Acquiring business loan is tough and it gets tougher when you have a record of bad credit. Having a record of bad credit does not dovetail too well with dreaming to grab a business loan. When you started a new business you left no stone unturned to get  business loan  but you have blotted your own copybook by failing to repay the loan within time. Now when you are in dire need of money to refinance your expansion plan you hardly find any lender to come up with any flicker of hope. You may have tried to  accost  your friends or relatives for want of money. You are also planning to approach a small money lenders and he will probably charge a high interest rate. But trying to get the requisite amount for through private sources won?t be a preferable option as the amount will be meager.
Banks have to shoulder a lot of responsibilities regarding repayment of loan. So big banks won?t be interested to help a businessman with a checkered credit history. You should better try local and small banks which will pay attention to other factors besides personal credit score for considering your business loan application. But this time when you will get approval consider yourself lucky and remember not to repeat the same mistake of delaying in repayment of loan as it will further damage your reputation .