If you’re a small business owner in need of financing to grow your business, Delancey Street can help. Our business partners in Colorado Springs have used our services to expand their business, pay bills, cover expenses, and make improvements. Our dedicated team of loan professionals will work hard to make sure you get the financing you need. We realize that bad credit can affect many small businesses. We provide logical solutions that work for your business’s unique needs. For our clients in Colorado Springs we offer the following bad credit small business loan products:
- Hard money loans
- Invoice factoring loans
- Private money loans
- Business lines of credit
- Small business loans and more
Applying for a Small Business Bad Credit Loan
Delancey Street wants to make the application process easy for everyone. These tips will get you a great head start and help to make the process flow smoothly. You’ll first want to assess all the improvements and items that may need to be paid by with the loan. After you’ve arrived at an estimated loan amount, you’ll want to create an action plan. Most business owners use their current business plan as a template to get started. You’ll be able to update the current plan to allocate for the new improvements. If you’re uncertain as to how to compose this information, many resources are available online. You can also hire a consultant or freelance writer who has experience in these areas for a small fee. After you’ve been able to get everything in writing, you’ll want to prepare a presentation. The use of visual materials is very helpful in communicating your ideas to the lender. Any third party information that you’re able to provide also helps. This can include invoices, estimates, and even advertisements that show what your improvements will look like when they are completed.
Analyzing Your Business’s Financial Situation
Of course, financial and credit considerations are a part of applying for any small business loan. You’ll want to inspect your business and personal credit reports. A Dun and Bradstreet report and all three consumer credit bureau reports are typically sufficient. Although you’re applying for a bad credit small business loan, you’ll still want to make sure that there aren’t any discrepancies on the reports. Any contestable items should be addressed with the credit bureaus. Sometimes, it’s helpful to have the assistance of a credit repair company to help with the process. After you’ve done all that’s possible to improve your credit on your own, you’ll be ready to take the next step and apply.
Applying with Your Financial Documentation will Save You Time
Since Delancey Street tries to have your loan funded in as quickly as two days, you’ll want to apply with all of your business and personal financial information ready to go. Taxes, profit and loss statements, cash flow reports, and any other accounting items will save you a great deal of time. You’ll want to make sure this information is thorough and accurate. It will be inspected at the application submittal and again before funding your loan. After you’ve spoken with one of our representatives, you’ll apply for the loan.
Application Processing and Approval
Once the loan is fully approved, you’ll be ready to go to settlement. At settlement, you’ll sign all of the disclosures that explain the terms of the loan and the repayment schedule. This is a great time to clarify anything that you’re uncertain of or may need additional explanation. After you’ve signed and agreed to all of the terms, you’ll receive your funds. It’s important that you do your best to make timely payments. If there are any issues, staying in touch with the loan servicer is important. You’ll then begin to reestablish your business credit and make all the improvements you need. Call Delancey Street today and watch your business grow beyond your expectations.