Tacoma Small Business Loans
Ask a small business owner what might be one of the most frustrating aspects of their business and they will probably tell you it’s a lack of capital. At Delancy Street, we understand that and work with businesses to secure small business loans, as well as merchant cash advances and small business lines of credit. We’ll assist in loans as much as $2 million and will work diligently with the business owner, looking to match their needs and qualifications with the loan they want.
The biggest advantage to having access to capital is that it gives the small business owner breathing room. Of course, getting that access requires having to slog through some serious paperwork. The good news is doing some basic preparatory work, however, will make the ordeal go a bit more smoothly.
What Do You Need?
If you’re going for a NYC business loan, the first thing you’ll want to do is determine whether or not the business loan is what you need. Loans are only one of the financing options available to you. You’ll want to examine all of the other financing routes you can travel before you make a decision as to going with a business loan.
Credit Where Credit is Due
When it comes to whether or not that NYC small business loan is going to be approved, there’s a great deal that relies upon your credit. The bank is going to look at your credit score and make a determination as to whether or not they want to take a chance on you. Of course, if you’ve got good credit, the bank will be more than willing to give you an opportunity to use their money. On the other hand, if you’ve got fair credit or even poor credit, that’s going to change the entire outlook.
Check Out the Report
You’ll want to get your hands on your credit report and carefully go through it. Examine it carefully. Whenever something negative appears on that report, your credit score takes a hit. Keep in mind that credit reports have been known to make errors. If you should come across a mistake or think something is totally incorrect, you should bring that to the attention of the credit bureaus and challenge it. When it comes to getting the business loan, you are your credit score and you’re going to want to make sure that it’s totally accurate.
In addition to your own personal credit history, the bank will want to examine your business history. How long have you been in operation? How solid is your business? Are there any factors in your business that might make you a risky proposition when it comes to getting the money paid back? The more secure and risk-free your business credit is, the more likely that you’ll be viewed favorably when it comes to approving your loan request.
Improving Poor Credit
Before trying to get your business loan, you’ll want to do everything in your power to improve your credit. If you’ve failed to pay off some debts, you’ll want to take care of that as quickly as possible and get it off your credit report.
Your Need for Money
When it comes time to go to the loan officer, you’ll want to explain what you need the money for. The bank doesn’t want to just give you more capital because you want it. Rather, the bank wants to know why you need the money, what you’re going to do with the money, and whether or not you have any documentation that can show how your having more capital will be a sound business decision.
When you go for your loan, you will want to look as professional as possible. In addition to your own personal appearance, you’ll want your paperwork to look professional. When you go forth with your loan request, you’ll want everything there in one neat, tidy package. That way, the bank can go through the paperwork, examine everything, and make a decision without having to stop the process while waiting on some other documentation that wasn’t provided.
Terms and Conditions
At the end of the process, if you wind up having a loan being offered, all you need to do is sit down and carefully read over the terms and conditions of the loan. Look at the different rates and percentages carefully and do the math. What might seem to be a great deal initially might have some long-term negative consequences down the road.
While it can be a grueling process, going through the process of obtaining a small business loan can prove to be the one element missing in your quest to place your company on solid financial ground.
As a business owner, you know that capital is the key to expanding. Having capital available at your fingertips to fund that next project, your new building, and other expenses is priceless. Unfortunately, many business owners have a difficult time getting small business loans. With Bridgeport, you don’t have to worry about that.
The Benefits Of Loans
Obtaining your very own small business loan can be an exciting experience with Bridgeport. They don’t see you as a simple credit score. Rather, they look at your business and work with you to find a loan up to $2 million dollars that matches your every need. Let’s see some of the benefits you can gain from applying for a small business loan with Bridgeport.
- Funding Available Within Two Business Days
- Bad Credit Considered
- No Restriction On What Loan Proceeds Can Be Used For
- Flexible Repayment Programs
Things To Consider Before Applying
While you may just want to get as much money as soon as possible, you need to look at a few key factors related to your business before you decide it’s time to submit a loan application. This will give you the opportunity to become more acquainted with your business’s finances. It will also create a clear vision of what you’ll be using the loan proceeds for.
Vision Of What The Money Will Do
It’s not uncommon for a business owner to get overly excited about getting extra capital to expand. They apply for business loans, get funding and end up blowing it on irrelevant expenses that don’t move their business forward. You owe it to yourself and your business to really sit down and decide what you need the loan for. This will give you a clear vision of how the money is going to help your business grow. There will be no questions later down the road about what you’ll be spending the money on.
Credit Scores And Histories
Your credit is an important consideration for any lender. Those with good credit are given favorable interest rates and the option to borrow higher amounts of money than those with not so great credit histories. You should obtain a copy of your personal credit report as well as that of your business so that you can see where you stand. If you find that your personal credit score isn’t as good as you feel it could be, it’s always a good idea to work on improving your score before presenting a formal business loan application.
As part of the application process, lenders will look at the financial statements of your business. This is a big indicator of how well your business manages its income. Expect to provide an income statement, cashflow statement, and balance sheet during the loan application process. These should be presented in a professional looking manner for easy reading by the loan provider.
Presenting Your Business In The Best Light
While the majority of your loan approval is going to come down to your creditworthiness, it doesn’t hurt to make your business appear as presentable as possible. This means having all your financial documents put in a professional looking portfolio. You should double check to make sure that all the requested documents from the lender are in your portfolio so that they don’t have to waste valuable time following-up with you to get documentation for processing the loan.
Don’t Be Afraid To Ask Questions
A small business loan is a big responsibility for a business owner. It’s important that you understand all aspects of the loan. If you don’t understand the terms in the contract, simply ask the lender. You should have a clear understanding of what you owe, what your repayment schedule is like, your interest rate, any fees that will be charged to you, what happens if you default on the loan, and so forth. It pays to take a few moments and write down questions about the loan contract so that you can ensure they’re all answered before you sign on the dotted line.