Small business owners must have convenient access to capital in order to operate efficiently and to take advantage of growth opportunities. Delancey Street is your source for all of your business financing needs. We provide business loans, lines of credit and other small business financing solutions with loan amounts up to $2 million. Our financing can be tailored to meet your needs, and we serve all types of businesses based in Fontana. We provide our clients with:
A speedy review process
Funding on approved loans within two business days
Flexible payment options that are well-suited for your business operations
Financing for bad credit situations
Unrestricted use of funds
Regardless of whether you need funding for expansion, covering payroll, paying off other debts or something else entirely, we may offer the financing that you need.
Quick Access to Funds
Applying for any type of small business financing is not a matter to take lightly. While funding can open many doors for your business, finding the right financing program requires forethought and research. Our team at Delancey Street is ready to answer all of your questions so that you can determine if we are your ideal source for fast small business loans.
Before You Apply
The best way to determine if you qualify for financing through Delancey Street is to apply, but before you take this step, spend a few minutes reviewing your needs. With many financing programs available, you should understand your needs so that you can determine which solution is best-suited for your needs. During this time, it is also helpful to review your business credit rating and other factors that may affect the financing options that are available to you.
The Importance Factor of Creditworthiness
When you apply for most small business loans, your creditworthiness will be reviewed. Lenders review your credit rating and history to determine the risk they would take on by lending money to you. With a good credit rating, a potential loan to you would have minimal risk. Therefore, you may qualify for a lower rate and better terms. On the other hand, a poor credit rating indicates more substantial risk to the lender. This holds true for your business and personal credit rating and history. A smart idea is to review these reports carefully so that you can identify and challenge errors. You can also determine if it may be in your best interest to spend a few months improving your credit rating before you apply for a small business loan.
How to Bolster Your Credit Rating
Correcting errors on your credit report is only one way to improve bad credit scores. Remember that you will need to contact each credit bureau individually to correct errors. In addition to taking this step, you may need to spend a few months or longer re-establishing a timely payment history and catching up on delinquent accounts. If your outstanding debt level is very high, it may also be helpful to pay down debt balances before taking on new debt.
Some people are inclined to close accounts that are not being used. However, one of many factors that credit bureaus use to determine your rating is the length of time that accounts have been open. Established accounts are viewed more favorably.
When you apply for small business financing, you should know precisely how much money you need and what you plan to use it for. Lenders typically want to see that the money will be used in a strategic and beneficial way. It may be wise to prepare current financial statements as well as projected statements based on how your plans for the funds will impact your company’s finances.
Update Financial Documents
Banks and lenders commonly request business financial statements as part of the loan process. This may include statements for the last few years as well as year-to-date income and cash flow statements. A balance sheet may also be required. These statements should be accurate, and year-to-date figures should be as current as possible. While you cannot provide false information, your accountment may improve the presentation of these figures so that your operations are viewed positively.
Prepare a Loan Package
It is common for banks and lenders to request a considerable amount of documentation from business loan applicants. In addition to financial documentation, you may need to provide business and personal tax returns, bank statements, explanations regarding credit blemishes and more. Keep in mind that loan requests typically cannot be processed until all documentation is received. While you are assembling all required information, double-check the documents to ensure that they have accurate and complete information.
Review the Loan Terms
If your loan request is approved, you should receive a written quote with loan terms that you qualify for. This quote will include the loan term length, the monthly payment, the loan amount, loan fees, the interest rate and more. Take time to understand all loan terms and to ensure that they are agreeable to you. Rather than focusing on the interest rate, consider looking at the APR to get an accurate idea about the cost of the loan.