Do you run a small business? If you do, you must know that you need to jump over numerous hurdles so that your small business can grow to become a success. You probably also know that inability to raise adequate finances is one of the biggest problems that a small business has to overcome in order to expand. Fortunately, Delancey Street offers funding options to small businesses regardless of their credit status. At Delancey Street, your business can enjoy funding of up to $2 million. Moreover, we offer loans to all sorts of businesses located in Grand Prairie.
When you need to get a loan from us to finance your business, you need to know that:
- Our loan approval process is fast
- We disburse finances to your account within a span of 2 business days
- Poor credits status is a non-issue
- You are free to use your loan however you’d like
- Our repayment plan is flexible and suited to your business’ cash flow structure
Fast Grand Prairie Business Loan
If you need a fast Grand Prairie business loan from Delancey Street, there are some things that you need to consider. To get a business loan, for instance, you have to follow some processes. This is because taking a business loan requires you to prepare adequately. It is not something that you think about overnight and get the loan amount the next day. Here are the steps you have to go through in your loan application process.
Step 1: Pre-Application Process
When looking for funding, you first need to establish your firm’s financial needs. You need to assess the status of your business to establish if a business loan is the way to go. Should you look for other available financing options or is a loan the only way? If you settle for the loan, you have to check what you need it for. Do you need the loan to clear business arrears, fund a project, or pay your staff? Finally, is your business creditworthy?
Step 2: Your Credit
One of the things that determine whether you will qualify for a loan is your credit. When applying for a business loan, however, your business’ credit score will also count. A lending institution such as a bank can only give you a loan if you have good credit. The bank settles with the least risky investment when issuing a loan. Excellent credit means better lending terms.
As a result, you need to assess your credit history from a credit report. Issues such as overdue debts can affect your credit score. If the credit report indicates that you have a good credit record, you can proceed to apply for a Grand Prairie business loan.
Step 3: Improve Your Credit
Now that you’ve established how important your credit is, you need to go through your credit report carefully. If you identify errors, make sure they are corrected. You could also improve your credit by checking if you have overdue debts and request for a goodwill adjustment if you can’t pay off the debt. You can also pay your tax liens to improve your credit score.
Step 4: Be Specific
Informing a lending institution that you need a specific loan amount just doesn’t cut it. You also need to specify what you intend to do with the financing you get. Draft a proposal that clearly outlines your budget.
Step 5: Get Your Financial Statements Ready
Your financial statements reveal the current financial position of your business. The income statement, balance sheet, and cash flow statement determine your business’ eligibility for a Grand Prairie business loan. Ensure to have them ready and in order so that you can present them to the lending institution. You also need to assemble your accounts payable and receivable documents and your tax returns.
Step 6: Understand the Cost of the Loan
Finally, you need to know what you are getting into before you sign the papers. For instance, the cost of the loan is determined by the annual percentage rate and the interest rate. Assess them carefully to know the cost of your small business loan.