Getting a Small Business Bad Credit Loan in Long Beach
If you need funding for your small business in Long Beach but have poor credit, Delancey Street can help. Our professional loan representatives will be happy to go over all of your options and see what we can do to help. You’ll get fast funding and have a variety of options to choose from. Whether you need to upgrade equipment or just cover some unexpected expenses, we can help. This informative article will explain some of the ways you can facilitate a quick approval and get the small business loan you need.
Preparing an Action Plan
One of the most important parts of getting a small business bad credit loan is having a solid plan that works. Credit isn’t the only consideration to getting an approval. If you have a business plan in place, you may want to look it over and consider revising it. Updating your business plan or creating one shows the lender that you have a solid and demonstrated need to borrow funds. It also shows that you’ve done your homework and know exactly what needs to be done and how to accomplish it. Providing supporting documentation can help the loan officer envision what you’re trying to accomplish and facilitate a better understanding of your request. This can include models, diagrams, photographs, or even reports that show any expenses that help support your request. You’ll then be ready for the next step.
An Analysis of Your Business and Personal Credit
Since many small business owners combine their personal credit with business expenses, it may be taken into consideration. A Dun and Bradstreet report should also be obtained. Take a moment to review the credit and any potential issues or discrepancies you may have found. If you’re able to resolve the matters ahead of time, it’s a great start. If there are items that need to be disputed, you’ll need to get in touch with the credit bureaus. While credit isn’t the only consideration in approving a small business loan, it’s a factor that will most likely be considered. Be sure to keep thorough and accurate records of all communications with the credit bureaus. If the negative items are simply a result of nonpayment, you’ll want to provide a written explanation of what caused these events to occur and what’s been done to prevent it from happening in the future.
Preparing Business Reports for Inspection
Another factor in getting approved is the overall financial health of your business. While Delancey Street is willing to help with small business bad credit loans, it also needs to determine that it’s making a wise investment. You’ll benefit by having all of your profit and loss and cash flow reports up to date and ready for inspection. Business taxes are also another item that’s most likely to be requested. If you do your own accounting, you may want to seek an independent accountant to review the information and make sure it’s up to par. The lender also needs to be able to see that your business is well organized and operationally sound.
Approval and Post Funding
After you’ve been approved for your small business bad credit loan, you’ll need to sign loan documents. These documents give the exact terms and interest rate of the loan. You may be asked to provide additional or updated documentation prior to funding the loan. Reviewing the loan documents and asking any questions you may have should be done prior to signing the forms. Delancey Street will be happy to assist in answering any questions that you may have. After you receive the funds, simply be sure to abide by the loan terms. You’ll be well on your way to reestablishing your business credit and will be in a better position the next time you need a business loan. If you’re ready to take the next step in growing your business, get in touch with us today and we’ll get you approved as quickly as possible.