New small businesses always face challenges. One is the ability to gain capital so they can grow and flourish. Delancey Street offers business loans, lines of credit and more to small businesses to help them accomplish just that. We give out loans up to $2 million for all types of businesses in the Clarksville area and work with business owners to assist them in getting exactly the loan that best suits their needs.

• Our approval process is fast
• We can fund loans within only two days
• Our repayment plans are flexible
• Bad credit is accepted
• Businesses can use the funds any way they choose

Fast Clarksville Business Loans

Getting a loan can be integral to the existence of a small business. When there is better access to capital, it opens many doors so that the company can expand or take on additional projects. The process isn’t easy due to the numerous steps needed before you accept a loan but can be more straight-forward when you plan ahead.

Pre-Application Process

Before you apply for a Clarksville loan, you should assess your needs for one. Is this really the best option at this point in the life of your business? There are also many choices available and you should learn how a small business loan would help your company. After you have determined your need, you can research loans you can acquire.

Your Credit

It’s important to ensure that you know where you stand regarding your personal and business credit. Banks are more likely to extend loans to the lowest risk borrowers because they want to be paid back. The better your credit, the more options you will have and the cheaper your loan. Get a copy of both your personal and business credit reports and examine them for possible mistakes. If you spot any errors, immediately report them to the credit bureaus so they can be fixed.

This can help when you eventually apply for your Clarksville small business loan. You should also have a good track record of paying your bills on time and in full each month.

Improving Your Credit

Whether or not you notice errors in your credit report, you have a right to work toward improving your credit. If you have any outstanding debts, they should be paid back in full prior to applying for a Clarksville business loan.

Just like anything else, credit bureaus aren’t perfect and can make mistakes. You should report any errors and make sure they are repaired. Mistakes can adversely affect a business’ reputation and your ability to secure a loan to improve or expand your company.

Target Your Request

You can’t just rely on informing the bank that your business needs more capital. You must convince the person in charge of extending loans that you have a good intention for a loan and explain how you would be using it. You should also show proof that you will be able to pay it back.

Improve Your Financial Statements

Getting your financial statements in order is essential. You need these documents to present them to the bank when you are proving your need for a small business loan. The statements should also reflect your creditworthiness and provide a clear picture of your company. You should include an income statement, cash flow statement and balance sheet with your application for the loan.

Assemble Documentation

It’s important to ensure that your application package appears professional. You want to make the best impression on the bank when applying for your loan and why your business is a good candidate for one. Include all the pertinent information so that the bank doesn’t have to follow-up and make calls to hunt down any missing paperwork. Double- and even triple-check your documentation for any errors before submitting it as well.

Understand Your Terms

After you have been approved for a loan, you should take the time to understand its terms. It’s important to know what to expect with your business loan before you sign a contract to accept it. Once you sign the dotted line, you are obligated to abide by the terms, which makes knowing what to expect essential. However, while you should make sure to get as much information from the bank as possible, you should also do your own research to ensure that you’re familiar with the loan’s terms. Know the APR, interest rate and the repayment structure so that you can determine just how much the loan will cost you.