Running a small business is not an easy task. Every small business owner wishes to see his or her small business grow regardless of the challenges that the business faces. Besides beating competition, a small business also needs adequate capital to grow. Unfortunately, small businesses often operate on limited capital, which means that they need a reliable source of funding. Delancey Street is one of the institutions that offers business loans to small businesses in Wyoming. We offer small business loans of up to $2 million to help your business grow.
The best part is that we don’t discriminate against businesses that have bad credit ratings. Additionally, Delancey Street has a fast loan approval process – small business owners can receive their loan amount within two business days. Moreover, we don’t limit you on what you can do with the amount you get. We also offer a manageable repayment schedule based on your business.
Fast Wyoming Business Loans
Fast small business loans within Wyoming could help a business thrive. You can use the loan amount you get to offset pending bills, increase inventory, clear employees’ wages, or to facilitate your daily business operations. However, you must know that getting a loan is not an automatic thing. There are steps involved to ensure that you get a manageable loan amount. The process also helps to minimize liability exposure for the lending institution.
I. The Pre-Application Process
Before getting Wyoming small business loans, business owners have to first determine why they need the loan. It would be wrong for you to dive into applying for a loan without establishing whether it is the best option. This step involves assessing other business financing options that are available and determining the one that suits you best. If you establish that a small business loan is the way to go, then you can proceed to the next step.
II. Checking Your Credit
Your credit status is one of the most important things that you need to consider before you apply for a small business loan. Traditional lending institutions like banks have to check your credit when you apply for a loan. If you have a great credit score, then you qualify for a higher loan amount. Moreover, you might get more favorable lending terms. Such lending institutions have to check your credit to ascertain that you can repay the loan amount as per the schedule provided.
Keep in mind that banks consider both your personal and business credit scores. As such, when you apply for a Wyoming small business loan from banks, you must ensure that you have good credit history. Business owners, however, need to know that a lending institution such as Delancey Street can offer loans even when a business has bad credit.
III. Improving Your Credit
Your credit history and credit score are critical in enabling your business to access credit. Therefore, if you intend to apply for a Wyoming small business loan, you need to check your credit report so that you can make the necessary changes to improve your credit ratings. Here, you need to check the report for errors. Moreover, if you have tax liens, ensure to pay them off. Besides paying off your tax liens, keep your utilization and outstanding balances low.
IV. Make the loan request specific
Your Wyoming small business loan request has to be as specific as possible. It should also outline what you intend to do with the loan amount you need.
V. Prepare your documentation
Lending institutions look at your financial statements to determine if your business is credit worthy. The financial statements you need to prepare include your firm’s cash flow statement, income statement, and balance sheet. They help you make informed decisions because they inform you of the financial status of your business. You also need to keep the statements free of errors so that you can submit them to the lending institution.
VI. Understand the terms of the loan
Wyoming small business owners who are eligible for a loan should ensure that they understand the terms of the lender before signing the loan agreement form. Make sure you understand the cost involved – the interest rate and the annual percentage rate (APR).