If you’re a small business owner in Jackson with bad credit, Delancey Street has new financing options for you. Getting the loan you need to help run or grow your business is much easier than you may think. Whether you’re looking to expand or just cover expenses, you’ll be able to get a loan in as little as two days. Even if you’ve been turned down by other lenders, Delancey Street can help you get your credit back on track. For our small business bad credit loans in Jackson, we offer the following loan types:
- Hard money loans
- Bitcoin loans
- Private money loans
- Invoice factoring loans and more
Applying for Your Small Business Bad Credit Loan
When preparing to apply for a loan, it’s reasonable to expect a little legwork. First, you’ll want to determine exactly how much you want to borrow and how much you can afford each month. Next, you’ll want to prepare documentation that supports the need for financing. Business plans, estimates, invoices, and expense reports are all helpful. You’ll want to create a solid presentation that provides the loan representative with reason to approve the loan. If you’re unable or uncomfortable with preparing this information yourself, you may be able to hire a consultant or business writer to assist with this task. Preparing for any questions the representative may ask is also beneficial. Many loans are based primarily on the need and how it would help the business, so this is an essential step for success.
Managing Your Credit
Delancey Street works with small business owners in Jackson of all types. Bad credit small business loans typically require a credit check. This is often simply to verify the amount of debt the business has in relation to the income. A Dun and Bradstreet report is a business credit report that’s typically utilized. Personal credit may also be checked in order to provide a complete and thorough assessment. If negative items appear on your credit reports that are delinquent, you’ll want to have explanations prepared as to how the accounts got behind. If possible, paying any negative items to bring them current is helpful. For those who have many accounts that are delinquent, a credit repair agency may be able to help. For a fee, these companies will challenge items on your credit report. Please bear in mind; however, that legitimate debt is often disputed by the lenders who’ve had dealings with the credit repair agencies. After you’ve done the best job possible of cleaning up your credit, you’ll be ready for the next step.
Submitting Business and Personal Asset Reports
Delancey Street typically requests that borrowers provide recent and accurate financial information. This includes asset accounts, business expense reports, cash flow reports, and anything else that would be beneficial in obtaining an approval. Proofreading and even running the information by an accountant should be exercised. Most loans require that the overall financial health of the business be assessed. Any incomplete and inaccurate information would most likely slow down the approval process.
Applying for Your Loan
After gathering as much documentation as possible, you’ll be ready to apply for your loan. The lender may issue a conditional approval or ask for more information at this point. Should more information be requested, speedy handling will significantly reduce the time for fully approving your loan. The lender will also review the terms of the loan with you so you’ll have a good understanding of the costs and other factors. After everything has been processed, you’ll go to settlement. At settlement, the final disclosures will be signed and you’ll receive any funds that are paid directly to you. You’ll be instructed as to how and when to make payments. From that point forward, you’ll be able to work on getting your credit score back up. Delancey Street is happy to discuss all of the options available to small business owners in Jackson today.