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 Your Loan Request for Approval
If you’ve ever applied for a bad credit 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.
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.