If you’ve been looking to obtain financing for any business reason, Delancey Street can help. They also offer some of the fastest funding times with professional, courteous customer service. Traditional small business loans are typically based on many criteria that are difficult for the average business owner to meet. With many different options, they’ll be sure to have the perfect fit for your business. For Fort Collins customers, we offer the following options:
- Hard money loans
- Merchant cash advances and invoice factoring loans
- Bitcoin loans
- Business lines of credit and more
Delancey Street’s Loan Approval Process
Getting a small business loan with bad credit will involve a little preparation. The first consideration is determining what you’ll need the loan for. You’ll need to be able to justify this request in writing that clearly demonstrates a legitimate business need. After that, you’ll want to create or update your existing business plan to reflect these enhancements or costs. Written estimates, bills, photographs, and anything else that will support your request is helpful. You’ll also be asked to provide a presentation of the material. It’s a good idea to anticipate any questions or concerns that may be asked to clarify things. A well thought out plan will most likely be one of the most important factors of the application process.
The Credit Review
While credit is only a small portion of the loan process, it’s still one of the requirements for most loans. You’ll want to review both your personal and business credit. If there are any items that require explanation or immediate attention, it’s best to try to resolve as much as possible ahead of time. A three bureau merged consumer credit report and a Dun and Bradstreet report are typically sufficient to review and do a self-analysis of your credit. If you need to challenge any items, it’s best to handle these things prior to applying for the loan. It’s a good idea to keep records for yourself and Delancey Street if you go this route. If necessary, you may want to look into credit repair services for assistance with any unsuccessfully disputed items.
Providing Financial Reports as Supporting Documentation
Another factor that weighs heavily in any loan determination is the overall operational and financial health of your small business. Statements that document assets, profits and losses, cash flow, taxes, and any other specialized reports may be asked to be provided. The more documentation you’re able to provide in the beginning will make the process much faster. If you’re looking to provide collateral from the business or your personal assets, you’ll want to provide the documentation regarding these items as well.
Applying for your Loan
Once you’ve prepared all the documents, you’ll want to provide them along with your application to Delancey Street. They’ll then review your request for a bad credit small business loan and determine which product would work best for your business. You’ll apply with a loan representative and most likely be asked some questions regarding your current situation. After the application has been submitted, you may be asked to provide additional information for underwriting purposes. Staying on top of getting any requested documents is very important to keep the process moving along smoothly.
Settlement and Funding
After you’ve been approved, you’ll go to settlement and walk away with your funds. You’ll be asked to review the loan documents and ask any questions you may have regarding the terms of the loan. You’ll then be responsible for paying as agreed. If you have trouble making payments, always reach out to Delancey Street for assistance. You’ll begin to create a better credit scenario which will benefit your company immensely. To learn about the different loans available and to see if you qualify, get in touch with Delancey Street today.