September 2020

Credit Repair & Startup Funding Resources

Marcus Wells

Marcus Wells

Funding Consultant / Sr. Broker

What Happens to Your Business When the Bank Is NOT An Option?

Anyone who has worked in the credit and financing arena would tell you that the #1 cause for rejected applications is poor credit; followed closely by a lack of credit history. There are a variety of factors that could lead to poor credit including overuse, non-payment, late payments, collections, repo's, judgments, and the list goes on.

If you have a below 600 credit score you may want to speak with a credit repair professional to help you. However, if you are in the process of building or rebuilding your credit, we have a list of resources that can help you speed up the process of building a positive credit history.

Credit Enhancement Resource #1 - Secured Credit Cards

Secured credit cards are designed to help consumers build or improve their credit score. Individuals with poor or no credit history can obtain secured credit cards. To get a secured credit card, you need to make a security deposit. The lender will require you to put down a security deposit as collateral in case you fail to make your payments. The security deposit is typically returned to you after 6-12 months depending on the lender. The card issuer will typically report your payment history to the major credit bureaus, which will directly influence your credit score.

Here are some popular options to apply for a Secured Credit Card:

Credit Enhancement Resource #2 - Credit Builder Loan

A credit-builder loan is a loan whose only purpose is to help you increase your credit score. Credit-builder loans function the complete opposite way of a regular loan – you pay money to the lender in installments (which go into a savings account), and then you receive the money at the end.

*It’s important to note that there may be some additional fees added so you may not receive back the entire amount of your deposit.

Another benefit of using a credit builder loan if you are trying to improve your credit is it allows you to have a "credit mix". Credit cards are what is known as revolving credit, but credit builder loans are a type of credit called installment lines. Your credit mix determines about 10% of your FICO score. The different types of credit that might be part of a consumer's credit mix include credit cards, student loans, automobile loans, and mortgages.

Here are some popular options to apply for a Credit Builder Loan:

Credit Enhancement Resource #3 - Store Cards

Credit utilization is a major component of your total credit score, utilization accounts for 30% of your total FICO score. Credit utilization is calculated for each card individually, but it is also calculated by your total available credit across all accounts. Having more available credit will help decrease your overall credit utilization.

If you're unable to get a credit line increase or you've been rejected for a new bank credit card, you may want to consider using "store cards" to increase your available credit. Store cards can typically only be used to purchase items from a particular store. However, the approval process for most store cards is easier than traditional major bank credit cards.

We've listed some store cards below that offer higher than average credit limits, anywhere from $2000 - $8000. *Note: There may be additional "membership fees" required. Also, the merchandise may be a bit overpriced, however; the purpose of these cards is to increase your available credit so you have to decide if it's worth the investment.

If you need to build your credit history or reduce your overall credit utilization the following store cards offer easy approvals with average credit limits between $2000-$8000.

Credit Enhancement Resource #4 - Other Credit

The credit and financing industries are constantly changing and new services are hitting the market each month. We will continue to update our list of resources to help serve our community. There are some products and services that don't fall under a specific category, for example,, their website reads.... "Build credit for free.No credit card, no fees, no catch." It's an intriguing service and we aren't sure what their "backend" is yet, but you can go and check it out.

Business Funding Options Under $10,000

One of the biggest challenges for new startup businesses is access to credit and funding. Most entrepreneurs start by self-funding their businesses, and this can work for a time depending on the type of business, but most will eventually need more capital to grow and scale.

However, as a funding broker, I can tell you first hand if your business generates less than $20,000 a month, your options for funding are limited. Lenders just can't work with businesses that aren't generating 20-30k a month. Yes, alternative lenders are more flexible than banks and don't require the same exhausting amount of documentation, but they still have min revenue requirements. In addition to revenue requirements, your business still needs to be at least 12-18 months old to obtain funding.

We've spoken with many business owners who only wanted to borrow $5000-$10,000 for supplies or working capital, and unfortunately, none of our lenders could help. The good news is new services are coming into the market that offers smaller startups the ability to obtain funding even before they reach $20k a month.

*TIP: If you have a PayPal account, make sure you upgrade to a PayPal business account. Once you start processing enough payments through your Paypal account they will offer you a "Working Capital Loan", typically without a credit check. They will base the loan amount on your transaction history.

Here are a few potential lending sources for Entrepreneurs & Startups

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Marcus Wells

Marcus Wells

Funding Consultant / Sr. Broker




What Happens to Your Business When the Bank Is NOT An Option?

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A Quick Breakdown of the Various Types of Non-Bank Funding Options Available​

Credit Repair and Startup Business Funding Resources

  • Bala Cynwyd PA, United States


It has always been our top priority to help our clients grow and expand their businesses. Our co-founder Marcus Wells comes from the mortgage banking industry where is helped clients successfully fund hundreds of loans over the years.

After consulting with many entrepreneurs, business owners, and investors, we started to recognize that the lack of capital was preventing many from growing their businesses. We are excited to have a solution to assist small business owners and investors who need capital to grow & expand.

*Affiliate Disclosure* This page contains affiliate links, to find out more information, please read our disclosure page. Any sales made through such links will reward us with a small commission – at no extra cost for you.


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