What is an asset based loan? An asset-based business line…
Columbus Small Business Loans
One of the biggest challenges that small business owners face is a lack of access to capital they need in order to grow. We at Delancey Street provide loans for various businesses. We specialize in loans, lines of credit, advances, and more.
We help provide loans of up to $2 million to various NYC businesses. Additionally,we try to understand each business’ unique needs, and help them to obtain the loan that can help them thrive.
We offer convenient options because we know that your time is better spent on serving your customers than trying to figure out complicated jargon.
- fast approval
- Possible dispersal of funds in 2 days
- Flexible repayment plans
The funds can be used for any of your business needs including, payroll, expansion, etc.
Fast NYC Business Loans
Having access to capital can expand your business’ horizons. At Delancey Street we help to simplify this often complicated process. Our experienced and thoughtful associates will provide guidance to help you get through the process with as little stress as possible.
How to Begin the Process
The first step in the process is evaluating your needs and confirming that a loan is best for your business. A loan is not always the best idea for every business. Explore your options and make sure that the loan is the logical next step to achieving your business’ goals. Additionally, use this time to evaluate your credit.
Your credit will determine whether you receive a loan, as well as the terms of the loan (interest rate, etc.). If you have good credit you are an attractive option for lenders because you have a history of repaying your debts. Good credit will also earn you more attractive terms.
It is best to know your history before applying. Order your credit report, both personal and business, and evaluate each item. Ensure that there are no erroneous bad marks. If there is, be sure to rectify it because it will increase your chance of approval.
At Deleancey Street, we understand that sometimes good people make mistakes. That is why a less than perfect credit score will not preclude you from receiving a small business loan. We have learned that sometimes people who have made mistakes are the best borrowers.
Be Specific in Your Request
Lenders want to know that you are not applying for a loan without serious consideration. You must be able to tell the lender your plans for the money and how it will help your business. Specific revenue projections will also help the bank to see the bigger picture in regards to your business.
Improve Your Financial Statements
Banks require access to your business’ financial information. They want an easy to read collection of your income, expenses, etc. These statements will give a bank a better feel for your business and make a decision based on truthful information. They will feel better about approving an application for a business that they understand and can see a road to success.
Before you apply you should learn exactly what the lender wants and compile it an an easy to read format. Do not make a lender have to reach out to you for missing information. This will negatively affect the chance of obtaining a loan. Check the application to confirm that there are no errors before you submit.
Understand Your Terms
A loan is a binding contract that you and the bank sign. You are obligated to obey the terms of the loan or risk punitive action. There part is to provide the sum and your job is to pay back according to their terms. Understand the true cost of the loan and be sure that it is still the right move for your business