Unfortunately, your 500 credit score is likely to stand in the way of you getting approved for a business loan. Generally, lenders like to see a minimum credit score of 610 or higher when considering someone for a business loan. That said, there are exceptions and some lenders may be willing to consider your application if you have mitigating factors, such as a long-standing business with a good track record, a solid business plan, and a large down payment.
Your best option may be to approach lenders that offer non-traditional lending options, such as online lenders. These types of lenders may take a more nuanced approach to assessing your loan application and may be more willing to consider your application with a 500 credit score.
But ultimately, the best way to increase your chances of getting approved for a business loan is to take steps to improve your credit score. One way you can do this is to make sure that you pay all of your bills on time, eliminate any unnecessary debts, and request a copy of your credit report and make sure that the information is accurate.