micro loans for startup business with bad credit

Micro business loans


micro loan business planSmall business ventures that have the potential for huge growth over time are often referred to as microbusinesses.

If you have 9 employees or less, you are technically classed as a microbusiness and are therefore likely viable to receive a microbusiness loan that could help to shape the future of your company, especially if growth is something you are looking and hoping to achieve.

As time goes on and different types of business start to become classified and grouped together, it is becoming easier to weigh up the financial options available to you.

Over the past few year’s microbusinesses have started to become recognised as an official business type with a set of needs unique to the way it is run on a daily basis.

Micro business financing

The unique nature of a microbusiness stems even from the creation of its business plan. For instance, the executive summary will look completely different to that of a large-scale organisation. The differences don’t end here though and we will touch further on them as this article progresses.

These business ventures are very small and therefore operate on a very small scale, but they rely on finances running smoothly in just the same way every other business in the world does.

Covid 19 has had a long lasting effect of micro businesses, these type of businesses will be hardest hit by the coronavirus. Securing micro business financing for the long term and raising money for working capital will be a test in 2021 and over the next 12 months. A credit broker that offers financial services could be the first step to borrowing money.

The issues facing microbusinesses 

As we have already stated, microbusinesses have a very unique set of needs, and it is no different when it comes to the difficulties they face; these are far removed from what troubles larger businesses and corporations.

Because of the small-scale nature of the microbusiness, it is often faced with overcoming many things, such as the following:

  • It can be difficult for them to grow and expand into new markets
  • Accessing finance via small business loans is often seen to be a great difficulty for smaller ventures
  • Business support isn’t easy to come by
  • The probability of attracting new customers and growing an audience can be limited by their size

These are certainly not the only problems facing microbusinesses right now, but they are some of the key issues and most commonly occurring ones.

You may be shocked to discover that many small business owners are not even yet familiar with the term microbusiness. This is an inherent problem within itself as it means they are not able to benefit from the protective services that are currently in place for them. Thus far, online information is currently rather limited in regard to microbusinesses, meaning many people are unable to uncover what they need to know about them.

This means that when financial issues build up for a microbusiness, the solutions are not as easily discoverable as people would like them to be. The more knowledge that is put out there on this subject, the easier it will become for business owners to get over hurdles that damage their business ventures, as well as fining solutions to some of the more prominent issues that are currently deteriorating them.

How could a loan help my microbusiness?

Our micro business financing unsecured loans have aided thousands of businesses in the past, especially smaller sized firms that wanted to help with covering the costs of the following:

  • Hiring new members of staff
  • Getting out of financial distress
  • Stocking up on products or services
  • Purchasing new tech and other equipment
  • Increasing marketing budgets
  • and even more

Micro loans for startup business with bad credit history

If you are a microbusiness owner that is currently undergoing some financial difficulties, you may well be wondering whether or not you are able to access business funds with a poor credit history. The plain and simple answer is ‘yes’, you most likely will still be able to apply for these types of loans with bad credit, due to the fact that it is a form of unsecured funding.

You can apply online for a business loan via our online application process. You will need to complete a quick online application to provide some basic information about yourself and about your business. So, with unsecured funding, it turns out that micro business loans can still work out for individuals that are looking to make improvements to their business venture or get it out of a spot of financial trouble.

Government backed funding is available for start ups again this it regardless of the type of business you maybe running. The government lenders will require business plans to have sight if your venture is viable or not. The loan amount, interest rates are dependent on your personal credit score and your business needs.

Micro business loans bad credit

Having a poor history of credit generally makes it tougher to get your hands on any kind of micro business loan or cash advance. This is normally a critical obstruction for business owners with a adverse history who have failed when attempting to obtain finance for their business venture in the past. However, the alternative business funding we offer can work as a life saver in these situations as we don’t need to check over your credit score.

You can wind up with a bad credit record due to a variety of reasons. Your customers could fail to pay you on time for instance, which in turn leads to further problems. Most companies will find that are some stages in their timeline their business credit rating takes a hit.

If you have a blemish on your credit record, the chances are that you can overturn it easily enough and make it right once again. You should undoubtedly look into doing this prior to presenting your application, to guarantee you have the best possibility of being accepted by your loan provider.

Even if you find it difficult to change your credit score for the better, do not go thinking that a microbusiness loan is unachievable for you. We’ve helped various firms locate an unsecured business advance at a competitive interest rate even though they have a bad financial record, so don’t lose all hope straight away.

Is your business eligible for a microbusiness loan? 

We believe that finding funding solutions for microbusinesses is essential in strengthening up our economy, as well as giving different types of business a chance to survive and thrive. Not only would the world be very boring if all we had was massive global corporations, but it would also keep us all from connecting to firms on a personal level and developing a bond with local business ventures, which are often run on a smaller scale and budget.

To be considered for a PDQ Funding microbusiness loan scheme, we will need to know some details about your organisation in order for eligibility, which will be covered during the loan application process.

It is so easy and quick to apply for a micro business loan, simply follow the following advice and grow your business and find out how much you can borrow. A business loan can be put in place within 5 working days, and the funding placed with your bank account. Apply today and let us send a quotation with details about business loans available.

Due to the speed that micro business loans support small businesses this type of cash flow finance is not authorised and regulated by the financial conduct authority.

Step 1:

Click to apply for a quick quote. You will be redirected to a page where we will ask for more information about your business, including:

  • The trading name of your microbusiness
  • The number of years you have been trading
  • Your microbusiness’ average monthly turnover
  • The amount you are wanting to borrow

Step 2:

The next step involves disclosing your personal details, please be ready to tell us:

  • Your title, first name and surname
  • Position in the business
  • Registered office address if registered in England and Wales
  • Company registration number
  • Contact details

Step 3:

Carefully read through the terms and conditions and click ‘get my quote’. From here your application gets reviewed by one of our approved business finance suppliers, who will help find the best lender for your dentist loan.

Step 4:

Please expect a call and email from one of our dedicated account team members to discuss your small business loan agreement.

Step 5:

Carefully read through the agreement and sign the relevant documentation ready to return to PDQ Funding. From there you will be able to access the funds in your account in just 24 hours.


What is Micro Business Loan?

A micro business loan is a variation of a small business loan, designed for companies which employ less than nine persons.

Getting a Micro Business Loan

If you considering a micro business loan the next step is the application. We take into account a variety of factors to decide if each business is eligible for micro business financing.

Why choose PDQ Funding for a Microbusiness Loan?

As a leading lender in the microbusiness loan space we recognise that it can be difficult for microbusinesses to find financing for their business to develop and grow. Simply apply by using our online form, it is quick and simple, we also do not charge any upfront fees for applying.