Small business owners in Aurora have to deal with various challenges, such as finding the capital they need to keep their enterprise growing. Delancey Street specializes in offering business loans of all types. We provide merchant cash advances, small business lines of credit, loans and more. We’re able to provide loans of up to $2 million to all types of businesses in the Aurora area. Our team of business financing experts works with business owners to understand their needs and come up with a solution that is right for them.
Advantages of Using Our Service
- Quick approval – we can get you funding in as little as 2 business days.
- We accept applicants with bad credit.
- Our repayment plans are flexible and can be adapted to any business.
- You’re free to use your business loan in any way you want.
An Aurora small business loan can be used in a variety of ways. You can use it to pay for an expansion project, pay off old business loans or meet payroll obligations.
Fast Business Loans in Aurora
Getting a loan is an important step for any small business owner in Aurora. If you’ve never applied for financing before, obtaining a business loan may seem a bit complicated at first. However, there are some things you can do to simplify the process.
Before You Apply
The first thing you need to do is to determine what your business financing needs truly area. There are plenty of loan types available to small business owners in Aurora. Before you begin the process of applying, you should do some research on what you’ll need to apply for a loan. Reviewing your creditworthiness and preparing documents are a few examples of what is needed before getting a business loan.
Your Credit History
When you apply for a small business loan in Aurora, lenders will consider both your personal and business credit histories. If you have good credit, you have a higher chance of obtaining a loan at favorable terms.
Before applying for a business loan, you should take the time to obtain your personal and business credit reports from the three major bureaus. Doing so will give you the opportunity to review them and find any errors, such as accounts that aren’t yours or that are reported as past due, yet have been paid off a long time ago.
Improving Your Credit History
If you notice any errors on your credit reports, be sure to contact the credit bureau in question to get them fixed. After that, you should address any negative entires that are correct. For example, if you have past due debts, get in touch with the lender to work out a plan to pay off what you owe. Be sure to make payments for any credit accounts on time, as doing so will improve your credit score over time. It’s also a good idea to use credit sparingly, as having too much debt can affect your creditworthiness.
Preparing Your Request
When applying for a small business loan, you should be able to clearly explain to the lender what you need the money for. The more specific you are, the higher your chances of being approved for the loan. If applicable, you can create revenue projections that will show the lender just how the Aurora small business loan will help your business grow.
Providing Your Financial Statements
Besides your credit history, lenders will also look at your financial statements when determining whether or not to approve your loan requests. Your financial statements should look as professional as possible and ideally be prepared by an accountant. Generally, your small business loan application will need to be accompanied by a business income statement, balance sheet and cash flow statement.
Understanding Your Loan Terms
If you’ve been offered a loan, you should take some time to understand its terms. Banks will give you a loan agreement that will show you how you’ll need to repay the loan. You’ll also be given documentation that shows the interest rate, as well as the APR (annual percentage rate), which more accurately shows the cost of borrowing, as it takes into account any applicable fees.