Small Business Loans in DC

Small business owners can use loans to grow their business. You can use the funds however you wish.

Cover Expenses

Pay for any unexpected expenses that arise.

Invest in your business

Use the loan to grow your business however you wish.

Payroll

Use the loan to pay your employees.

Liquid

Keep the cash on hand for future expenses.

Equipment

Buy new equipment to grow your business.

Staff

Use the loan to hire new employees.

We Fund Fast

24-48 Hours

Loans up to

$10 Million

Google Rating

5 Stars

Delancey Street Can Help with Small Business Loans in DC

We're committed to building relationships and helping people all over the USA get access to the RIGHT loan for them. Regardless

Trusted

We're frequently interviewed by major media organizations.

Easy Application

Our app process is super easy. All it takes is one application, and we handle the rest for you.

Service

Service is key. You can ask for advice on ANYTHING and we'll bend over to help.

Experts

Many of our team members are former business owners, and understand your challenges.

Customized

We customize each loan for you, and to your unique specs. Everything is customized.

Universal

We help virtually any industry, any business, anywhere in the USA. It doesn't matter.

Nationwide

We fund business loans nationwide. It doesn't matter where you are, we can help you.

Honesty

This is crucial, and critical. We are 100% honest with our clients, and never strive for less.

Hear from people we’ve helped

“Delancey Street funded our e-commerce shop and really gave us the chance to grow our business significantly.”

- Leena, VP of Sales at Waist Karma

Requirements to Qualify for a Small Business Loan

If you’ve been thinking about finding small business loans in DC to help grow your business, then you’ll find the information below helpful. Whether you’re looking for an SBA loan or an online small business loan, you should be aware of the basic requirements so that you’re better prepared and know what to expect.

Improving Your Personal and Business Credit Scores

There’s often a lot of discussion about credit scores, but most people only have basic knowledge of how their score affects their finances. The range of personal credit scores is from 300 to 850 and the higher your score, the more likely you are to obtain a loan at a good rate. As a matter of fact, it’s one of the primary factors used in making critical lending decisions. The basis of the actual score is your payment history, credit card debt, amount of time you’ve had credit, the kind of credit you have and your recent credit inquiries.

Sometimes there is inaccurate information on credit reports that should be addressed. The first step is to obtain a free credit report from AnnualCreditReport.com and dispute any discrepancies by contacting all three credit bureaus, which are Equifax, Experian and TransUnion. Business credit reports are handled differently – the business credit score range is from 0 to 100 and the three bureaus that handle these reports are Experian, Equifax and Dun & Bradstreet.

Meeting Lender Requirements and Qualifications

One of the best ways to increase the chances of your loan application getting approved when applying for small business loans in DC is to either meet or exceed the minimum qualifications. In order to do so, you’ll need to have a good understanding of those minimums, which may involve the number of years you’ve been in business, your annual revenue and your credit score.

There are other considerations, such as past payment delinquencies and defaults. Loans that are backed by the SBA tend to have stricter requirements. For example, there’s a list of ineligible businesses that include financial, life insurance and real estate investing companies. One reason why some people opt for online loans is because they often have fewer requirements than traditional loans. Although the process tends to be faster, these types of loans can be more expensive.

Gathering Required Documentation

Traditional lenders, including banks often require a variety of documents during the lending process. This may include income tax returns, your driver’s license, Articles of Incorporation, commercial leases, business licenses, bank statements and an income statement. Sometimes you must provide your resume in order to demonstrate your related business and management experience.

Providing a Comprehensive Business Plan

Whether or not you decide to apply for a small business loan, it’s a good idea to have a business plan. It’s often requested during the lending process because your business plan can demonstrate the strategy you have for increasing profits. It’s also a way to communicate how you plan to allocate the loan. Your business strategy should also have financial projections that clearly demonstrate how you intend to repay the loan.

Here’s a snapshot of what should be included in the business plan: company overview, industry analysis, operations plan, products and services, sales and marketing strategy, management team and SWOT analysis (strengths, weaknesses, opportunities and threats).

Understanding Collateral Requirements

Some small business loans require collateral as backup, which is a way in which lenders can recover the loan should your business fail. Collateral can be real estate, equipment or inventory. Sometimes the owners of a business are required to provide a personal guarantee, which means you will be personally responsible for a default as opposed to just the business being responsible.

The good news is that you have the option of applying for an unsecured business loan if you can’t provide collateral. The best thing to do is ask questions about collateral requirements so that you can make an informed decision.