Is it possible to qualify for business financing, even a small business loan, with a 550 credit score?
Yes! At Citi Wide Merchant Funding your FICO score is only one of the factors considered during the underwriting process. Even with a 550 credit score you can still qualify for a small business loan. The economic conditions of the past several business cycles have affected a large number of business owners credit score. Citi Wide Merchant Funding believes that the needs of your business shouldn’t be bound to your personal credit score. Our specialty is creating unsecured business financing solutions that do not require any personal assets or collateral.
The most important part of our underwriting process is determining the strength of your business. This entails looking at your bank statements and credit card processing statements to gauge sales and ledger balances.The loan underwriting team determines the health of your bank statements by looking at your ending balance and average daily balance.
To qualify for our merchant cash advance you must have a FICO credit score over 550. If your business processes over $10,000 in credit card sales you will most likely qualify for the merchant cash advance program (to learn more see our merchant cash advance qualifications page).
