Memphis Small Business Loans
If you are a small business owner, you may need additional capital in order to take care of various details within your operations. Even bad credit small business loans can be obtained, ensuring that your needs are met no matter what your situation might be. At Delancey Street, we offer a number of loans, merchant cash advances, and more to help you in Memphis.
Fast Memphis Business Loans
Many business owners realize that they need capital at the last minute. This means that you need to take advantage of a fast approval process. We are able to get credit applications approved quickly. We can also provide the necessary funding in approximately two business days. Additionally, based on the structure of your business and cash flow, repayment plans can be flexible.
If you have bad credit, it’s not the end of the world. Memphis bad credit small business loans can be the best option for you. You can apply today in order to get started.
Preparing Your Application
Before you can apply for a loan, it’s important to review your business. Consider how much money you need. Determine what you’re capable of paying back based on cash flow. A loan may or may not be the best move for your business at this point in time.
In order to get read to make an application, you should collect some financial documents. A lender may ask you what the money is used for. You may also have to supply balance sheets and financial statements. The more professional the documents look, the more seriously a bank will take you.
Reviewing Your Credit
Your creditworthiness matters more than anything, particularly with traditional bank loans. If you have great credit, it’s easy to get a loan. You will also qualify for better rates. If you have bad credit, it may still be possible to get a loan. However, you may need to get bad credit loans in Memphis, which is where we can help you.
To know more about your credit score, ask the credit bureaus for a copy of your credit report. You can review for errors and work to fix them before applying for a loan. You may also want to take a few months in order to improve your credit score. This can be done by closing delinquent accounts and paying bills on time month after month.
Identifying Your Needs
You may be able to get a loan for as much as $2 million. Just because you can get that amount doesn’t mean that you need that much. Take a good look at what you need for your business. The money may be needed for an expansion project, new equipment or even payroll.
Many lenders don’t care what you plan on using the capital for. They only look at whether you can make the payments on your bad credit small business loan. This is why it’s critical to take a good look at your finances as well as your cash flow to determine what the right move is for your business in Memphis.
Applying for a Bad Credit Loan
When you need money, whether it’s thousands or even tens of thousands of dollars, we can provide you with solutions. A bad credit small business loan in Memphis can be a great solution. We will go over the terms of your loan and ensure that you know what your repayment structure is before you sign on the dotted line. Getting a small business loan could be exactly what you need for your business in Memphis, Tennessee. Contact us today to learn more about the process and to get started.
Small Business Loans
There are plenty of small business loan opportunities. However, you need to know how to qualify for them.
If you haven’t applied for small business loans, the process can be confusing. After all, there are hundreds of lenders with different requirements. How should you even begin the application process?
At DelanceyStreet, our mission is provide customers with information that will help them make the right loan decision. Here’s what you’ll need to know about applying for small business loans.
You’ll need a business plan before requesting a Small Business Loan
Developing a business plan shows that you are intentional about growing your small business. Lenders respond well to applicants who have developed a clear plan of action for their small businesses.
Not only does a business plan provide lenders with information about your business strategy, it enables them to see your plan for repaying the money. Owners who follow a business plan are more likely to repay a loan than business owners who don’t implement a clear strategy.
If you don’t have a business plan, all is not lost. You can create one in a few hours. Your business plan should include a marketing strategy, company description, list and description of products (or services) and other relevant information about your business.
Your personal and business credit scores matter.
Lending money to business owners is risky. When lenders review applications, they assess your credit scores to determine if you’ve been a responsible borrower in the past.
If you have a good credit score and repayment history, you won’t be disqualified for small business loans based on your credit score. However, if you haven’t been responsible with your credit in the past, you’ll have to clean up your credit report before you submit your application.
Your personal credit report is maintained by Equifax, Experian and TransUnion. Take a few moments to check your credit reports and FICO scores. Look for delinquencies, unauthorized charges and errors.
If you see an error or an unauthorized charge, dispute it with the credit bureaus. If you have delinquent debt that you have not repaid, set up a payment plan and pay it in full.
Your business credit report is maintained by Dun & Bradstreet, Experian and Equifax. Take the same actions with your business credit reports.
Learn about the lender’s regulations and requirements.
Depending on the lender, the entire small business loan application process can take up to 90 days. It’s essential that you know the lender’s requirements so you won’t waste their time and yours.
Make a list of the documents that you’ll need. Prepare each document according to the requirements. Typical small business loan documents include:
- Articles of Incorporation
- Commercial leases
- Business and personal bank statements
- A driver’s license
- Financial projections
- A resume
- Income statement
- Balance sheets
- Tax returns (personal and business)
Offer collateral to guarantee the small business loan.
Providing your lender with collateral reduces the risk for the lender. If you default on the loan, the lender has valuable property to sell. This will help them recoup some or all of the loan amount.
Examples of collateral include business equipment, inventory, vehicles or inventory. When you apply for an SBA loan, you’ll be required to provide collateral and a personal guarantee of at least 20 percent of your business.
Collateral requirements vary according the the lender’s guidelines. Some lenders require collateral. Other lenders offer unsecured small business loans.
Small business loans are available to business owners who meet the qualifications. Take these steps to improve your chances of getting approved for a small business loan.