Whether you’re hoping to get your new business off the ground or take your current sales to new heights, a business line of credit can give you the resources you need to make the seemingly impossible happen. But securing credit isn’t easy and if you have bad credit, you might think you’re out of luck. However, there is another way.
If you’re a business owner with little or bad credit, learn how you can actually use this to your advantage while still increasing sales, reaching new customers, and avoiding the headaches that come along with traditional small business funding.
Should You Consider a Business Line of Credit?
In order to get a business line of credit, you’ll need to meet several criteria to be approved. Every provider is different, but you can expect to:
Not all small businesses meet these criteria, especially when it comes to credit. At least one third of the United States population has less than ideal credit scores so if you can relate, you’re not alone.
Securing a line of credit isn’t necessarily about money, despite its obvious purpose. This seemingly required step in business development is more about gaining the ability to purchase more inventory, take advantage of services that can grow business, or reach a new demographic through marketing and brand development.
Lines of credit aren’t about the denominational value but more about what can be accomplished with these funds. If you could secure these same business development strategies without having to go through the hassle of traditional bank loans, would you take the less taken path?
The Ugly Side of Business Lines of Credit
If you’re not sure about skipping the traditional path of securing a business line of credit, take a moment to remind yourself of the problems with this choice.
Interest
Paying interest will never do anything to improve your business. Think of all the other places you could be pouring that money into, like advertising or training sessions.
Additional Expenses
Between payroll, utilities, insurance, and other business expenses, the last thing you need is another monthly payment to work into the budget.
Not an Option for Everyone
Many new small business owners are under the impression that in order to succeed, you need to open a business line of credit and have a large sum of money ready to disperse as needed. While funding is important, it’s not the only option, which is great news for those who are unable to secure a line of credit.
In some situations, getting a business loan could actually be holding you back. When you’re a slave to your debt, your business will be unable to make progress as desired.
Tradepay – The Superior Option
Ready to learn about the new way to secure funding? Meet Tradepay, the revolutionary B2B platform that’s making it easier for businesses to secure inventory, market their services, and get the support they need to reach their growth goals. Here’s how you can secure a business line of credit with bad credit
When you join Tradepay, you’ll become a member of a platform that exclusively serves B2B companies. Everyone who is there is either looking for a business to help them or to help another business with their products or services.
Tradepay is unique because the completed purchases aren’t made with all cash. Instead, all transactions are made up of 60% cash and 40% Trade Dollars, a type of virtual currency.
You can secure a business line of credit in the form of Trade Dollars with just one click. Once your business is signed up on Tradepay, all you need to do is select the amount of credit you need (up to $25,000) and wait until your business has been verified for approval. Poor credit won’t come back to haunt you.
Once you’ve been approved, your loan is instant. Your Trade Dollars will be ready to spend and help you grow your business.
Take a look a few ways Tradepay and its unique platform can keep you out of the bank but still help you meet your business goals.
Stock the Shelves
If your business needs supplies (office, inventory, uniforms, etc.) you can get away with only paying 60% cash and the rest in Trade Dollars. This allows you to essentially purchase more or save nearly half of your cash investment.
You can also use Tradepay to sell excess inventory. You’ll recoup your investment and have Trade Dollars to either purchase new inventory or use to boost business.
Affordable Services
You can boost business with certain services, like marketing or branding consultants. If these services seem out of your reach due to finances, don’t set out for a loan. Get a Tradepay account and you can find a service on the platform that can help you reach your goals at an affordable price.
Team Motivation
A business is only as good as its employees so if you’re looking for a way to motivate yours without adding more to the payroll, consider giving them bonuses in the form of Trade Dollars. Encourage higher sales or better teamwork and then reward accordingly. It’s simple to move Trade Dollars from your account to an employee’s where they can then use them as desired.
The Best of Both Worlds
When you need cash fast, don’t make the mistake of thinking a traditional bank loan is your only option. With Tradepay, you can secure the products and services you need at a fraction of the cost.
No credit? No problem! Remember, Tradepay won’t perform a credit report. They only need time to make sure that your business is real and authentic. After that, you’ll be read to spend!
The best business line of credit will allow you to secure the needs of your business without being held back by the fine print. If you’re ready to experience a new type of credit, head over to Tradepay. It’s free to join and it only takes a few minutes to set up your business. Cut the strings that come along with traditional loans and discover how funding your business isn’t just about having money in the bank.
