Growing your small business is probably the biggest priority on your mind. One major hiccup that business owners face is the lack of capital they need to expand. This can leave you grinding for years until you save up the money to expand. Fortunately, with small business loans from Delancey Street, you can receive the capital you need fast to get that expansion project underway this week.
What You’ll Get With Us
Delancey Street is a small business loan lender that specializes in loans up to two million dollars. We work with all types of businesses to understand what their needs are and how one of our funding options can help meet those needs. We offer merchant cash advances, lines of credit, and small business loans. Unlike other lenders, we have no problem working with those who have bad credit. With our flexible repayment plans and fast loan approval process, you’ll love working with us.
What To Do Before You Apply For A Small Business Loan
We know that you’re excited to get started applying for your small business loan. While we can’t wait to hear from you, there are some things you should get in order before applying. The main factors you need to consider are your credit, financial statements, and loan uses.
Credit – Personal and Business
As part of the loan process, the credit history of your business and you will be evaluated. Therefore, it’s important that you realize where your credit histories are at. Those with a good credit score and strong business credit history will be eligible for better loan terms and interest rates. If your credit is less than perfect, you may want to consider improving your score before applying for a small business loan. Realize that having a better score could save you thousands of dollars in interest over the life of the loan.
Financial Statement Portfolio
Financial statements are those that speak about the financial health of a business. As a business owner, you should be overly familiar with your cash flow statement, income statement, and balance sheet. All three of these documents sum up the financial health of your business at any point in time. As a lender, we’re going to need this information when you apply for a small business loan with us. We highly recommend assembling all your recent statements into an easy to read portfolio. This can help to streamline the application process as we won’t have to follow up with you to get these documents.
Uses For The Loan Money
It’s never a good idea to just apply for a loan without having a clear purpose for its use. You should know what you want to do with the money. Evaluating the cost of the uses you have for the money can get you a ballpark estimate of how much money you’ll need to borrow to complete your tasks. Think of this as being so sure of how you’re going to proceed with the loan money once you get it, that you could convince any lender to give it to you. Lenders like a business owner with a plan.
Tips During The Application Process
Once you submit your application along with your financial statements portfolio it may feel like a weight lifted off of your shoulders. Now, you are just waiting to get the loan options. Once these options come to you, it’s a great idea to read over the entire loan contract. You want to ensure that you understand the main factors, such as the loan term, interest rate, associated fees, and principal amount. Apart from these, you should be sure of how your payments are going to work. While understanding financial terms may not be your forte, you should ask your loan application representative to clarify any wording or points in the contract that you don’t fully understand.