The one thing that may be holding you back from operating your business efficiently or taking advantage of new business opportunities is the need for more capital. If you are searching for the right Modesto small business financing for your specific needs, reach out to our team at Delancey Street. We provide merchant cash advances, small business loans and lines of credit with funding amounts up to $2 million. When you turn to us for small business financing, you can expect:
Financing tailored to suit your needs
The ability to use funding without restrictions
Options available for applicants with bad credit
Fast funding within two days
Creative payment options that facilitate simplified repayment
If you are ready to learn about the loan terms that we can offer, apply for small business financing through Delancey Street today.
Your Source for Fast Cash
As eager as you may be to apply for small business financing and to get the funding that your company urgently needs, it is important to walk through a few preliminary steps. We are the small business lender that you can count on to respond to loan requests quickly. However, you understandably do not want to talk through a loan process without careful planning and research.
Taking the Important First Step
Before you apply for financing, analyze your need for cash and determine how much money would satisfy your needs. This will help to steer you in the direction of the right financing program. In addition, spend a few minutes reviewing your personal and business credit rating. Because many loan programs have minimum credit rating requirements, you may discover that your personal and business credit scores are limiting factors that impact the loan programs that you can feasibly consider.
From a lender’s vantage point, your credit rating and history directly correlate to the risk that the lender assumes by offering a loan or line of credit to you. Those who have significant creditworthiness may be more likely to qualify for financing and may receive better loan terms. On the other hand, poor business and personal credit ratings may be an indicator of risk. If your loan request is approved, you may qualify for a higher rate than what someone with better credit scores may qualify for. Because of the significance of your credit rating in relation to small business financing, it makes sense to review your credit scores before applying for small business financing.
Improving Your Credit Rating
Regardless of whether you intend to improve your business or personal credit scores, this process begins by reviewing each item on the report. If you notice any errors, you should contact each bureau individually to request a correction. Another way to improve your credit rating is to pay down high balances and to bring delinquent accounts current. You may consider closing a few accounts that you are not using, but do so with caution. Closing accounts that have a lengthy history could actually lower your credit score. This is because the time that accounts have been open is also reviewed by credit reports, and older accounts are more advantageous to you.
Pulling Together a Loan Application Package
Applying for small business financing may require some time and effort, but your diligence may be well-rewarded. This effort begins when you prepare a detailed outline of how the proceeds will be spend. Lenders want to know how the money will be used and how the use of funds will impact your business beneficially. In addition to creating a summary that outlines the use of funds, spend time reviewing and updating your financial statements. This includes cash flow statements, balance sheets and more. Lenders may require documents for the last several years as well as current figures. A business accountant may work to improve how these figures are presented without falsifying the information. Combine these documents with tax returns, bank statements and other information that the lender requires in order to review your loan request.
Reviewing the Loan Quote
If we approve your financing request, you will have the opportunity to review and agree to a loan quote. Because the terms and fees for the loan will impact your business significantly, carefully review the quote. Feel free to ask questions up-front so that you make an informed decision about your business’s finance.