When you are a small business owner or entrepreneur, there are times when you could use some additional working capital to help get your company to the next level. Perhaps you need to open up a second location or hire more crew members to meet customer demands. Whatever the reason for seeking an American Express Business Loan, it is essential to understand there are MANY other financial options out there besides an American Express Business Loan.
Know What Options Are Available
According to statistics, around 30% of Americans have poor or bad credit. For business owners and entrepreneurs, having a low credit score can get limiting, especially when you need to grow your company. Luckily, there are several small business loan and funding options from which small business owners can choose.
Conventional banks, and lenders, regardless of whether they serve a local, regional, or national market often follow strict credit rating requirements when lending. Business owners with bad credit may have a tougher time meeting the lending requirements of these standard banking institutions.
To help meet the demands of many growing businesses, Delancey Street offers an alternative for business owners who are having troubles accessing traditional business loans and working capital, and American Express business loans.
What You Need To Know About American Express Business Loans
Understanding Your Credit – If possible, it is always a wise idea to check your credit report before applying for an American Express Business Loan. Generally, traditional banks prefer to work with borrowers who have at least a ‘good’ score of 700 or above. People with scores lower than 700 can qualify for a business loan with Delancey Street
Applying For A Small Business Loan – The small business loan application process is similar for many lenders. However, there could be differences from lender to lender. Some alternative small business lenders might request recent financial statements to determine creditworthiness instead of relying solely on the borrower’s credit score. These statements help the lender assess the overall financial health of the business so that they can make an offer.
Check If There Are Fund Usage Restrictions – When applying for an American Express Business Loan, you want to make sure that the loan meets your needs. Depending on the loan product, borrowers may have restrictions on how these funds can get used. If you need the capital for mixed-use purposes, such as balancing your budget, adding new inventory, hiring extra staff members, or expanding to a second location, make sure any loan agreements you get presented allows you to use the funds for any purpose needed, without restrictions.
Read Your American Express Business Loan Agreement – While you double checking for any usage restrictions, be sure to read the rest of the conditions and terms of the loan. Remember, the lender will hold you to the contract, so you want to make sure you understand the agreement. Don’t overlook the fine print. Calculate the total cost of the loan, including all interest and associated fees.
There is little doubt that getting a small business loan can contribute to the overall success of a business. Access to working capital is critical for sustained growth. In slower periods, having a cash buffer can help you work your way through to a busier phase. In busy times, having extra capital is helpful for adding new products or stock, hiring additional workers, buying equipment, or working your way through any number of typical growing pains in your company.
Delancey Street works with borrowers to help them secure the capital they need to thrive. Bad credit is acceptable.
Delancey Street offers a solution for undercapitalized, but growing companies. To help meet the needs of small business owners, we provide a broad range of financial services including merchant cash advances, small business loans and lines of credit. We understand the needs of the borrower and go the extra mile to help our clients attain their goals and objectives.
American Express Business Loans
Speedy Approval Process – Depending on your situation, you may not have weeks or months to find out if your small business loan was approved. When you work with Delancey Street, you can expect to get a definitive answer on the status of your application within hours. Our application process is simple. Apply online, provide the documents we request and answer a few questions about your business. If your company qualifies and you agree to the terms, the next step is funding!
Fast Funding – As the old Tom Petty song says, ‘the waiting is the hardest part.’ If you needed funds for your projects yesterday, every day that goes past without resolution is stressful. If approved for a business loan, our loan officers work diligently to assure that you get access to these funds in two days or less. Try doing that with a conventional bank or institutional lender!
Flexibility – We understand the needs of our borrowers. That is why we are flexible. Not all small business owners and entrepreneurs qualify for conventional bank loans. However, we understand there is more to a growing company than just a credit score.
Bad Credit Is No Problem – According to recent statistics, nearly 30% of Americans have poor or bad credit scores. If you are also a small business owner or entrepreneur who has bad credit, this can severely limit your ability to secure traditional loans and lines of credit.
Use The Funds However Needed – Whatever your dream is, a small business loan can help you make it happen. Business owners can use the money to invest in equipment, inventory, or to hire new staff members to satisfy customer demand. From our perspective, the business owner knows what the company needs to succeed, so they get to decide.