Delancey Street Helps Business Owners Grow

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Albuquerque Small Business Loans

Running a small business is not a walk in the park. Business owners have to go through numerous challenges to achieve their goals. One of the major issues that small businesses face is lack of enough cash. However, small business owners don’t have to worry about where they will get funds to grow their businesses because there exist financing options such as Delancey Street. Delancey Street offers Albuquerque small business loans to any kind of business. In fact, the firm offers up to $2 million to small businesses that qualify for its business loans. What’s more, the company has friendly terms that could see your business grow.

Some of its terms are:

  • A quick approval for the loans
  • We credit your account with the loan amount in as fast as two business days
  • Bad credit is acceptable
  • We offer flexible repayment plans based on the financial position of your business
  • You can use the loan amount to do whatever you want

Fast Albuquerque Small Business Loans

Do you own a small business in Albuquerque? Do you also want a loan to help your business grow? If you do, you have to consider a couple of things. To begin with, you must know that obtaining the loan amount you want is not easy. You have to follow some steps. As a result, you need to prepare yourself if you want the loan application process to go seamlessly.

Here are the steps that you must follow.

1. Pre-Application Process

When looking for Albuquerque small business loan, you need to establish your business needs. You have to assess the current situation of your business to determine if getting a loan is the best thing.

In this initial step, you must assess your business goals to determine how the loan amount will help you achieve them. It’s also imperative to establish the motive behind you getting the loan. Moreover, you have to establish your firm’s creditworthiness.

2. Your Credit

Your credit score is crucial when it comes to applying for Albuquerque small business loans. Traditional lending institutions issue loans based on your credit. If you have a higher credit score, then you will get a higher loan amount with better terms. Although our institution doesn’t consider your credit, it is imperative that you have a clear grasp of your credit history. As such, you need to check your credit report and analyze it carefully to know your credit history.

3. Improving your credit

Bad credit is not good for small business owners looking for a loan from banks. Therefore, you MUST review your credit report to check for errors. If there are any, ensure to have them rectified. A viable way to improve both personal and business credit scores is clearing overdue debts. Moreover, you need to have a low utilization rate.

4. Get specific

Your business cannot get a loan from a bank by just saying that you want a loan. You have to make your loan request specific. As a result, you should show the bank a proposition that outlines your budget limits as well as the revenue projections of your Albuquerque small business. This ways, you will stand a better chance of convincing a lending institution to issue you with the loan amount you want.

5. Have the financial statements ready plus assemble your documents

A lending institution has to check your financial statements before giving you a small business loan. The financial statements include a balance sheet, a cash flow statement, and an income statement. Present the statements to your lender since they display your firm’s creditworthiness and financial position. Ensure to present them in a professional manner.

6. Understand the cost of your loan

Before you sign your Albuquerque small business loan documents, it is imperative to understand what your loan contract stipulates. You must know the cost of the loan by reviewing the loan interest rate and APR in a sober manner.

How You Can Qualify for a Small Business Loan
If you’re a small business owner, then you are probably acquainted with the difficulties of managing a business when your resources are limited. If you’re thinking about getting a loan to take your business to the next level, then you’ll find the information below helpful. Whether your goal is to secure a bank, SBA or online small business loan, getting prepared can simplify the process.
Improving Personal and Business Credit Scores
Most people only have a vague understanding of credit scores. When you’re in the market for small business loans in IA, you should be familiar with both your personal and business credit scores, especially if you have been in business for a decent amount of time. Your personal credit score can range from 300 to 850 – you want it to be as high as possible. Also called a FICO score, your personal credit score is a product of these five factors: your payment history, how much debt you have, the types of credit you have, the amount of time you have had credit and recent credit inquiries. Of these factors, your payment history is the most important.
Even if you always pay your bills on time, there’s a possibility that there are problems with your credit report. The Federal Trade Commission reported that a significant number of consumers found detrimental errors on their credit report. The good news is that they were able to eliminate the errors, which often increased their credit score. To get a free copy of your credit report every year, you can visit If you find inaccuracies, you can work with three credit bureaus (Experian, TransUnion and Equifax) to ensure the corrections are made. If there are issues with your business credit report, you’ll work with Dun & Bradstreet, Experian and Equifax. This can be important, especially if you’re interested in SBA loans – they require strong personal and business credit.
Understanding the Lender’s Minimum Qualifications
When seeking small business loans in IA, in order to maximize your chances of loan approval, you should try to meet all of the minimum qualifications. As a matter of fact, it wouldn’t hurt to exceed their criteria if possible. While most lenders consider the strength of your application in totality and offer flexibility, that’s not always the case. SBA has additional requirements and tend to be more rigid. On the other hand, online small business lenders are often more lenient. Generally speaking, minimum qualifications involve your annual revenue, credit scores and years in business. Lenders will also look for bankruptcies and delinquencies, which can pose a problem.
Compiling the Required Documents
Most traditional lending institutions will ask you to provide various legal and financial documents that often include Articles of Incorporation, business licenses, bank statements, a photo of your driver’s license, income tax returns, income statement, balance sheet, commercial leases and your resume to assess your business acumen and management experience. Given the number of documents required, it can make the application process long and time consuming. If you don’t like the idea of having to provide so many documents, you might want to consider an online small business loan, which usually doesn’t require as much information. If you have strong credit scores, you might find a rate that’s comparable to traditional lenders.
Creating a Solid Business Plan
If you don’t already have a business plan, you’ll need to develop one that includes the purpose of the loan, financial projections and how you plan to increase profits. Here are some of the common elements that you should include: Company overview, industry analysis, management team, products and services, sales and marketing strategy, operations plan, and SWOT analysis (strengths, weaknesses, opportunities and threats).
Providing Collateral
There’s a chance that you may be required to provide collateral in order to qualify for a small business loan. Collateral might include real estate, equipment or inventory. Lenders want to make sure they have a recourse in the event that you go out of business. If you don’t quite like the idea of providing collateral, you might want to consider an unsecured business loan.

How We Help

Small business loans are a great way to grow your business. We fund business owners when traditional banks say no. Getting a loan from a traditional bank is difficult, we look past your credit score and fund you.

Get a $500-$100,000 small business loan

Get working capital in as little as 24 hours once approved

No risk - There is no application fee, and we don't charge junk fees that other lenders do.

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Get a Decision in as Little As 30 Seconds

We’re Fast. We Help Regardless of Credit. WE HAVE A SOLUTION FOR YOU.

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We have a completely online application process, which is simple and easy.

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We'll match you with the best loan offers we have that are financially responsible.

Get Funded Quickly

We'll fund you the same day you accept our offer.

Delancey Street is here for you

Our team is available always to help you. Regardless of whether you need advice, or just want to run a scenario by us. We take pride in the fact our team loves working with our clients - and truly cares about their financial and mental wellbeing.

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In The Media

Delancey Street CEO discusses ways to reward employees
Delancey Street CEO discusses the benefits of franchising on Forbes.
Delancey Street CEO discusses management on AMEX.

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