Colorado Springs Small Business Loans
If you’re a small business owner in need of financing to grow your business, Delancey Street can help. Our business partners in Colorado Springs have used our services to expand their business, pay bills, cover expenses, and make improvements. Our dedicated team of loan professionals will work hard to make sure you get the financing you need. We realize that bad credit can affect many small businesses. We provide logical solutions that work for your business’s unique needs. For our clients in Colorado Springs we offer the following bad credit small business loan products:
- Hard money loans
- Invoice factoring loans
- Private money loans
- Business lines of credit
- Small business loans and more
Applying for a Small Business Bad Credit Loan
Delancey Street wants to make the application process easy for everyone. These tips will get you a great head start and help to make the process flow smoothly. You’ll first want to assess all the improvements and items that may need to be paid by with the loan. After you’ve arrived at an estimated loan amount, you’ll want to create an action plan. Most business owners use their current business plan as a template to get started. You’ll be able to update the current plan to allocate for the new improvements. If you’re uncertain as to how to compose this information, many resources are available online. You can also hire a consultant or freelance writer who has experience in these areas for a small fee. After you’ve been able to get everything in writing, you’ll want to prepare a presentation. The use of visual materials is very helpful in communicating your ideas to the lender. Any third party information that you’re able to provide also helps. This can include invoices, estimates, and even advertisements that show what your improvements will look like when they are completed.
Analyzing Your Business’s Financial Situation
Of course, financial and credit considerations are a part of applying for any small business loan. You’ll want to inspect your business and personal credit reports. A Dun and Bradstreet report and all three consumer credit bureau reports are typically sufficient. Although you’re applying for a bad credit small business loan, you’ll still want to make sure that there aren’t any discrepancies on the reports. Any contestable items should be addressed with the credit bureaus. Sometimes, it’s helpful to have the assistance of a credit repair company to help with the process. After you’ve done all that’s possible to improve your credit on your own, you’ll be ready to take the next step and apply.
Applying with Your Financial Documentation will Save You Time
Since Delancey Street tries to have your loan funded in as quickly as two days, you’ll want to apply with all of your business and personal financial information ready to go. Taxes, profit and loss statements, cash flow reports, and any other accounting items will save you a great deal of time. You’ll want to make sure this information is thorough and accurate. It will be inspected at the application submittal and again before funding your loan. After you’ve spoken with one of our representatives, you’ll apply for the loan.
Application Processing and Approval
Once the loan is fully approved, you’ll be ready to go to settlement. At settlement, you’ll sign all of the disclosures that explain the terms of the loan and the repayment schedule. This is a great time to clarify anything that you’re uncertain of or may need additional explanation. After you’ve signed and agreed to all of the terms, you’ll receive your funds. It’s important that you do your best to make timely payments. If there are any issues, staying in touch with the loan servicer is important. You’ll then begin to reestablish your business credit and make all the improvements you need. Call Delancey Street today and watch your business grow beyond your expectations.
If your an entrepreneur or run a small business in Colorado Springs, sometimes it is helpful to have excess working capital that you can invest in your company. Without extra money, you get forced to ‘bootstrap’ everything. Bootstrapping adds another level of stress to your lifestyle and limits your growth capabilities. A Syracuse Bad Credit Small Business Loans helps stop you from being cash-strapped and can improve your business outlook.
What You Need To Know About Colorado Springs Small Business Loans
Before you seek a Colorado Springs small business loan with a traditional lender, the essential information you will need to know is your credit score. Banks and Credit Unions, regardless of whether they serve a local market, a regional market, or a national market, rely on credit scores to evaluate the creditworthiness of potential borrowers. People with lower credit scores may not qualify for these financial services.
The good news is other lenders are happy to accommodate small business owners with less than perfect credit. Since nearly 30% of Americans have low credit scores, lenders such as Delancey Street offer Colorado Springs small business loans to secure the funding they need to drive expansion at their company.
Tips For Getting A Colorado Springs Small Business Loan
Check Your Credit – To save time and frustration, one of the first things borrowers should do is check their credit report and credit score. If you know right off the bat that you are not likely to qualify for a traditional small business loan, there are a couple of things you can do.
You can delay your plans for a loan and improve your credit, or you can look for a lender who works with Colorado Springs Bad Credit Loans.
Option 1: Improve Your Credit – If you decide that your best choice is to delay your loan request until your credit improves, start taking steps to increase your credit profile. Get a copy of your report from the reporting agencies and look for any incorrect entries. If you find any accounts that you don’t recognize, ask the reporting agency to investigate and validate the debt. If the creditor does not respond within a specified period or can’t verify the debt belongs to you, it gets removed from your report. Always make sure to pay your existing debts on time, as this is the most critical factor with most lenders. With some effort, it might only take three to six months for your credit report to start looking more attractive to lenders.
Option 2: Find Colorado Springs Bad Credit Colorado Springs Small Business Loans – If you have to get access to capital funding in a short period, and you don’t have time to improve your credit, another option is working with a lender who works with people who have bad credit, but a viable business model that supports the repayment of the loan. Typically, these types of lenders will ask for business documentation and financial records to decide whether to lend. In some cases, borrower’s can qualify for as much as two million dollars.
Regardless of whether you decide to improve your credit and apply for a loan later or you work with a small business lender for people with bad credit, always be sure that you read the fine print and you understand the terms and conditions of the Colorado Springs business loan. It is also worth taking a moment to do all of the math and calculate the total costs of what you’ll pay for the business credit. By understanding everything up front, you can avoid confusion later.
Get Your Growing Company To The Next Level
It takes a lot of work, courage, and determination to be a successful small business owner or an entrepreneur. If your company could benefit from a capital infusion, a Colorado Springs small business loan could be just the lift you need to take your enterprise to the next level.