How a Seafood Restaurant Revived Business With Bad Credit Business Loans

Josh has his seafood restaurant at one of the most happening places on the Gold Coast. Although it was a new shop, the variety in food and the ambience gathered a lot of tourists keeping the restaurant busy. Josh was happy as his business was flourishing; however, he wanted growth too early and too fast. He started spending on business development from the money he was making because he was sure it would eventually help his business grow further.

He got kitchen equipment on finance lease. Little did he realize that it was impacting the credit score of his business, and then came the pandemic! For almost one and a half years his business suffered tremendously with major liquidity crisis due to which there were irregularities in finance repayments and his credit score went for a toss. By the time things started swinging back to normal in 2021; Josh’s restaurant was in a deep pickle. It needed an immediate cash boost for a complete revival.

Josh went to the bank and multiple lenders to get a loan. But, he only got his loan application rejected due to the overall economic instability and his poor credit score. That’s when he reached out to Broc Finance for a solution, and we gave them one; bad credit business loans.

Approval for Bad Credit Business Loans

Josh credit score was in 300’s, and it was hard for him to get a loan approval the conventional way. That’s why we suggested applying for bad credit business loans. We have the provision where a business owner even with credit scores as low as 250 can apply for a loan and get approval. They can access funds fast, without collateral. The borrower can also get favourable loan terms and a proper repayment plan. It’s all thanks to our incredible network of credible private lenders.

So, we helped Josh create a proposal with his present financial situation, the business assets, and his proposal of what he wanted to do with the loan for his restaurant. Our team connected with multiple lenders, and we were able to get him the much-needed loan approval.

Business Revival with Bad Credit Business Loans

He wasted no time in an outing in all the efforts to revive his business, making it COVID-safe with more digitization for seamless and safe operations. Alongside, the technical improvements, he revamped the menu and the décor and relaunched his restaurant with its new look and ambience. In the meantime, we also gave him some advice on how to improve his credit score.

The restaurant was an instant hit and got featured as the most happening eateries in the area. Profits rolled in fast, and his loan repayments were back to normal.

Conclusion

If you are struggling with your business and unable to find the funding due to a poor credit score like Josh, reach out to Broc Finance. Let us get you out of the slump and taste business success with seamless financing.