What is an asset based loan? An asset-based business line…
Santa Clarita Small Business Loans
One of the many challenges you may face as a small business owner is having access to capital to grow your business. Delancey Street provides businesses with many types of financing options including small business loans, private money loans, invoice factoring, and more. We provide loans up to $10 million for any type of business in the Santa Clarita area. We have a fast approval process, and we can fund loans in 24-48 hours. We work directly with all business owners to understand their needs so that we can provide them with the best loan for their situation.
You can use the money from your loan for any purpose, including:
• Business expansion
• Increase inventory
• Purchase equipment
We have flexible repayment plans, and we accept applicants with bad credit. Get the working capital you need by applying with Delancey Street today.
Fast Business Loans in Santa Clarita
Access to capital can provide peace-of-mind to a small business owner, but the loan process can be difficult if the business owner is not prepared. Getting a small business loan is a multi-step process that requires some preparation.
If you need a small business loan, then you should assess your needs to see if a loan is the most appropriate option. You should consider all financing options to see which one can help you achieve the goals you have established for your business. Once you have made a decision, the next step is to understand your credit.
The Credit Report
Looking at your credit report is the best way for a lender to determine if you will be a good candidate for a loan. A credit report provides a lender with your financial history and how reliable you are in handling your finances. Having poor credit alerts a lender that you would not make a good candidate for a loan because the expectation of you defaulting on the loan is high. If your credit is good, you can attract multiple lenders and be offered excellent loan terms.
Before applying for a loan, you should obtain a copy of your credit report and carefully look over the report for any derogatory marks that can hurt your credit. If you feel there are mistakes on your credit report like delinquent accounts or missed payments, you can challenge these mistakes and possibly have them removed. This will help to increase your credit score. Your credit score can also improve by paying down your current debts.
You should also check your business credit score because some of the same things that affect your personal credit will also affect your business credit. A business credit report tells lenders how reliable you are in running your business. By the time you begin applying for a small business loan, you should have a good understanding of what is on your credit reports.
Specify Your Loan Request
When applying for a business loan, you need to be specific with the lender about how much money you need and how you will use the money. You should also provide the lender with revenue projections that can demonstrate the positive impact that money from a loan will have on your business.
Make sure you gather all your financial statements before you apply for a loan. Lenders will generally want to see the past three years of financial documents such as tax returns, profit and loss statements, cash flow statements, and balance sheets. These documents will give the lender a deep picture into the financial history of your business and will help them to make a loan decision that they will be comfortable with making. When the lender makes you a loan offer, then that means you have been approved for a loan. Make sure you understand the terms of the loan and how much the loan will cost you as it relates to the APR and interest rate before you accept the loan