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!