What is an asset based loan? An asset-based business line…
Kansas Small Business Loans
The United States of America boasts of its free markets and hospitability to entrepreneurs. This, however, does not mean that small business ownership is an easy task, especially when it comes to obtaining needed investment capital. Delancey Street understands this challenge, and makes commercial loans to many diverse businesses and firms. We connect companies with small business installment loans, lines of credit and merchant advances. In fact, we arrange financing of up to $2,000,000 for a wide array of enterprises in the Kansas area. Our strength rests on relationships: we know each business owner personally so that we can best address their financial needs.
- Our approval process is quick and efficient
- We fund loans within as few as two business days
- We structure repayment plans with the company’s cash-flow in mind
- We do not decline loans simply for poor credit
- We trust business owners to spend proceeds prudently and wisely
Correct. When you receive a small business loan from Delancey Street, you have the liberty to allocate funds as you see fit. Whether it is for payroll, capital improvements or debt settlement, we trust your judgment.
Fast Business Loans in Kansas
For a small business, getting a loan is a watershed moment. Getting the loan is no easy feat, to be sure. Yet, for those who plan their strategy and set reasonable expectations, the rewards are there. Some simple measures make success more likely.
Before You Apply
A loan is just one avenue. Before seeking credit, determine clearly what you will do with the money. Where are your businesses greatest needs? Will a loan meet those needs? If so, be sure to evaluate your business’ (and your personal) credit standing.
Speaking of Credit
Banks do not like throwing their money away. Credit ratings and histories tell financial institutions which customers are safe investments…and which are not. Those with less than stellar histories may find a loan approval saddled with more fees and a higher interest rate. Excellent credit, on the other hand, invites more customer-friendly loan terms.
Quickly obtain and examine your credit report. There may be mistakes that are currently counting against your credit score. This is your reputation that is suffering. Contact each misreporting creditor to resolve these errors immediately. Otherwise your standing with lenders will remain incorrectly impaired.
You should still take pains to ensure the good name of your business. Credit ratings on your firm are available, too. Scour them with the same diligence so lenders will know your company is a reliable partner.
Strengthen Your Credit Profile
After going through your credit reports in detail–and identifying any injurious errors–take steps to repair the damage. As noted, correcting the misreporting is a crucial necessity. What about a negative entry that is true? Even if it refers to a debt from years ago, it behooves a prospective borrower to reach out to the creditor and pay that obligation. Managing credit accounts helps, too.
When asking a bank for funding, be as precise and detailed as possible. This shows the lender you have well-laid plans and not just dreams. Also helpful are projections connecting those plans to higher profits.
Compelling Financial Statements and Other Documents
Even when your earnings are modest, a legible, comprehensive and accurate statement of profits and losses impresses underwriters with the care and integrity that goes into the report. Other documents, e.g. incorporation certificates, should be equally clear and free of flaws. Assemble and study them well in advance of application.
Know the Loan Terms
While gratifying, a loan commitment must be well understood. The rate, length of term and principal–plus any fees and penalties–are yours to fulfill. It is not just the bank that must have confidence in your business. You should, too.