Kentucky Small Business Loans
Owning a small business brings special challenges. One of the biggest challenges is the lack of access to capital that small business owners need to grow. Here, at Delancey Street, we offer business loans in a number of industries. We can provide loans up to $2 million to businesses in and around Kentucky.
What Sets Us Apart from Other Lenders?
Every business has different funding needs, which is why we work with each business to understand individual needs and to find the loan that fits. We bring certain advantages to our clients:
- The approval process is fast, often taking less than two business days.
- We can work with you to set up flexible payments that fit your cash flow patterns
- You don’t need perfect credit
- There are no restrictions on how you use the business loan.
Quick Kentucky Business Loans
Getting the first loan is a milestone in the growth of a small business. It opens up new opportunities for growing and expanding your business. Unfortunately, the process for getting such a loan is not always easy. Here are steps you can use to make it a bit easier.
Step #1 – Understand Why You Want the Loan
Before you start applying for loans, you first need to understand why you want to get the funding in the first place. You need to tie your business goals into how you plan on using the money. You don’t want to spend loan money on things that will not grow or protect your business.
Step #2 – Assess Your Personal and Business Credit
A bank is not going to loan money to a business that has a high risk of defaulting. They make this assessment by reviewing your personal credit history as well as the history your business has with credit. A good credit history and rating makes your business an ideal candidate for business loans.
Start by getting a copy of your credit report from the three major bureaus: TransUnion, Equifax, and Experian. Review each item on the report to make sure it’s accurate. If you find anything that is incorrect, contact the credit bureau and challenge it.
Do the same thing with your business credit. Banks like to see businesses that have taken the steps to establish organizational credit instead of relying on the owner’s personal credit.
Step #3 – Take Steps to Improve Your Credit Scores
After you clear the incorrect information off of your credit report, you can start taking steps to improve your ratings. Start paying down your debt. The less debt you have the better. Plus, paying down the debt demonstrate that you are taking your debt load seriously which increases your chances of receiving a loan.
Step #4 – Create a Detailed Plan
Banks want to be comfortable when loaning money to a small business. Being specific about how you want to use the loan to improve or expand your business makes the bankers more comfortable with your application. In fact, the more specific you are, the higher the chance they will make the loan.
Step #5 – Get Your Financial Statements in Order
Banks will want to see financial documents for your business. This information helps demonstrate your company’s viability and creditworthiness. Make sure your balance sheet, income statement, and cash flow statement are accurate and up to date.
Step #6 Get Your Documentation Together
Take the time to make your loan application package neat and professional. While the information contained in the package is critical, you want to give the lenders a good first impression. Be sure to fill out the package entirely and attach all documentation requested. Take the time to go through it several times to error check. Once you are satisfied submit the documentation.
If you are looking for a business loan, contact Delancey today for more information.
If you’re a small business owner, you may occasionally need a boost in your finances to get to the next level of growing your business. Even if you currently have poor or limited business credit, Delancey Street may be able to help. We’ve helped many small business owners in Saint Paul with financing for renovations, unexpected bills, upgrades, and more. We offer many different solutions and some of our current loan products include the following:
- Hard money loans
- Invoice factoring loans
- Merchant cash advances
- Private money loans
- Business lines of credit
- Bitcoin loans and more
Delancey Street Makes Applying Easy
You may already know that applying for a loan can be a bit of a headache. Delancey Street makes the process much easier than a bank or any venture capital company. Our small business bad credit loan process simply involved updating and submitting information that you most likely already have in your possession. This article will go over the steps involved and will give you some tips for success.
Updating Your Business Plan or Financing Request
Requesting a loan involves creating a solid plan that clearly communicating what you’re looking to borrow money for. You’ll want to update your business plan so that it incorporates the improvements or financial issues that need changing. This involves providing models, estimates, financial records, and anything else that will help our representative understand the scenario. A presentation is helpful and you’ll most likely be asked questions regarding your ideas. It’s helpful to run this information by a third party to ensure that it’s clear and flows logically. If you’re unfamiliar with how to complete this process, a business consultant or colleague may be able to assist you in creating a great plan. This is perhaps the single most important factor in obtaining a small business bad credit loan with Delancey Street.
Review Your Personal and Business Credit
Conducting an audit of your finances is very helpful prior to applying for a loan. While we certainly help small business owners with bad credit, you’ll want to provide the best possible scenario to improve the situation. Reviewing all of your credit will help you identify any items that may be inaccurate. You can dispute these items with the credit bureaus and possibly have them removed. Your business credit should also be reviewed. If there are any derogatory items, you’ll want to make sure these are able to be addressed with an explanation. For some of our customers in Saint Paul, a credit repair service has been helpful in removing negative items from their personal credit reports. Creating the best possible scenario means that you may have more options available.
Providing Your Business and Personal Financial Records
Other factors that are taken into consideration include the overall financial status of your business. Some of the documents that may be requested include your tax records, profit and loss statements, cash flow reports, invoices, and assets. It’s best to have an accountant review the information for accuracy and completeness. There may be other requirements that the lender will let you know about. After that you’ll be ready to apply for your bad credit small business loan.
The Application and Approval Phase
After you’ve submitted your documents and have completed all of the other steps, you’ll get a pre-approval offer. This includes the terms of your loan and disclosures that explain this information. After you’ve gotten your final approval, you’ll sign the updated disclosures and receive your funds. Should you have any difficulty in making a payment, it’s important that you get in touch with the loan servicer. Delancey Street is happy to provide you with the best bad credit small business loan to help your company grow. Get in touch with us to explore all of your options today.