small business loans in houston texas
Getting Approved for a Small Business Loan in Houston, Texas
If you’re needing cash to help grow your business, make improvements, or to cover expenses, you’re in luck. We’ve made the approval process fast and easy. For many loans, you could be approved and funded in less than 48 hours. We’ve created this guide to help you understand how the loan application and approval process works. Even those with poor credit can qualify for many of our programs. Follow these simple steps and get approved, quickly.
Determining your loan amount and borrowing request:
Small business loans in Houston, Texas can accommodate nearly any business need. You’ll need to determine exactly how much you’ll need to borrow and the reason that you need to borrow it. Many people use estimates, invoices, or payroll records to support their request. If there’s a legitimate business need, most requests can be accommodated.
Preparing and updating your business plan:
Your business plan is the key to success with many of our small business loans in Houston, Texas. It tells the world what your vision, purpose, and mission are. It’s useful to lenders to assist in envisioning how you’ll use the loan proceeds. Many people will include illustrations, models, or anything else that helps to bring your ideas to life. If you don’t have a business plan or need help writing one, there’s many resources available online. If you’d rather work with someone in person, there are many consultants who can help you at a reasonable price. The same goes for updating a business plan to reflect your current situation.
Tips for those seeking bad credit small business loans:
We have many programs to accommodate business owners who may have issues with their credit. Nearly all lenders require a personal and business credit report. Dun and Bradstreet, Equifax, Experian, and Trans Union provide this data. On occasion, all these reports are required to gain an understanding of the true credit scenario. If you have outstanding past due accounts, collection accounts, judgments, or other negative items, you’ll want to prepare an explanation for each item. Paying off negative items can help you get significantly more favorable loan terms. Many people have benefited from utilizing credit repair agencies. Although this takes some time and patience, the reward is often worth the cost and wait.
Gathering business documents to support your loan request:
Your business and personal records help the lender to understand the overall financial scenario. Having a second set of eyes to review these documents is always smart. Many of our clients contact their accountant or attorney to review these items. It’s important that the documents convey a clear and accurate picture of the current situation. Many business owners provide their tax returns, profit and loss statements, sales receipts, invoices, asset account information, and more. The more information you’re able to provide upfront will assist you in getting approved and funded much faster.
Applying for your small business loan in Houston, Texas:
After you’ve done the legwork, you’ll be ready to apply for your loan. We offer a fast and easy pre-approval application on our website. After you apply, one of our courteous and professional loan representatives will get in touch with you. You’ll be able to ask any questions you may have. We’ll make sure to find the perfect solution for you and your business. It’s important that you’re thorough and accurate in your representations when applying. Missing or omitted information can cause significant processing delays. After you’ve been approved, you’ll go to the loan settlement. You’ll be given the loan disclosures with the full repayment details. Make sure that you fully understand the terms of the loan and what’s expected of you and your business. Repaying on time and according to the terms will help strengthen your credit. In turn, you’ll qualify for the best loans available. For a small business loan in Houston, Texas, get in touch with us online or by telephone, today!
Finding the capital to help grow your business is a big worry for most. They know that their business has so much untapped potential. If only they could get lenders to understand their needs. Well, with Delancey Street, you get loan specialists who take the time to understand the needs of your individual business.
We know that receiving the funding from a new business loan is a big occasion. This is why we offer loans up to two million dollars for each of our clients with a fast approval process. Those approved for small business loans can receive their loan proceeds in as little as two business days. They can also enjoy the flexibility of various payment plans that Delancey Street offers.
Tips For Preparing To Apply
Applying for a business loan is a big step for many small business owners. If this is your very first business loan or you just need a quick refresher, we have the steps to prepare you outlined below. Be sure to understand each step so that you’ll be as prepared as possible when you go to physically apply for your next small business loan.
- Know What You Need – While any source of capital may seem feasible to make your expansion dreams come true, small business loans aren’t your only option. In fact, there are many financial options for business owners looking for funding. You should take the time to actually evaluate whether your business can handle a small business loan. Does the current stage of your business justify taking on the debt load? You should be sure that a loan is the correct funding choice for your business before proceeding.
- Understand Your Credit Position – Your credit score and that of your business are going to be evaluated during the loan approval process. These credit scores will dictate the actual terms that you receive for your small business loan. The higher your credit scores, the better terms you can expect to be given. This is simply because those with higher scores are able to effectively manage money and are less of a risk to the lender.
It’s always a good idea to pull a copy of your personal credit report along with that of your business. This will give you some insight into what your credit scores look like and how likely you are to receive the best financing terms. If you notice negative items that are on your credit report that aren’t supposed to be there, you should dispute the inaccurate information with the three credit bureaus.
Realize that you can always improve your credit situation. If you have noticed that your credit score is considered on the lower end of the scale, you may want to spend some time improving it before applying for financing. While those with bad credit can get approved for small business loans, it’s vital to remember that those with good credit scores get the best terms.
- Make Your Financial Statements Clear – Every business that applies for a loan is going to be required to furnish multiple financial statements. These typically include the balance sheet, income statement, and cash flow statements. These give the lender an accurate depiction of how financially healthy a firm is. While you’re not able to change the numbers to make your business look better, you can definitely construct these statements in a clear and easy to understand fashion.
- Have Your Documents Ready To Go – It’s never a good idea to just wait until you apply for the loan to start thinking about assembling the necessary documents you’ll need to submit. The approval process can only be as fast as the lender gets the documents to review. As you learned in the last paragraph, there are specific financial statements that will be required alongside your loan application. Do yourself a favor and have these assembled ahead of time so that you can streamline the loan approval process.