San Bernardino Small Business Loans
Delancey Street Provides Bad Credit Loans for Small Businesses in San Bernardino
If you’re a small business owner and have been turned down for other small business loans due to your credit, you’ll want to read on. Delancey Street has many loan programs that enable San Bernardino small business owners to cover expenses, make upgrades, improve cash flow, and many other uses. You’ll find their knowledgeable, friendly, and professional staff to be among the best in the industry. For our business neighbors in San Bernardino we offer the following types of San Bernardino business loans:
- Invoice factoring loans
- Merchant cash advances
- Hard money loans
- Business lines of credit
- Bitcoin loans and more
Getting Your San Bernardino Business Loan Documents Ready for Application
Our San Bernardino small business bad credit loans all have one thing in common. You’ll need to provide and demonstrate a need for the funds. This can include coming up with an updated business plan to support your request. To help the agent understand your request, you’ll want to provide as much supporting documentation as possible. This may include construction plans, graphs, invoices, photographs, and anything else that may help them visualize the scenario. It’s always best to create a presentation and be prepared with answers to questions that may arise. Getting a business colleague or family member to review this information can be very helpful. This may be the most important deciding factor for loan approval, so you’ll definitely want the information to be thorough.
Credit Isn’t Everything but It’ll Most Likely be Reviewed
Our small business bad credit loans can typically help most customers improve their current situation. However, you’ll definitely want to get as good of a handle on your personal and business credit as possible. You may want to use online services to obtain consumer and business credit reports. Any items that aren’t able to be resolved should have a clear explanation as to why they exist. Credit repair services can sometimes help to have negative and disputable information removed from your personal credit report. Occasionally, you’ll be asked to provide supporting documentation to support the dispute. Improving your credit prior to applying may qualify you for more San Bernardino business loans.
Sorting Out Your Finances
Many sole proprietors are sometimes forced into using their personal credit and finances to fund their business. Accounting records, tax returns, assets, and net worth are sometimes required to be evidenced. It’s a good idea to have your accountant or someone you hire to review your company’s financial statements. Accurate and thorough information should be presented. This also includes providing accounting records for any overlapped items that may be used for the business. A good example would be documenting any collateral that’s been used for other San Bernardino small business loans.
The San Bernardino Loan Application
If you’re ready to apply for your bad credit San Bernardino small business loan, you’ll want to meet with a representative. Bringing any documentation along that you’ve compiled will help to speed up the process. The application will be taken and you’ll most likely be interviewed. A pre-approval may be issued based on the circumstances. The loan representative may ask you for additional documentation at this point. It’s important to provide this information as quickly as possible to not slow the processing time. Once your loan has a final approval, you’ll go to settlement.
Settlement and Post Closing Matters
Once you’ve reached the settlement you’ll be provided with the final loan documentation and the funds. You’ll be provided with the terms of the San Bernardino business loan and can ask any questions you may have. After that, you’ll simply pay as you had agreed to in the contract. If you’re unable to make a payment on time, it’s important to contact the loan servicer at once. There may be other options to help you get back on track. Otherwise, you’ll be enjoying your new business improvements and be working to rebuild your credit. Delancey Street is available to help you get the funds you need for your small business today.
San Bernardino has a progressive economic climate that encourages entrepreneurial thinking. Delancey Street, a premier lender to small business owners, supports entrepreneurs in San Bernardino with the capital they need to follow through on their visionary business ideas.
We understand that it is not easy to get a small business loan in today’s economy. In fact, it is a complex undertaking that can be divided into four distinct steps: first, you must improve your credit; second, you must assemble all the right financial documentation; third, you must show the lender a comprehensive business plan when trying to convince them to give you a loan; and fourth, you must understand the terms of the loan before accepting it.
Let’s take a closer look at each of these steps.
Improving Your Credit
Before applying for a small business loan, you should improve your credit score. Many items on your credit score may be in inaccurate. When this happens, there’s something you can do about it. It’s not the end of the story.
The law gives you the right to access your credit report and challenge any erroneous entries. So, scrutinize your report to make sure it is accurate.
Next, settle any delinquent debts before you apply for a small business loan. Credit bureaus do make mistakes, but it’s up to you to notice them and ask for a correction. If you don’t, many small errors will lower your credit score.
Since banks and credit unions like to see financial records that show that you have used credit and paid it back, don’t make the mistake of closing any of your old accounts–because these demonstrate all those times when you have paid back something that you bought on credit. You may also want to selectively add credit accounts to improve your track records.
Assembling Your Financial Documentation
Your application package to a lender should look professional. It should not only be attractive in appearance but also accurate and complete.
Besides carefully reviewing your loan application form and any proof of collateral, the bank will want to look at your business plan, your business credit report, your income tax returns, your financial statements, and your accounts receivable and accounts payable.
Talking to a Lender
Make it easy for the bank to approve your request for a loan by providing an excellent business plan that describes your business operations and explains exactly why you need to borrow money. Also, ask the bank what documents they need from you before making an appointment with a loan officer. This will makie it unnecessary for the bank to have to call you up after the meeting to track down any missing documents.
Understanding the Terms of a Loan
Assuming that all goes well and that the bank likes your business plan and is impressed by your meticulous financial documents, then they will make a loan offer.
At this point, it’s essential that you don’t simply take the money. Instead, the smart thing to do is to first scrutinize the terms of the loan. For instance, look at the APR of the loan and not just the interest rate and see if the repayment schedule is realistic. Is it a contract you feel comfortable with? Can you follow everything stipulated in the loan agreement?
Remember, this is not free money. It is money that you are buying. Understand all the terms of the loan and ask questions about anything you’re not sure about before signing.
How We Can Help You
Delancey Street is in the business of helping enterprising people achieve their goals. For this reason, we are open to talking to you and helping you fund your business even if you don’t have good credit.
We are eager to hear your side of the story, and will do our best to accommodate your needs, including providing fast funding (often in just two business days) and developing a flexible repayment plan.
Contact us and apply today. You might be pleasantly surprised to find out how easy it is to start building your business.