There is still hope for a small business loan with bad credit
In the past, only a small percentage of those seeking small business loans from a bank would find themselves actually getting approved. Today, more small business owners are being deemed creditworthy and are finding it easier to get a business loan from a traditional bank. A majority of those deemed as being creditworthy have a very good credit rating, which is not something every business owner has. However, that should not discourage a business owner from seeking the financial assistance of a Grand Rapids bank and applying for a small business loan. Though it may be more difficult for a small business loan Grand Rapids owner with bad credit to be approved for a loan, it is still possible. Here is how: 
• Check credit report for inaccuracies. Removing inaccurate information could help increase the chances of getting a small business loan. • Open a business credit card. These cards can be used to help rebuild credit and still give the business owner access to debt financing. • Make regular bank deposits. Even with poor credit, most businesses can obtain a loan equal to 10 percent of total annual gross deposits. • Get a merchant cash advance. This is when the business owner is given a loan through a funding program that is paid back using a portion of his or her future credit card sales. • Find a credit partner. The business owner should find someone he or she trusts and has good credit to join in as a credit partner. In exchange for co-signing for the loan, the new partner will receive a portion of the business’s profits. • Look into microloans. These are funded by non-profit organizations to help select business owners start a new business and/or save an existing one. 
For many small business owners, a loan will help increase inventory, hire new employees and upgrade outdated equipment. All of which will help his or her business succeed. 
With a little preparation, the business owner can prove his or her creditworthiness even with past credit blemishes on a credit report.