✅How To Get A Business Loan With A Bankruptcy –
Hi guys, Tim Mc here from Finance Agents. You are probably watching this video because you are searching for *how to get a business loan with a bankruptcy.*
Well you are in the right place. We’ve helped over 100,000 entrepreneurs obtain over $1 Billion in funding. We’ve made the Inc 500 list 3 times and for 5 years running have had the #1 funding related affiliate marketing program in the world. Watch to the end for a special bonus tip from one of our lenders.
Now here are the top 3 things you need to know about how to get a business loan with a bankruptcy:
1. To start, having a personal bankruptcy is a major hurdle to obtaining a traditional business loan like an SBA loan. While there are exceptions, your best bet is to start looking into other types of financing. Factoring, Merchant Cash Advances, and Equipment Leasing companies are all much more likely to lend to you. If you have significant equity in real estate then you can possibly get a private loan using the real estate as collateral. If you have 401k savings you can use that money to invest in your business as well.
2. Second, make sure that you develop positive payment history for at least a couple years after the bankruptcy has been discharged. No matter how bad your past has been, you can start to do this by opening secured credit cards and never missing any payments. Also, sign up with a credit repair company right away so that you can put yourself in the best position possible.
3. Third, build your business as strongly as possible without financing. Specifically try to file your business taxes leaving significant net profit and avoid writing off personal expenses as business expenses. Avoid having negative days in your business bank account and don’t bounce payments because lenders will see this.
* One way to get around this problem is to bring on a co-signer with great credit and give them majority ownership in the business. If the person with bad credit owns less than 15% of the business some lenders will not check that persons credit at all. Then you can even create an option agreement with the other partner so that once the loan is repaid you can buy back some portion of the business at an agreed rate.
The reality is that getting a loan with a bankruptcy is a complicated process and you are best off if you get help from experts. But don’t feel alone. Many other people have gone through this same process and if you are determined there are ways to succeed.
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