If you’re a small business owner and are seeking a loan with bad credit, you may feel like you don’t have many options. Delancey Street is to the rescue. With many different programs for all types of small businesses, they’re changing the industry for the better. You’ll find their loan programs are much faster and easier than any type of traditional business loan. All you need is a legitimate reason to borrow the money and they’ll make the rest happen for you. Our Acting Studio small business owners are currently offered the following loan products:
- Merchant Cash Advances
- Invoice factoring loans
- Hard money loans
- Private money loans
- Business Lines of Credit and more
How to Prepare for Your Loan Approval
While Delancey Street makes the whole process of getting a bad credit small business loan easy, there’s still some preparation involved. As previously mentioned, you’ll need to have a solid request that supports being approved for a loan. If you have a business plan in place, you’ll want to make the necessary updates to allocate for your loan request. You’ll want to use any materials that you have at your disposal to provide documentation to help the lender to get a better understanding of your scenario. This means that you can include things like models, prototypes, photos, and any other visual aids to help present the material. You’ll also want to put it into a presentation format that has a logical flow. If you’re inexperienced in creating these items, it’s best to hire someone to help. Freelance writers and even consultants are used to working with this type of information and can be an affordable and invaluable resource. This is a critical step as many loan decisions come down to having a great and well thought out plan in place.
Getting Your Credit Back on Track
Delancey Street is able to help most small businesses even with bad credit concerns. You’ll want to have your credit in its best possible shape to help you qualify for more loan options. It’s very helpful to review both your business and personal credit. If you’re finding that there are issues that are of no fault of your own, you’ll want to dispute these items. Providing documentation to the credit bureaus may help to get these items removed. Credit repair services can often help improve a customer’s consumer credit. For a small monthly fee, they’ll challenge items on your behalf. However, this can often be a lengthy process. Not to worry, Delancey Street has helped many other small business owners with bad credit obtain the financing they need with compensating factors.
Reviewing Your Business’s Financial Records
Having a clear picture of the accurate financial situation of your business is also very important for a quick approval process. You’ll want to check with your accountant or hire one to review these records. Also, if you’re planning on using any personal or business collateral, this documentation should be available as well. Items that may be taken into account may include the following:
- Profit and loss statements
- Bank statements
- Liquid asset statements
- Cash flow reports
- Accounting projections
- Tax returns
Applying and Approval
After you’ve gotten your documents in order, you’ll be ready to apply and get your small business bad credit loan approved. The representative will go over all the fine details of your loan. You’ll be able to ask any questions you may have about the terms of the loan at this point. After that, you’ll go to settlement and the funds will be disbursed. Paying on time means that you’ll reestablish your business credit. Get in touch with Delancey Street today to see how they’re able to help small business owners in Acting Studio just like you.