Small Business Loans in Dallas Texas
Your Guide to Small Business Loans in Dallas, Texas
Getting a small business loan is much easier than you think. Even if you don’t have perfect credit or have experienced setbacks, we can probably help. Entrepreneurs have turned to us for small business loans in Dallas, Texas for many years. You’ll be able to pay bills, expand, make repairs, cover expenses, and more. This guide will explain the process to getting approved with our company.
Determining how much you’ll need to borrow and the purpose of the loan:
If you’re applying for a loan to fulfill a legitimate business need, we’ll most likely be able to help. You’ll be able to document your request by submitting invoices, estimates, payroll records, and any other document that supports your request. The amount requested should reflect the documented need.
Illustrating your request through a business plan:
A solid business plan is the foundation for many loan requests. Borrowers requesting small business loans in Dallas, Texas with bad credit should pay extra careful attention to this step. A business plan that’s updated to reflect reality and brings to life your plans will go a long way. Many borrowers include prototypes, models, illustrations, and anything else that helps us understand exactly how the loan will benefit your business. Those who are inexperienced or need assistance creating a business plan will find a great deal of help online. Many customers also contract with a consultant or an author that’s experienced in creating winning business plans.
How credit affects your small business loan approval:
While we have many programs to help small business owners with bad credit, it’s still worthwhile to have the best credit possible. With a good credit record comes new possibilities. Paying accounts to bring them current, paying off collection accounts, judgments, and clearing up any errors can make a significant difference. If you’re unable to accomplish this on your own, you may find help through a credit repair agency. Often, they’re able to have negative items and inaccuracies removed from your report, altogether. Nearly all loan programs require that a personal and business credit report is reviewed. Ordering these reports prior to applying can help you to prepare explanations for any negative items.
Submitting your business and personal financial records:
When applying for small business loans in Dallas, Texas, you’ll want to provide as much financial data as possible. This helps our loan representatives understand the overall situation. Profit and loss statements, tax returns, legal documents, and cash flow reports are commonly submitted. If you’re required to guarantee your loan with collateral, you’ll want to provide all the information regarding that as well. Personal financial information such as income and assets are often necessary. If you’re uncertain as to the current financial health of your business, you’ll want to contact an accountant or an attorney to review these documents prior to submission. Missing information or unclear records can slow down the approval process. It’s also important that you follow up when any documentation is requested. With solid information and communication, many of our loans can be funded in less than two days.
Applying for your small business loan in Dallas, Texas:
Once you’re ready to apply, you’ll be that much closer to getting your loan approved. You can either submit your information as an online request or give us a call. We’ll go over your options and what’s required to get the loan approved. After the loan has completed the processing and underwriting phase, you’ll be scheduled for settlement. At this time, you’ll review and sign the final disclosures. You’ll be able to ask any questions you may have and be provided with the information of how and when to make your payments. Paying as agreed puts you at a significant advantage when applying for your next loan. Be sure to fill out your online application or give us a call to get your loan approved, today!
If you’re a small business owner with bad credit, you may have had difficulty in obtaining financing. Delancey Street is to the rescue. Our company has many different loan options to choose from. Whether you need financing for upgrades, paying bills, or a new floor plan, there’s an option available for you. We provide our Mesa small business owners with flexible terms with a variety of loan products. This article will highlight the steps that are required to obtain financing for most small businesses. Some of the loan products we’re currently offering in Mesa include:
- Invoice factoring loans
- Merchant cash advances
- Hard money loans
- Lines of credit and more
Applying for a Bad Credit Small Business Loan
Applying for a small business bad credit loan doesn’t need to be a headache. This guide will explain step by step how you can easily assemble the best presentation to get you the best loan possible. First, you’ll want to start off with determining exactly what you’ll need to borrow in order to accomplish your objectives. You’ll then want to come up with a modified business plan or presentation that explains how the financing will improve your business. Although loans can be used for nearly any type of business expense or improvement, it’s important that you’re providing a legitimate reason to borrow the funds. If you’re unable or unfamiliar with how to get this information together, you may want to seek the assistance of someone who consults for businesses of your type or an experienced author. These professionals can often provide you with research, writing, and even prepare a presentation for you. Chances are the loan representative you present to will have some questions regarding your request. Anticipating any issues or questions that may arise can be rather helpful.
Your Credit Situation Explained
Delancey Street works with small business owners in Mesa with just about any type of credit situation. Although credit isn’t the sole determining factor to be approved, it’s typically a consideration. Pulling a business and personal credit report will give you an idea of where you stand from a credit perspective. If there are any issues on either type of report, it’s best to try to resolve them if possible. If not, hiring a credit repair service may be of some benefit. It’s also a good idea to have written explanations of any credit issues. If there are discrepancies on your report, these items should be challenged with the credit bureaus at once. Having items that are negatively affecting your credit for no legitimate reason is unnecessary. All of the major credit bureaus have instructions on how to easily challenge items. Once you’ve gotten your credit under the best control possible, you’ll continue on to the next step.
Your Financial Documents Explained
Providing the documentation from your business and personal finances at the beginning of the process significantly improves the funding time. Things to include are tax returns, profit and loss statements, bank statements, asset account statements, and anything else that’s helpful. If you’re uncertain of any items that are reported, you’ll want to consult with an accountant to clear up any issues. You may be required to provide explanations for these items as well.
Applying for the Loan
Once you’ve been able to assemble all of the documentation for your loan package, you’ll meet with the lender. Depending on the type of loan, this may be as simple as a phone call or an in-person meeting. You’ll present your information and then you’ll be made an offer. After the loan representative is able to extend an offer the loan will enter processing. It’s important to respond quickly to any additional requests at this time. After the information is processed and approved, you’ll then receive your funds. Delancey Street makes it quick and easy for your small business to get a bad credit loan in Mesa. Give them a call and get started today.