Background checks for business loans are when there is an investigation into the history of a person or company. This may include criminal history, civil suits, credit checks, employment history, educational history, tax history and other checks.
Examples of a background check and background history review.
A business owner applies for a business loan and is approved.
One of the closing stipulations is to get and review the background history of the business owner.
A business owner cannot pass a background history review and is declined because of something in their background. For that reason they should consider other types of business loans that may not require a background check. If get a business loan with a criminal history, or if you cannot pass a background information review, contact us below at SmallBusinessLoansDepot.com for several options.
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Did you know?
Customers cannot always pass a criminal background check for a business loan.
What can you do if the owner cannot pass a check on their past history for a business loan?
Faq, frequently asked questions on a background check and history review
What is a background check?
A background check is a search into state and federal records on an individual. The check searches for any criminal records including felony and misdemeanor records. It also checks personal credit, current and previous residences, work history and employers, marital history, divorce records and may include driving records.
I was denied for a business loan for failing a background check. What can I do?
Contact the lender and ask them what their criteria for background checks is. They may
tell you. Try to find out if what is on your background is a clear and hard decline reason
or if it was a close call. If you can determine if it was a close call then provide an
explanation for your background and ask for a re-review along with your explanation.
As an example, if you have an assault and battery charge on your record but it was
reduced to disorderly conduct, then tell the lender this. You may have been declined
for the charge rather than the much lesser conviction. If you were denied for a much
lesser conviction then you were denied for the original charge which is only an
How can I get approved for a business loan with a criminal record and bad background?
Do research to find lenders that will still consider businesses with owners that have
something on their background history. Have the details of your background ready
and contact those lenders. Get as much detail as you can when you are talking with them.
Match up to the business lender that is most likely to consider your request and apply.
Will I get declined for a business loan with a drug history on my record?
This depends on the lender. In many cases a drug history will not be a major obstacle
to getting a business loan. However the severity of the offense may be important.
Offenses involving drugs and minors or sale and distribution may be an issue with lenders.
You can ask in advance if the lender has a policy on these issues.
Can I get a business loan to start a business with a criminal felony on my background
This may depend on the severity of the background history and conviction
as well as if there are multiple counts. Some states restrict people with a felony or
other criminal history on their background from being able to get licensed for certain occupations. Guidelines are different with each lender and what they allow. Check with the lender.
Will a misdemeanor get me declined for a business loan?
A misdemeanor should not cause you to be declined for a business loan or have any trouble getting a business license.
There are other options for you. above all, contact us to discuss other options. Explain what will show up on your record and we will offer other options that can work.
Background history reviews are done for many reasons. Most often they are completed when someone is requesting a product or service and also entering into a Contract or Relationship with someone else. They are not always looked at the same way. What is looked for is totally up to the party that is pulling the report and also what they decide about the information.
What do you do if you want a business loan with no background check? If this has caused you a problem, call us above.
You will find funding options for borrowers with background issues. Even more, you will get personalized discreet service with a representative that understands these issues.
Learn more about background reports.
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