What is an asset based loan? An asset-based business line…
San Fernando Valley Small Business Loans
If you’re a small business owner in Glendale, you may have new financing options to grow your business. Delancey Street provides a variety of different loan options for bad credit small business loans. Upgrades, payroll expenses, and expansions are all possible with Delancey Street. You’ll appreciate the easy application process and quick funding times. In the amount of time it would take you just to apply with a bank, you could already be approved and funded. This article will explain the best way to position yourself in order to be approved. Some of the financing products Delancey Street offers to Glendale customers include the following:
- Private money loans
- Invoice factoring loans
- Merchant cash advances
- Business credit lines and more
Preparing for Your Loan Submission
Delancey Street offers an application process that’s fast and easy when compared to other lenders. To begin the process, it’s best to create an estimate of exactly how much you’ll need to borrow. It’s also wise to determine how much you’ll be able to pay each month for the loan. After you’ve got this figured out, you’ll need to put together a presentation that highlights your plans and how they’d improve your business. Many small business owners will use updated business plans, estimates, and invoices as supporting documentation.
Determining Your Credit Worthiness
While Delancey Street provides bad credit small business loans in Glendale, there’s typically a credit review. If you happen to find delinquencies on your credit report, it’s best to try to resolve these matters or attempt to bring them current prior to applying for your financing. Challenging items that are inaccurate is also helpful. If you’re not in a position to do any of these things, you’ll want to provide explanations of the circumstances that led to these events. Hiring a credit repair agency is also useful for borrowers who simply don’t have the time to handle these things on their own. It should be noted that the results of repairing your credit through any means are a process that involves some time to receive the full benefit.
Fine Tuning Your Financial Records
Submitting your business’s financial records is a requirement for nearly any type of loan Delancey Street offers. This should also include your personal financial records in case the loan requires compensating factors to issue an approval. These items include bank statements, other liquid assets, tax returns, and anything else that’s requested. If your financial statements need to be reviewed, it’s best to do this with the assistance of an accountant prior to applying.
After you’ve submitted the documentation you’ve gather ahead of time, you’ll want to meet with an agent to determine the best course of action. The loan representative may issue a conditional approval at this point. Providing as much documentation as possible helps to decrease the processing time significantly. If other documents are required for the final approval, it’s best to provide them as soon as possible. After the processing phase is completed, you’ll then have a settlement scheduled. You’ll want to review the disclosures and ask any questions you may have prior to settlement. After the settlement is completed, you’ll receive your funds.
After the Funding
After your loan has been funded, you’ll receive information as to how and when to make your payments. Timely payments are essential when trying to rebuild credit. If you’re unable to pay on time, getting in touch with the loan servicer may provide you with other options to stay on track. If you’re able to improve your credit you’ll be able to get approved for better terms on your next loan. Bad credit loans provide a great way to help your business grow. Delancey Street welcomes you to apply and speak to one of our friendly, dedicated, and professional loan representatives today.