Orange County Small Business Loans
Orange County Small Business Loans
As an Orange county small business owner, you know just how important capital is to the growth of your company. With the right lender by your side, you can achieve rapid expansion that will allow your revenue to explode through the roof. Finding that lender can sometimes be hard, especially if you have less than perfect credit.
At Delancey Street, you can expect loan consideration no matter what your current credit score is. We service business lines of credit, loans, and merchant cash advances up to two million dollars. With our flexible repayment plans and fast approval process, you can be assured that you’ll find the Orange county small business loan that will fit the needs of your business.
Before You Apply
While we know that you’re raring to go fill out your Orange County small business loan application. There are some things that you should consider doing first. These will help to ensure that you are properly prepared for the loan application process. By understanding the key aspects below, you’ll feel confident in your ability to maneuver through the loan process.
Take A Look At Your Credit
As with any sort of loan, your credit is going to play a big role in your acceptance for funding as well as the terms of the loan that you receive. Having a good credit score proves that you are timely with your payments and don’t take out more debt than you can effectively handle. Lenders like to see a borrower that is financially capable.
If your credit score is not great, you may want to wait and improve it before you apply for the Orange County small business loan. It’s no secret that having a high credit score leads to lower interest rates. It makes sense to improve your credit as much as possible before applying for a small business loan so that you can be assured that you’ll receive the best terms as possible for your situation.
Know Your Financial Documents
Your financial documents are the key to the financial health of your business. You should be regularly reading your income statement, balance sheet, and cash flow statement. When you apply for an Orange County small business loan with Delancey Street, you’ll be asked to supply all of these different financial records. Therefore, you should take some time to print these documents out and prepare them in a professional portfolio for ease of reading. This will help to streamline your loan application process.
What Are You Using The Money For?
All lenders like to lend money to business owners who have a clearly thought out plan for that use of the money. Those business owners who simply apply for funding so they have more capital for day to day operations don’t have a long-term plan in mind. This is a big problem. You should have a clear idea of what you’ll be using the loan proceeds for. This will also help you to determine what the ideal amount of money is for your borrowing request.
Know Your Orange County small business Loan Terms
It’s never a good idea to not fully understand any financial documents that you’re signing. You should know exactly what you’re agreeing to. An Orange County small business loan is no different. You should know what the terms are, principal amount, repayment schedule, and so forth. All of these will be outlined in your small business loan contract with Delancey Street.
Simply paying attention to the interest rate for the small business loan is not acceptable. There are many other factors, such as the term length, that can affect the overall amount of money that you have to pay back over the life of the small business loan. It’s always a great idea to calculate up the total payback amount so that you can truly see what your business will be responsible for paying back. This will allow you to better check that your business can handle the repayment schedule so that you don’t run into any defaulting issues later down the road.
One of the biggest challenges that face small business owners is the absence of access to capital for growth. Any owner knows that the more capital they have to input into their business, the more they’re going to be able to grow and increase their revenue streams. Unfortunately, it doesn’t seem feasible to wait around for years until you make the money necessary for these expansion projects.
Instead, you can get the capital you need now in the form of financing from Delancey Street. We offer all types of financial products including lines of credit, merchant cash advances, and Anchorage small business loans up to two million dollars. It doesn’t matter what industry your business operates in as we’ll work with you specifically to determine the financial needs of your business. You can expect…
- Flexible Pay Back Programs To Fit Your Current Income
- Quick Approval Time
- Funding In As Short As Two Days
- All Types Of Credit Scores Accepted
- No Limits On How You Use The Loan Proceeds
Getting financing doesn’t have to be a huge headache. We encourage applicants to start by becoming more knowledgeable in their own finances as well as their business’s finances. This makes the Anchorage Small Business Loan process much easier to understand. Here are some things to check out before you decide to submit your loan application.
The Purpose Of The Anchorage Small Business Loan
This one seems pretty simple, but one that you really want to look at. Do you actually know what you’re going to be spending the money on specifically? You know that having more money in the bank will allow you to afford things you currently can’t buy right now. But, do you know what those things are?
You should take some time to think over the actual purpose of the Anchorage Small Business Loans that you’re going to submit an application for. Understand exactly where the money will be spent and how that expenditure will help to move your business to the next level. During this process, you should also be able to construct a feasible loan amount to carry out your growth plans.
Your Business’s Finances
As a business owner, it’s likely you’re familiar with the common financial statements every business needs. These include the cash flow statement, balance sheet, and income statement. These all give a clear view of how the business is doing financially speaking. A lender will look to ensure that your business is financially sound before lending you money. Therefore, you should get all your financial documents printed off and ready to submit alongside your application. This will save you from having to waiting during the application process.
Credit Scores – Business and Personal
Lenders need to know how well a person or entity can manage their money. This gives them insight on whether or not they can trust the borrower with the loan money. Those who have great credit scores have proven that they have had a timely record of paying back their debts. Those with lower credit scores have proven that they are unlikely to repay the debts they take on.
Lenders are very particular in the way they lend money to borrowers. Those with a higher credit score are going to receive the best loan rates possible, while those with lower scores are going to receive higher interest rates to offset the risk of lending to them. You should pull your credit report from all three of the major credit bureaus, including Experian, TransUnion, and Equifax. Ensure what your credit report states is accurate. Also, pull a copy of your business credit report.
These reports will give you a good idea of where you stand on the credit scale before you apply for a loan. If you notice that you’re on the lower end of the credit scale, it may make more sense for you to improve your credit score before applying for a small business loan. This will help you to receive better Anchorage Small Business Loan terms.