Business Loans NYC, NY – Loans for NYC Small Businesses
New York has a diverse economy, which is rapidly growing. The recession of 2008 is a memory, and unemployment has fallen to its lowest level since 2008. There are 17 consecutive months of private-sector jobs, and that means there’s huge growth. Delancey Street is here to provide business loans for businesses in NYC that need capital in order to improve their business. We provide small business loans in NYC to all major areas, including, but not limited to: Brooklyn, Bronx, Manhattan, Queens, Staten Island, Long Island, and Suffolk County
NYC Small Business Loans
Small business owners face a number of challenges, including a lack of access to capital they need in order to grow. At Delancey Street, we provide business loans for all types of businesses. We can help businesses get small business loans, small business lines of credit, merchant cash advances, and more. We help provide loans up to $2 million for any type of business in NYC. Most importantly, we work with each and every business owner – in order to understand their unique needs, and to help them get the exact loan they need.
- We offer a fast approval process
- We offer funding in as little as 2 business days
- We offer flexible repayment plans, and can work with any business and cash flow structure
- Bad credit is ok
- You can use the funds however you want
When you apply for a NYC small business loan, you’ll be happy to learn that you can use the funds you get from us on virtually anything. Whether it’s paying for payroll, new expansion expenses, or paying old business losses. The only way to get started, is to apply today.
Fast NYC Business Loans
Obtaining a loan is a momentous occasion in the life of a small business. Having access to capital makes many more things possible for your business and can enable you to undertake expansion and other desired projects. The process is not necessarily an easy one as there are many steps to take before pen can be put to paper to accept the loan. However, with a measure of preparation and forethought, some of the difficulty can be removed from the process.
The first step in the process of obtaining a nyc business loan is assessing your true needs. A business should ascertain that a loan really is the best option for it at this current stage of its business life. There are many different financing options, and loans are but one of the myriad of choices available to a business. This stage is the part where you need to understand what your goals are as a business and how a loan would help to advance those aims. Once you know what you need as a business, you can start doing your homework about the process. This research primarily involves getting to know your creditworthiness as well as the options for different types of loans that are available to you.
The absolute most important thing that will factor into whether you can obtain a small business loan is your credit. This will also dictate the terms that you receive with your loan and practically everything about your loan. Banks are looking for the safest places to lend their money that have the lowest risks of default. If you do have good credit, you become an attractive option for a bank, and you will find multiple banks beating a path to your door to lend you money. The better your credit, the cheaper your loan can become.
With that in mind, you should obtain and study your credit history. The first step towards doing this is obtaining a credit report. Once you have your credit report, you should carefully scrutinize everything on the report because every possible derogatory entry can knock down your credit. To the extent that anything is incorrect, you should be vigilant about challenging that aspect of your report. Your financial reputation is something that you should take very seriously, and a credit report is shorthand for how reliable you are.
In addition to your personal credit, you should also take steps to know your business credit score. Many of the same factors that are considered for your personal credit also come into play for your business credit score. Banks will want to know how reliable your business is and whether it is worth their while to take the risk to lend your business money. By the time that you apply for a NYC small business loan, your business should have established a track record of paying its bills in full and on time. Like a personal credit report, you should also obtain copies of your business’ credit reports from each of the three major bureaus prior to applying for a nyc small business loan.
Improving Your Credit
As mentioned above, the fact that something appears on your credit report does not make it the end of the story. Instead, the law gives individuals and businesses rights to not only access their credit reports, but to challenge entries on these reports as well. You should strictly scrutinize your credit reports and make sure that they are error-free. You should also make sure that any delinquent debts are settled and paid by the time that you apply for a nyc small business loan.
Credit bureaus make mistakes sometimes, but these can only be caught and corrected if you have spotted the error and ensured that it gets corrected. Otherwise, an error can linger on your credit report and not be corrected. Credit reports can be “cleaned up” by paying down some of your debts. Banks like to see a track record of you using and paying back credit. You should not fall into the trap of closing old accounts because having these accounts helps demonstrates your track record. To the extent that you can take steps to reduce your outstanding balances, you should do so. At the same time, you should be looking at selectively and strategically adding credit accounts to further build your track record.
Target Your Request
Simply telling you a bank that you need capital is more often than not inadequate to convince them to lend you money. Instead, business need to be as specific as possible about their plans for the money. You should be able to tell the bank a convincing story about why you need the money and what you plan to do with it. The more specific a business can be about the impact that this money will have on operations, the better off they will be with respect to approval. You will be in an even better spot if you can bring specific revenue projections showing the impact of the nyc business loan because that will show a bank that you can pay the money back.
Improve Your Financial Statements
One of the first things that a bank will look at in deciding whether or not to extend credit to a business is the financial statements. This shows the financial story of your business and will go a long way towards showing that your business is viable and creditworthy. Accordingly, while you cannot change the inputs into your financial statements, you can improve the presentation to ensure that they give an accurate of a picture as possible of your business.
Businesses will need an income statement, a cash flow statement and a balance sheet to present in conjunction with their loan application. You should make sure that you have these at the ready. The more professional these statements look, the more seriously a bank will take a business. These statements should present the financial picture of your business and should show it to a third party without them having to do any interpretation. If you do not have these statements, speak to your accountant immediately to get a start on having them prepared.
An application package to the bank must look as professional as possible. This is the time for you to make your case to the bank why they should take a risk on your business. Pay very close attention when you are putting together the required documents to make sure that they are correct and professional in appearance. Businesses should ensure that they have included all of the required documentation in order to keep the bank from having to make follow-up calls to track down missing documentation. Before submitting anything to the bank, you should double and triple-check for errors.
Understand Your Terms
If you are at the stage where you are scrutinizing the terms of a loan that has been offered, you should consider yourself fortunate to have been worthy of a loan. This means that you have done everything well up to this point. However, before you sign on the dotted line, you should know that your acceptance of the loan binds you to a contract with the bank. Anything that is in the loan agreement will have to be followed by you. Businesses should take steps to make sure that they understand the true costs of a loan and the entirety of what needs to be paid back. Banks have certain requirements for costs that they need to disclose to borrowers, but businesses should still do their homework to know what they are obligated to pay. Paying close attention to the APR instead of simply just the interest rate attached to the loan will give you a better picture of how much the loan really costs.