St. Louis Small Business Loans
Small business owners in St. Louis have a lot to be happy about. There’s a new option for bad credit small business loans in town. Delancey Street specializes in getting you the funding you need to grow your business. Whether you need to upgrade, remodel, or just cover expenses, they’ll be happy to help. They offer some of the quickest funding times around with many loans completed in just two days. There are many options to fit each business’s unique needs. Their professional and dedicated staff will work with you to find a payment and loan that’s affordable. Just a few of the loan options available include the following:
- Merchant cash advances
- Invoice factoring loans
- Hard money loans
- Bitcoin loans
- Lines of credit and more
Preparing to Apply with Delancey Street in St. Louis
Getting a bad credit small business loan is easy with Delancey Street. Even if you’ve been turned down for traditional financing, you’ll most likely find an option with us. Preparing for your loan takes a little legwork; however, you’ll most likely have much of the needed information within easy reach. The first step is to show a demonstrated need for financing. You can accomplish this by providing an updated business plan, construction plans, invoices, payroll expenses, and any other documentation you may have. If you need assistance with these items, it may be worthwhile to hire a consultant or a writer to assist you. This is often the most important documentation that’s required for nearly every type of loan.
Checking Your Credit
While Delancey Street works with all credit scenarios, it’s important that you have a grasp of your credit situation. Ordering a Dun and Bradstreet report and all three major credit bureau consumer reports will help. You’ll be able to see if there’s any misinformation and address it with the credit bureaus. Sometimes, a credit repair agency might be able to help remove older items and items that are unjustified. Bringing any accounts current and paying off any judgments or collections is also beneficial. Improving your credit may open the door for more options and better loan terms.
Gathering Your Banking and Business Records
When applying for a bad credit small business loan, it’s always best to provide as much information at the beginning as possible. Any documents that help our representatives understand the business better is always helpful. Bank statements, taxes, profit and loss statements, and any other operational information may be requested. You may also be asked to provide information for your personal accounts if applicable. Having an inspection of this information by a financial professional is typically advised. Accuracy and thorough accounting are important to accurately assess the scenario in most cases.
Getting Your Approval
After you’ve had a chance to gather all of your documentation, you’ll meet with one of our loan professionals. They’ll review the information and advise you as to the next steps. If you’re pre-approved, you may be asked to provide additional information or documents. Getting this information submitted as quickly as possible will speed up the process considerably. Once a final approval is issued, you’ll be ready to go to settlement and receive your funds.
Settlement and Disclosures
Your loan settlement is the process of finalizing all of the loan documentation including signing all of the loan disclosures. These documents provide you with the exact terms and repayment structure of the loan. It’s very important that you ask for clarification of any items that may seem unclear. After you’ve completed the process the funds will be made available for you to use. Ensuring timely payments will help you to qualify for loans in the future while rebuilding your credit. Delancey Street will provide you with all of the information you need to make your payments. To find out more information on a bad credit small business loan with Delancey Street, fill out the loan information request and they’ll be in touch with you as quickly as possible.
Business loans are an important part of expansion plans for any firm out there. These loans provide the capital business owners need to invest in their business to get more clients, more locations, and more revenue. However, not all business owners find it easy to find the funding they need to grow their business.
When you work with Delancey Street, you’ll notice that your business goals come first. While credit is an important aspect of any lender’s requirements, it shouldn’t be the only one. Every business has its own unique needs and finding the loan amount and repayment plan that meets those needs is part of the Delancey Street process. Here are some of the benefits you’ll get from working with us:
- Quick Approval Process (Typically within two business days)
- Very Flexible Repayment Programs
- No Restriction On How You Spend Your Loan Money
- Accepts Bad Credit Borrowers
Understanding The Pre-Application Process
Before you decide to submit an application for business funding, there are some necessary factors you need to consider. These will ensure that you not only apply for the right type of funding that you need but also that you have a feasible idea of where your business stands financially. The three key areas you want to evaluate before filling out an application are your company goals for the money, your credit report, and your financial statements. Let’s take a closer look at each one of these areas below.
Goals For The Money
It may seem the obvious answer of any business owner to acknowledge that having more capital allows them to create more revenue. However, you need to be specific about how you’re going to do so. Why do you need the loan amount that you’re going to be requesting? What are you planning on doing with the money? You should have these written down in exact detail so that there are no questions later down the road. This will ensure that you stay on track and spend the loan proceeds on the correct solutions to help grow your business’s revenue.
As a business owner, it’s likely you’ll be applying for a business loan with a personal guarantee. This means that both your personal credit history and that of your business are evaluated in the loan process. The better the credit history, the better the loan terms. Those with higher credit scores will receive lower interest rates and more flexible term options than those with low credit scores. Over the life of a large business loan, this could mean the difference between paying thousands of dollars in interest or not. If you notice that your credit situation is not in the best possible place you can get it, you may want to work on improving your credit before applying for a small business loan.
If you own a business, you should be quite familiar with income statements, cash flow statements, and balance sheets. These tell you the financial state of your business at one broad look. When applying for a small business loan, you’ll need to show all of these documents. It’s a good idea to have them printed off and prepared in a professional looking portfolio to submit with your loan application. Having this ready now will ensure that you’re not rushing around during the loan process trying to gather documents.
Other Things To Consider
When you apply for a small business loan for your firm, you want to be sure you understand the loan. Far too often business owners just look at the money they will receive and not at the actual interest rate and associated borrowing fees. You want to take your time during the loan process and review all the terms. Don’t leave any stone unturned during the process. This will make sure that your business can handle the loan and that you feel good about signing on the dotted line.