Small Business Loans Alaska
If you own a small business in Alaska, you may have some challenges along the way. Even if your business has bad credit, you may still qualify for a loan with Delancey Street. We have many different options to choose from for small businesses of nearly any type and size. Whether you need a short-term loan for cash flow issues or a longer-term loan to complete major upgrades, we’ll be happy to help. We provide small business owners just like you with many of the following types of financial services in Alaska:
- Hard money loans
- Fast approval loans
- Merchant cash advances and invoice factoring loans
- Business lines of credit and more
Preparing For Your Alaska Small Business Loan
If you’ve ever applied for a bad credit Alaska small business loan, you’re probably aware there’s a little bit of preparation involved. Taking a little time to prepare a well-documented loan request can make a major difference in getting approved and getting funded quickly. First, you’ll need to document exactly what you’re borrowing the money for. If it’s for remodeling or making improvements, you’ll want to include estimates. If it’s to cover expenses, you’ll want to show a clear and demonstrated need to support the request. You can borrow money for nearly everything, so long as it’s a legitimate business need. If you have a business plan, you may want to revamp it to include your new plans. Providing any information that’s possible to support the request assists our loan officers in better understanding your request. Even if your small business has bad credit, you may have a winning idea that will get you great results.
Reviewing Your Business and Personal Credit
Delancey Street understands that many small business owners combine their personal and business credit. Often times, this is a necessity for sole proprietorships. For these reasons, it’s wise to inspect both your business and personal credit. Pulling a Dun and Bradstreet report and all three major credit bureau reports will get you well ahead in the game. Repairing any credit deficiencies can help you get a better rate. This can be done by disputing any inaccurate information with the bureaus and bringing accounts current. If you’re unable to do this, you’ll most likely need to document the reason for the delinquencies. However, bear in mind that Delancey Street is well poised to help business owners in Alaska with bad credit small business loans. Your credit isn’t the only consideration in the approval process and we have many options available.
Other Documentation Requirements
You’ll also want to prepare for making application for your bad credit small business loan by documenting your financial reports. This can include business and personal assets, current net worth, banking statements, profit and loss, and cash flow reports. Anything that will help our professional loan representatives understand the nature and overall financial health of your personal and business effects will help. Be certain to review these documents thoroughly to ensure accuracy. Many of our customers will have their accountant review these documents prior to submission.
Alaska Business Loan Application and Approval
Now that you’ve done all the legwork, you’ll be ready to apply and be approved. Some loan products provide fast funding times while others are a more complex process. Your loan representative will assess your needs and match you with the best possible product for your bad credit small business loan. After you’ve been pre-approved, you’ll want to make sure you stay on top of everything until the loan closing. Ensuring quick delivery of any additional requested documents will speed up the process considerably. You’ll then go to closing and get the funds your small business needs. Paying on time and improving your credit is a recipe for success, and you’ll be able to get an even better loan next time. Get in touch with us to explore all of your small business bad credit loan options today.
One of the many challenges you may face as a small business owner is having access to capital to grow your business. Delancey Street provides businesses with many types of financing options including small business loans, private money loans, invoice factoring, and more. We provide loans up to $10 million for any type of business in the Alaska area. We have a fast approval process, and we can fund loans in 24-48 hours. We work directly with all business owners to understand their needs so that we can provide them with the best loan for their situation.
You can use the money from your loan for any purpose, including:
• Business expansion
• Increase inventory
• Purchase equipment
We have flexible repayment plans, and we accept applicants with bad credit. Get the working capital you need by applying with Delancey Street today.
Fast Business Loans in Alaska
Access to capital can provide peace-of-mind to a small business owner, but the loan process can be difficult if the business owner is not prepared. Getting a small business loan is a multi-step process that requires some preparation.
If you need a small business loan, then you should assess your needs to see if a loan is the most appropriate option. You should consider all financing options to see which one can help you achieve the goals you have established for your business. Once you have made a decision, the next step is to understand your credit.
The Credit Report
Looking at your credit report is the best way for a lender to determine if you will be a good candidate for a loan. A credit report provides a lender with your financial history and how reliable you are in handling your finances. Having poor credit alerts a lender that you would not make a good candidate for a loan because the expectation of you defaulting on the loan is high. If your credit is good, you can attract multiple lenders and be offered excellent loan terms.
Before applying for a loan, you should obtain a copy of your credit report and carefully look over the report for any derogatory marks that can hurt your credit. If you feel there are mistakes on your credit report like delinquent accounts or missed payments, you can challenge these mistakes and possibly have them removed. This will help to increase your credit score. Your credit score can also improve by paying down your current debts.
You should also check your business credit score because some of the same things that affect your personal credit will also affect your business credit. A business credit report tells lenders how reliable you are in running your business. By the time you begin applying for a small business loan, you should have a good understanding of what is on your credit reports.
Specify Your Loan Request
When applying for a business loan, you need to be specific with the lender about how much money you need and how you will use the money. You should also provide the lender with revenue projections that can demonstrate the positive impact that money from a loan will have on your business.
Make sure you gather all your financial statements before you apply for a loan. Lenders will generally want to see the past three years of financial documents such as tax returns, profit and loss statements, cash flow statements, and balance sheets. These documents will give the lender a deep picture into the financial history of your business and will help them to make a loan decision that they will be comfortable with making. When the lender makes you a loan offer, then that means you have been approved for a loan. Make sure you understand the terms of the loan and how much the loan will cost you as it relates to the APR and interest rate before you accept the loan