Low Credit Small Business Funding
With a streamlined online application, businesses in Canada with low or bad credit can access up to $500,000 in working capital from Greenbox Capital® in as little as 24 hours.
Fast Small Business Funding for Low Credit Scores
Getting small business funding is hard under the best circumstances, and it’s even tougher when you have a low personal or business credit score. Whether your credit is low because of your personal financial history or your business hasn’t had a chance to accrue a strong business credit history, bad credit can overshadow even the strongest business finances, especially if you are applying for funding from a traditional lender.
With a simpler application, faster turnaround, and flexible approval requirements, Greenbox Capital can fund more businesses with low credit in as little as one business day. Revenue-based financing, including merchant cash advances for low credit, are a popular funding source that is easier to access and can help increase your revenue and grow your business. We offer a variety of small business funding options for low credit scores, including revenue-based financing from as little as $3,000 up to $500,000. We fund all industries, including healthcare businesses, medical practices, law firms, retail stores, business services, restaurants, and more.Learn what a small business loan is.
How To Use Business Funding for Low Credit Scores
There are no restrictions on how businesses with low credit scores can use their funding. Alternative funding for businesses with loan credit scores is most ideal for supporting growth initiatives that will increase your business’s revenue, such as:
- Hiring staff so you can expand services and take on more business
- Purchasing new equipment or technology
- Renovating or remodeling your space to offer a more comfortable environment
- Expanding your business or acquiring another business
- Building a new website or expanding your existing online presence
- Purchasing raw materials or inventory in bulk at lower prices
- Investing in continuing education and training
- Energizing your marketing and advertising to bring in more business
Sometimes, businesses may also need a quick infusion of working capital to help meet the unique challenges of their field, such as:
- Keeping up with industry trends
- Meeting changing client and customer needs
- Standing out from competition in your niche
- High cost of equipment, supplies, or raw materials
- Skilled labour shortages and employee turnover
- High cost of repairing appliances or equipment
How Alternative Funding for Low Credit Scores Works
- 1
Apply
Gather 3 months of bank statements and other records. For faster approval, grant us secure access to your bank account’s transactional data.
- 2
Choose Funding
A Funding Advisor will reach out to you within 1 hour (during regular business hours) to complete your application & discuss your funding options.
- 3
Get Funded
Once you and your Funding Advisor determine what funding option works for your business, your funds can be approved and deposited within 24 hours.
- 4
Set Repayment
Payments will be automatically deducted from your business’s daily or weekly debit and credit card sales. Payment amounts will be based on your sales.
Will You Qualify for Business Funding with Low Credit?
The best candidates for small business funding with low credit are prepared with a firm understanding of how much funding they need, what they plan to do with it, and how they plan to repay it.
The minimum credit score and other qualification requirements will depend on the type of funding you are seeking. Collateral is not required for most forms of alternative small business funding, including merchant cash advances for low credit.
At Greenbox Capital, approval requirements are more flexible than traditional lenders and are not based solely on your credit score or financial history. Instead, we focus on the overall health of your practice, including:
- Business revenue
- Cash flow
- Vendor payment history
- Years in business
- Public records
Equipment Loans for Bad Credit
In the dynamic landscape of small business operations, having access to the right equipment is paramount. However, for many small businesses grappling with less-than-stellar credit scores, acquiring the necessary equipment can seem like an insurmountable challenge.
This is where equipment loans for bad credit come into play, serving as a lifeline for businesses in need of essential assets to thrive and grow.
At Greenbox Capital, our loan options cater to a spectrum of business development needs, encompassing equipment acquisition among others. Unlike conventional equipment financing, our solutions are customized to accommodate diverse requirements for bolstering your business activities.
Be it the acquisition of new machinery, the modernization of technology, or the expansion of infrastructure, our adaptable loan options furnish the necessary financial backing for your endeavours.
Benefits of Equipment Loans for Bad Credit
The advantages of bad credit equipment financing are multifaceted and crucial for the sustainability of small businesses:
- Acquisition of Essential Equipment: With these loans, small businesses can access the equipment they need to operate efficiently and compete effectively in their respective industries. Whether it’s machinery, technology, or tools, having the right equipment can significantly enhance productivity and output.
- Improvement of Operations: By investing in updated and reliable equipment, businesses can streamline their operations, reduce downtime, and ultimately boost their bottom line. Improved efficiency leads to greater profitability, laying a solid foundation for future growth and expansion.
- Potential Credit Score Enhancement: Contrary to common belief, securing an equipment loan with bad credit can actually serve as a means to improve credit scores over time. Timely repayment of the loan demonstrates financial responsibility and can positively impact creditworthiness, opening doors to more favourable financing options in the future.
Eligibility Requirements and Application Process
We understand the challenges faced by small businesses with less-than-perfect credit histories. That’s why we’re committed to providing alternative funding solutions, including equipment financing for bad credit.
Our eligibility requirements are designed to be accessible, with a focus on your business’s overall financial health rather than solely relying on credit scores.
To apply for bad credit equipment loans in Canada from Greenbox Capital, simply fill out our user-friendly online application form and let us help you secure the funding you need to acquire essential equipment and drive your business forward. Our streamlined application process ensures quick approval and funding, allowing businesses to acquire the equipment they need without unnecessary delays.
Repayment Terms and Flexibility
We understand that every business is unique, which is why we offer flexible repayment terms tailored to fit individual needs. Our repayment options include fixed monthly payments, seasonal payments, and even revenue-based repayment plans.
This flexibility ensures that businesses can comfortably manage their loan obligations while focusing on growth and profitability.
Case Studies of High-Risk Business Loans
| Case Study | Industry | Challenge | Solution | Outcome |
|---|---|---|---|---|
| Construction Company | Construction | The company’s low credit score hindered equipment upgrades to meet demand. Traditional lenders declined financing. | Turned to Greenbox Capital for equipment financing for bad credit. | Acquired necessary equipment, improved productivity, and rebuilt creditworthiness with timely repayments. |
| Small Retail Store | Retail | The store needed funds for expansion, but faced rejection from banks due to poor credit history. | Utilized small business loans for bad credit from Greenbox Capital. | Expanded store, increased revenue, and improved credit score with timely repayments. |
| Tech Startup | Technology | The startup lacked capital for product development and marketing due to limited funding options. | Accessed startup funding for bad credit through Greenbox Capital. | Developed product, launched successful marketing campaigns, and attracted investors with improved financial stability. |
These case studies highlight how businesses across different industries overcame financing challenges with the assistance of equipment financing for bad credit in Canada from Greenbox Capital, ultimately improving their operations and financial health.
Low Credit Funding Q&A
How can I get a bad credit business loan?
Direct online lenders are the best place to get a business funding with bad credit. These lenders have more flexible approval requirements that consider the overall health and potential of your business — not just your credit score — and offer revenue-based financing options that are more ideal for businesses with lower credit scores, such as merchant cash advances for low credit. Contact one of our Funding Advisors to learn more.
Can I qualify for an equipment loan with bad credit?
Absolutely! At Greenbox Capital, we focus on the overall financial health of your business rather than solely relying on credit scores. As long as your business demonstrates revenue and stability, you have a good chance of qualifying for our equipment financing solutions.
How long does it take to receive funding for an equipment loan with bad credit?
Our application process is quick and streamlined, with funding often available within a few business days of approval. We understand the urgency of acquiring the necessary equipment, and we work diligently to ensure timely access to funds for your business.
Can I get a business loan with a 500 credit score?
Yes, you may be able to get a business loan from an alternative lender with a 500 credit score, depending on your business’s revenue and cash flow. Some direct online lenders will approve funding for a 500 credit score, but take the time to thoroughly research your lender to ensure they are reputable, and never work with a lender that engages in “loan stacking”.
What types of equipment can I finance with a bad credit equipment loan?
Our equipment loans for bad credit cover a wide range of equipment types, including machinery, technology, vehicles, and more. Whether you need to upgrade existing equipment or invest in new assets, our financing options have you covered.
Can timely repayment of an equipment loan with bad credit improve my credit score?
Yes! Timely repayment of your loan demonstrates financial responsibility and can have a positive impact on your credit score over time. As you consistently make on-time payments, you’ll be taking proactive steps towards rebuilding your creditworthiness and accessing more favourable financing options in the future.
Where To Get Low Credit Business Funding In Canada
- Edmonton
- Calgary
- Red Deer
- Lethbridge
- Victoria
- Vancouver
- Abbotsford
- Surrey
- Richmond
Manitoba
- Winnipeg
Northwest Territories
- Yellowknife
Yukon
- Whitehorse
- Toronto
- Ottawa
- Mississauga
- Hamilton
- Kingston
- London
- Thunder Bay
- Windsor
- Kitchener
- Brampton
- Markham
- Peterborough
- Cambridge
- Oshawa
- Vaughan
- Caledon
- Halton Hills
- Milton
- Burlington
- Oakville
- Richmond Hill
- Stouffville
- East Gwillimbury
- Georgina
- Uxbridge
- Pickering
- Ajax
- Whitby
- Clarington
- North York
- Etobicoke
- Barrie
- Scarborough
- Innisfil
- Newmarket
- Aurora
Nunavut
- Iqaluit
- Halifax
Quebec
- Quebec City
- Montreal
New Brunswick
- Fredericton
- Moncton
Newfoundland and Labrador
- St. John’s
- Regina
- Saskatoon
Prince Edward Island
- Charlottetown
