Louisiana is packed full of small business entrepreneurs that face many challenges with their firms. Financial challenges are one of the most popular concerns for business owners. Funding projects, paying bills, acquiring new equipment, and restocking inventory all require a good amount of capital.
Small business loans are a great way to fund your capital needs. With Delancey Street, you can apply for cash merchant advances, small business loans, lines of credit, and other forms of funding. We lend up to two million dollars per business, regardless of the industry that you operate in. We focus on the actual needs of your business, not just the numbers.
With Delancey Street, you can expect…
- Flexible Payment Plans
- Quick Funding
- No Restrictions On How You Use Your Funding
- Acceptance Of Bad Credit Borrowers
How To Prepare For Your Louisiana Business Loan
Applying for a business loan isn’t the first step that you need to take. Rather, there are some other key considerations you need to look into before applying for a small business loan. These include the state of your credit, the target of your loan request, and your business financial statements. Let’s take a look at each one of these areas in-depth below.
State Of Your Credit
As with any sort of loan, your credit history is going to play a role in the approval process. Those who have a high credit score have managed their debts well in the past. These people are the ones who pay their bills on time and don’t rack up more debt than they can comfortably handle. These stronger borrowers can expect to have the best interest rates on their small business loans.
You should take the time to obtain a copy of your credit report. This will allow you to see where you personally fall in the credit scoring categories. It’s always a good idea to read over your entire credit report to ensure that there are no mistakes. Realize that derogatory mistakes could drastically affect your ability to receive funding. You want to ensure that everything which is written on your credit report is completely accurate.
Target Of Your Loan Request
Deciding that you are going to apply for a business loan should be a decision that is met after you discover a need for the money. Maybe you want to buy another location or maybe you need to pay for your inventory before you make a profit. Either way, you should have a clear idea of what you’ll be using the money for and how much money you’re going to need. You should be a business owner who has a nice clear plan to present to the lender.
Gather Financial Statements
When applying for a business loan, you’re going to need to submit financial documents showing the monetary health of your business. These include cash flow statements, balance sheets, and income statements. It’s a great idea to have these documents prepared ahead of time. This way the lender has them freely available during the loan application process. This will save a lot of time as the lender won’t have to ask and wait for the delivery of these financial statements.
Important Loan Term Considerations
After you apply for a loan, upon acceptance you’ll receive a loan contract. This paper will inform you of a number of important aspects regarding your application for funding. The loan contract will state the principal amount, loan term, APR, origination fees, other loan fees, and so forth. You’ll find that the contract will state how the loan is to be repaid, your due date, and what happens if you don’t make a payment on time. These are all things that you need to be aware of as a business owner who will be responsible for taking care of the loan.