of experts leverage their experience and help your company with its equipment financing and working capital needs.