If you’re a small business owner with bad credit, you may have had difficulty in obtaining financing. Delancey Street is to the rescue. Our company has many different loan options to choose from. Whether you need financing for upgrades, paying bills, or a new floor plan, there’s an option available for you. We provide our Mesa small business owners with flexible terms with a variety of loan products. This article will highlight the steps that are required to obtain financing for most small businesses. Some of the loan products we’re currently offering in Mesa include:

  • Invoice factoring loans
  • Merchant cash advances
  • Hard money loans
  • Lines of credit and more

Applying for a Bad Credit Small Business Loan

Applying for a small business bad credit loan doesn’t need to be a headache. This guide will explain step by step how you can easily assemble the best presentation to get you the best loan possible. First, you’ll want to start off with determining exactly what you’ll need to borrow in order to accomplish your objectives. You’ll then want to come up with a modified business plan or presentation that explains how the financing will improve your business. Although loans can be used for nearly any type of business expense or improvement, it’s important that you’re providing a legitimate reason to borrow the funds. If you’re unable or unfamiliar with how to get this information together, you may want to seek the assistance of someone who consults for businesses of your type or an experienced author. These professionals can often provide you with research, writing, and even prepare a presentation for you. Chances are the loan representative you present to will have some questions regarding your request. Anticipating any issues or questions that may arise can be rather helpful.

Your Credit Situation Explained

Delancey Street works with small business owners in Mesa with just about any type of credit situation. Although credit isn’t the sole determining factor to be approved, it’s typically a consideration. Pulling a business and personal credit report will give you an idea of where you stand from a credit perspective. If there are any issues on either type of report, it’s best to try to resolve them if possible. If not, hiring a credit repair service may be of some benefit. It’s also a good idea to have written explanations of any credit issues. If there are discrepancies on your report, these items should be challenged with the credit bureaus at once. Having items that are negatively affecting your credit for no legitimate reason is unnecessary. All of the major credit bureaus have instructions on how to easily challenge items. Once you’ve gotten your credit under the best control possible, you’ll continue on to the next step.

Your Financial Documents Explained

Providing the documentation from your business and personal finances at the beginning of the process significantly improves the funding time. Things to include are tax returns, profit and loss statements, bank statements, asset account statements, and anything else that’s helpful. If you’re uncertain of any items that are reported, you’ll want to consult with an accountant to clear up any issues. You may be required to provide explanations for these items as well.

Applying for the Loan

Once you’ve been able to assemble all of the documentation for your loan package, you’ll meet with the lender. Depending on the type of loan, this may be as simple as a phone call or an in-person meeting. You’ll present your information and then you’ll be made an offer. After the loan representative is able to extend an offer the loan will enter processing. It’s important to respond quickly to any additional requests at this time. After the information is processed and approved, you’ll then receive your funds. Delancey Street makes it quick and easy for your small business to get a bad credit loan in Mesa. Give them a call and get started today.