Chinese Restaurant Business Loans
As a small business owner who owns a Chinese Restaurant, obtaining the capital to keep your business growing can sometimes be quite a challenge. This is why Delancey Street proudly provides loans to various types of businesses. We can help you obtain merchant cash advances, small business loans and lines of credit. You can obtain up to $2 million in financing by using our services.
Benefits of Working With Us
- We provide one of the fastest approval processes in the nation.
- You can obtain your funding in as little as two business days.
- We accept applicants with bad credit.
- We work with businesses having a wide range of cash flow structures to offer flexible repayment plans.
When you obtain a Chinese Restaurant small business loan, you can use it in the way that benefits your business best. Small business owners can use their loan to pay business bills, pay off old business loans, expand their operations and more.
Quick Chinese Restaurant Business Loans
A small business loan provides access to capital that makes it easier to undertake expansion and various other projects. If you’ve never applied for any type of business financing before, there’s a chance you’ll find the process a bit complicated. However, if you prepare your business loan application beforehand, you can ensure that everything will go smoothly and increase your chances of success.
Before You Begin Your Application
Before you apply for a small business loan, you should think whether it’s the best type of financing solution for your needs. You should also consider the amount of financing you need and what you’ll use it for. Think of what your business objectives are and how getting a loan will help you get closer to them.
Checking Your Credit
Lenders will use both your personal and business credit files to determine whether you qualify for a small business loan and set the terms of your loan, such as the maximum amount that you can borrow and the interest rate.
If you have good credit, you’ll likely receive attractive offers from several banks. However, if you have bad personal or business credit, it’s still possible to get a small business loan. Before you apply for any type of business financing, you should obtain a copy of your credit reports from the three main bureaus.
How to Improve Your Credit
Once you get your credit reports, you should carefully review them to ensure that they don’t contain any errors. If you spot any inaccuracies, you should immediately contact the credit bureaus to get them rectified.
Improving your credit is something that takes time and patience. You can get started right away by paying off any past due accounts and making regular on time payments on all of your credit accounts. It’s also a good idea to use less than 30 percent of your available credit limits, as this will help improve your creditworthiness.
Preparing to Explain Your Loan Request
When you apply for a small business loan, simply telling them lender that you need capital isn’t enough. You should be prepared to explain what you’re going to do with the loan and how it will benefit your business. For example, if you’re going to use your loan to purchase equipment, you need to be able to show how this equipment will help your business grow and generate more revenue.
Putting Together Your Documentation
Making a small business loan application typically involves submitting a variety of documents related to your business finances. Typically, you’ll have to include a balance sheet, income statement and cash flow statement. Make sure you have these documents available and ready to submit before you start your application.
Understand Your Small Business Loan Terms
If you’ve been approved for a loan, the lender will give you a loan agreement that shows the conditions that you have to follow. You should carefully review any documents that you receive so that you understand the full cost of borrowing money for your business. If there’s something that isn’t clear, don’t hesitate to contact the bank for an explanation
If you need a bad credit small business loan, we have options for you. Obtaining a loan can be a major event in the life of any business. You need capital to operate your business effectively. One little setback can be devastating for many small business owners. This is where Delancey Street comes in to help. We offer many different types of loans for all different types of business projects. Don’t risk losing valuable business by being underfunded. We have dedicated professionals who’ll work around the clock to make sure we find the perfect loan for you. This informative article will provide you with the bad credit small business loan process and options available to our customers.
Some of the options we have available include :
Multiple options for bad credit customers
Limited business credit options
Fast funding approval and funding loans
Hard money loans
Merchant cash advance loans
Invoice factoring loans
Preparing to Apply For a Loan
Getting a small business loan with bad credit can definitely seem like a challenge. Even if you’ve been turned down by a bank, we can most likely help. Thoughtful and articulate planning is one of the first steps even before applying. Developing a business plan that highlights the projects you plan to undertake is one of the biggest considerations in the approval process. You’ll need to be able to clearly explain why your business needs and deserves a small business bad credit loan. Even if the money is being used for overhead or administrative expenses, you’ll still need to have a plan in place. It also helps to have a presentation, diagrams, or anything else to help our team determine your needs.
Analyze Your Business’s Credit Report
Although credit isn’t the only determining factor in getting a loan, nearly every lender will review the report. Even if you’re applying for a small business bad credit loan, you should still check for inaccuracies. If you happen to find any discrepancies, it’s best to report them to the credit bureau immediately for investigation. Providing supporting documentation is important. This is to avoid the dispute coming back with a determination that it’s frivolous or unwarranted. Take care of any outstanding debts that may be affecting your report to the best of your ability. Although bad credit loans are available, a cleaned up credit report goes a long way from an underwriting standpoint.
Provide Operating Financial Documents
Profit and loss statements, cash flow reports, business taxes, and more should all be prepared for examination. Should these items need any special consideration or cleaning up by an accountant, handle this prior to applying. Again, just like credit, things don’t have to be perfect but they will be considered in making a decision.
Apply and Submit Your Documentation
Now that you’ve taken care of most of the legwork, you’ll be ready to apply. It’s important that you’ve reviewed your documentation and assembled it into a package that’s professional and presentable. Chances are that you’ll probably have to answer many questions. Take time to prepare a presentation that’s airtight and anticipate any questions that may arise. You’ll then present your bad credit small business loan request to the lender. They may ask for additional documentation. The more you’re able to provide in the beginning, the easier the process will be overall.
Understanding and Repaying Your Loan
After you’ve been issued an approval, you’ll then receive your loan funds. You’ll also be asked to sign documentation that clearly spells out the terms of the loan. It’s important that you understand these terms. Ask questions if you’re uncertain about anything. You’ll then work towards repaying the loan on the terms that were agreed to. Sticking to the terms will not only improve your business credit, but it’ll also help your business qualify for future loans. Delancey Street is happy to provide help to any of our business neighbors with their bad credit small business loan needs. Get in touch with us and get the money you need for your business today.