If you own a graphic design and marketing company in Michigan (or any other state), you’ll want to know how a recent LenCred client received $53,000 in funding in less than two days. It may sound far fetched but the impossible becomes possible when working with funding experts like the consultants at LenCred. The key is understanding what lenders to approach for funding and what criteria a borrower needs to meet to get approved.
Backstory: The Problem – Getting Denied for a Microloan
When I referred the graphic design and marketing company to LenCred, they were having trouble obtaining financing from another funding source I initially referred them to. There are three owners of the business. One of the owners decided that he would use his credit to apply for funding for the business. I referred the business owner to a microloan lender. He was immediately denied because of late student loan payments. They wouldn’t be apply to for a microloan again with the same lender for three months. The problem is they couldn’t wait three months because they were leasing a space that wasn’t generating any revenue and they needed to make money fast.
They were in a panic because they were paying rent on an empty building. They were hoping to get funding to purchase equipment and open up their location so they could start generating revenue. I immediately suggested that one of the other business owners apply for unsecured business lines of credit as an alternative.
The Solution: LenCred Saves the Day
I convinced one of the other business owners to use her credit to apply for unsecured business lines of credit. The only issue was that she had two collections reporting on her credit history. One collection account was paid and the other was not. LenCred instructed the business owner on how to get the paid collection removed and to pay off the other collection (and get it removed as well). Within 30 days of paying off and removing the collections, the graphic design and marketing company was ready to submit their applications for unsecured business lines of credit. Within two days of submitting the applications, they were approved for $53,000.
Don’t Let a Denial Stop You, Contact LenCred for Help
If you’ve been denied for financing elsewhere because you couldn’t meet the lenders criteria, LenCred may be able to help. You (or any other owner of the business) will need to have a good personal credit history that is well established to qualify. However, even if you have a few negative accounts affecting your score, LenCred may be able to educate you on how to get those negative accounts removed so you will qualify for unsecured business lines of credit. Contact us today for help!
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