Kansas Small Business Loans
The United States of America boasts of its free markets and hospitability to entrepreneurs. This, however, does not mean that small business ownership is an easy task, especially when it comes to obtaining needed investment capital. Delancey Street understands this challenge, and makes commercial loans to many diverse businesses and firms. We connect companies with small business installment loans, lines of credit and merchant advances. In fact, we arrange financing of up to $2,000,000 for a wide array of enterprises in the Kansas area. Our strength rests on relationships: we know each business owner personally so that we can best address their financial needs.
- Our approval process is quick and efficient
- We fund loans within as few as two business days
- We structure repayment plans with the company’s cash-flow in mind
- We do not decline loans simply for poor credit
- We trust business owners to spend proceeds prudently and wisely
Correct. When you receive a small business loan from Delancey Street, you have the liberty to allocate funds as you see fit. Whether it is for payroll, capital improvements or debt settlement, we trust your judgment.
Fast Business Loans in Kansas
For a small business, getting a loan is a watershed moment. Getting the loan is no easy feat, to be sure. Yet, for those who plan their strategy and set reasonable expectations, the rewards are there. Some simple measures make success more likely.
Before You Apply
A loan is just one avenue. Before seeking credit, determine clearly what you will do with the money. Where are your businesses greatest needs? Will a loan meet those needs? If so, be sure to evaluate your business’ (and your personal) credit standing.
Speaking of Credit
Banks do not like throwing their money away. Credit ratings and histories tell financial institutions which customers are safe investments…and which are not. Those with less than stellar histories may find a loan approval saddled with more fees and a higher interest rate. Excellent credit, on the other hand, invites more customer-friendly loan terms.
Quickly obtain and examine your credit report. There may be mistakes that are currently counting against your credit score. This is your reputation that is suffering.
Contact each misreporting creditor to resolve these errors immediately. Otherwise your standing with lenders will remain incorrectly impaired.
You should still take pains to ensure the good name of your business. Credit ratings on your firm are available, too. Scour them with the same diligence so lenders will know your company is a reliable partner.
Strengthen Your Credit Profile
After going through your credit reports in detail–and identifying any injurious errors–take steps to repair the damage. As noted, correcting the misreporting is a crucial necessity. What about a negative entry that is true? Even if it refers to a debt from years ago, it behooves a prospective borrower to reach out to the creditor and pay that obligation. Managing credit accounts helps, too.
When asking a bank for funding, be as precise and detailed as possible. This shows the lender you have well-laid plans and not just dreams. Also helpful are projections connecting those plans to higher profits.
Compelling Financial Statements and Other Documents
Even when your earnings are modest, a legible, comprehensive and accurate statement of profits and losses impresses underwriters with the care and integrity that goes into the report. Other documents, e.g. incorporation certificates, should be equally clear and free of flaws. Assemble and study them well in advance of application.
Know the Loan Terms
While gratifying, a loan commitment must be well understood. The rate, length of term and principal–plus any fees and penalties–are yours to fulfill. It is not just the bank that must have confidence in your business. You should, too.
As a small business owner, you may be lacking the necessary capital in order to grow. At Delancey Street, we have a reputation for providing small business loans for businesses in every industry. We can help a business with merchant cash advances, small business lines of credit, and more. We have been able to provide loans in the amount of $2 million, in some instances, to small business owners in Kansas.
Fast Kansas Business Loans
We understand that when you need money, you needed right away. Unfortunately, many traditional banks want you to go through a long and drawn out application process. This means that you may have to wait weeks in order to see any kind of funding.
Our approval process is fast. Additionally, we can offer funding in approximately two business days. Flexible repayment plans also ensure that you get the help needed based on your cash flow structure and the type of business that you have.
We work with you, regardless of what kind of credit you have. When you apply for one of our Kansas bad credit small business loans, you can use the funds on anything. The money can be used for expanding your business, taking care of payroll, and even buying new equipment.
Your Credit Score
Understanding your credit score is of the utmost importance. Lenders will look at this to determine your creditworthiness. Before you let anyone else look at your credit report, you should review it first. This can be done by requesting a copy of your credit report from the various bureaus. Look it over to find any errors. This way, you can fix things before applying for a loan.
If you have bad credit, it isn’t the end of the world. You can make improvements to your credit by paying off old debt, closing accounts you no longer use, and making sure that payments are made on time every month.
If you don’t have time to clear up your credit score prior to requesting funds, you can always look into our bad credit business loans.
The Application Process
For many lenders, the application process is a complicated one. Many banks will ask you for an entire package of information. The more professional you look, the more seriously they will consider your request. You will need to gather cash flow statements, balance sheets, and income statements. They will run your credit for your business. If you haven’t been established as a business for very long, they may also pull your personal credit score.
By working with us, we make the application process simpler. We don’t need to see a full business plan. Instead, we ask that you consider how much capital you need. Then, we will work with you to establish a payment plan that you can afford.
Any time that you get a small business loan in Kansas, you need to sign a contract. This is a legally binding agreement with the lender. On the contract, there will be loan terms identified. You will want to review what your APR is, how long your repayment terms are, and any fees that you may have to incur.
It’s important to know exactly how much the loan is going to cost you in the end. A loan may be a great way for you to boost your business. However, if it is going to cost you more than you can afford at the moment, it may not be the best move for you. You will need to review this information before you sign on the dotted line.
When you’re ready for a small business loan in Kansas, let us help you with the details.