One of the biggest challenges that face small business owners is the absence of access to capital for growth. Any owner knows that the more capital they have to input into their business, the more they’re going to be able to grow and increase their revenue streams. Unfortunately, it doesn’t seem feasible to wait around for years until you make the money necessary for these expansion projects.
Instead, you can get the capital you need now in the form of financing from Delancey Street. We offer all types of financial products including lines of credit, merchant cash advances, and small business loans up to two million dollars. It doesn’t matter what industry your business operates in as we’ll work with you specifically to determine the financial needs of your business. You can expect…
- Flexible Pay Back Programs To Fit Your Current Income
- Quick Approval Time
- Funding In As Short As Two Days
- All Types Of Credit Scores Accepted
- No Limits On How You Use The Loan Proceeds
Getting financing doesn’t have to be a huge headache. We encourage applicants to start by becoming more knowledgeable in their own finances as well as their business’s finances. This makes the loan process much easier to understand. Here are some things to check out before you decide to submit your loan application.
The Purpose Of The Loan
This one seems pretty simple, but one that you really want to look at. Do you actually know what you’re going to be spending the money on specifically? You know that having more money in the bank will allow you to afford things you currently can’t buy right now. But, do you know what those things are?
You should take some time to think over the actual purpose of the loan that you’re going to submit an application for. Understand exactly where the money will be spent and how that expenditure will help to move your business to the next level. During this process, you should also be able to construct a feasible loan amount to carry out your growth plans.
Your Business’s Finances
As a business owner, it’s likely you’re familiar with the common financial statements every business needs. These include the cash flow statement, balance sheet, and income statement. These all give a clear view of how the business is doing financially speaking. A lender will look to ensure that your business is financially sound before lending you money. Therefore, you should get all your financial documents printed off and ready to submit alongside your application. This will save you from having to waiting during the application process.
Credit Scores – Business and Personal
Lenders need to know how well a person or entity can manage their money. This gives them insight on whether or not they can trust the borrower with the loan money. Those who have great credit scores have proven that they have had a timely record of paying back their debts. Those with lower credit scores have proven that they are unlikely to repay the debts they take on.
Lenders are very particular in the way they lend money to borrowers. Those with a higher credit score are going to receive the best loan rates possible, while those with lower scores are going to receive higher interest rates to offset the risk of lending to them. You should pull your credit report from all three of the major credit bureaus, including Experian, TransUnion, and Equifax. Ensure what your credit report states is accurate. Also, pull a copy of your business credit report.
These reports will give you a good idea of where you stand on the credit scale before you apply for a loan. If you notice that you’re on the lower end of the credit scale, it may make more sense for you to improve your credit score before applying for a small business loan. This will help you to receive better loan terms.