All small business owners face challenges. One of them may be a lack of capital to grow their business. Delancey Street offers a number of business loans for a variety of business types. We can assist business owners with getting loans, lines of credit, merchant cash advances and other financial matters. For Huntington Beach-based businesses, we have provided small business loans of up to $2 million. What makes us unique is that we work individually with all business owners to get a better understanding of their situation as well as their needs to ensure that they get the right loan.
Our approval process is fast. We offer funding within only two business days and flexible repayment plans. However, we can work with any type of business and cash flow process.
It’s also OK if you have bad credit and you are free to use the funds any way you want.
Upon applying for a Huntington Beach small business loan with us, you can use the funds on anything of your choosing. Use it for expanding your business expenses, paying off loans or for expanding your payroll. Apply for a small business loan today to get started.
Fast Huntington Beach Business Loans
For small businesses, securing a loan can be life-saving. When a business has more access to capital, many doors can open for it and the company can expand and perform a number of additional projects that might otherwise be unobtainable. At the same time, the process of securing a loan is often complex with many steps needed before you can sign a contract and accept that loan. It’s important to properly prepare for the process so that much of this confusion can be eliminated from the process.
First and foremost, when you go about getting a Huntington Beach business loan, you must determine your needs. Of course, the loan should be your best option at this point in the life of your business. It’s important to acknowledge your business goals and realize how a business loan would help you to achieve them. Once you have assessed your needs, you can work from there and learn more about the process of securing a business loan. Aspects to consider include your creditworthiness and the best types of loans for your situation.
The single most important aspect that determines whether or not you are able to qualify for a small business loan is your credit. Your credit score and reputation also decides what the terms will be for the loan and how much for which you can qualify. This is because banks want to ensure that a borrower is low-risk and won’t have problems paying the loan back. If your credit is good, it makes you a good candidate in the eyes of the bank and gives you more options as lenders will be more willing to extend a loan to you. Of course, the better your credit, the lower the interest and fees on your loan.
However, personal credit is not the only thing you should look at, but you must also study your business credit and know your business credit score. Banks always want to know that a potential borrower’s business is creditworthy before extending a loan.
Improving Your Credit
It’s important to get a copy of your credit report and look it over. Examine it thoroughly and check for any discrepancies as they can adversely affect your credit score. If there is anything in your report that appears suspicious, you should immediately report it to the credit bureau so that it can be investigated and any errors fixed. Before you apply for your Huntington Beach small business loan, you should have a good track record of paying all business-related bills on time and in full. You can obtain a copy of your business credit report from the three major credit bureaus. Again, if you spot any errors, report them immediately.
Target Your Request
When requesting a loan from the bank, you must convince the representative why you need the money and how you plan to use it. Explain that the loan will help in enabling the company to flourish and expand. Even better, you should elaborate on how this will ensure that you can pay it back.
Improve Your Financial Statements
Banks want to ensure that a business’ financial statements are in good standing. This can better motivate them to extend loans or credit. Provide the bank with your income and cash flow statements, as well as a balance sheet when applying for the loan. These documents must look professional, so if need be, see an accountant to prepare them.
Your application package should be presented in the most professional manner. It will show the bank that you are serious and professional. Always check for mistakes in your documents multiple times prior to giving them to the bank.
Understand the Terms
Once you are considered for a small business loan, you should always understand its terms. Read everything carefully and ask questions before you sign any contract. Understand the interest rate, APR and any fees tied to the loan so that you can get a good idea of how much it will cost you.