As a business owner in Oakland, California, you have to look at the various opportunities that are available. You may be able to grow your business considerably with more capital. At Delancey Street, we cater to small business owners. Over the years, we have helped Oakland businesses with bad credit loans, merchant cash advances, and lines of credit. We can even provide a loan of up to $2 million to small businesses in Oakland.

A Fast Approval Process

We offer a fast approval process so that you can get the funding that you need. Bad credit is acceptable. You can use the funds how you want, allowing you to fund payroll, buy new equipment, take advantage of various marketing opportunities, and more.

Our approval process is faster than traditional banks. Plus, funding is usually taken care of within two business days.

Perhaps the most important aspect of getting bad credit small business loans with us is that we offer flexible repayment plans. This ensures that we can work with your business regardless of its cash flow structure.

Applying for Loans

Applying for a loan can be a tedious process. A traditional Oakland business loan may require you to submit financial statements, balance sheets, and much more. A bank may also require you to submit a full business plan, identifying exactly how you plan on spending the money.

Our application process is a lot easier. You don’t need to submit as much documentation. Plus, we can work with a bad credit score.

Understanding Your Credit Score

You will hear about your credit score becoming a determining factor when obtaining any kind of funding for your small business. There may be two credit scores that are used: your personal one and your business one. Particularly if your business is relatively new, lenders may use your personal score as a way of identifying your creditworthiness.

The best way to find out what kind of credit score you have is to request credit reports are from the different credit bureaus. You can see what your credit score is. You can also review the reports to find any errors. If you do notice an error, you can work with the bureau in order to get it sorted out. This way, they will accurately report your credit score.

It can take time to improve your credit score. You can do this by paying off delinquent debts, paying on time every month, and closing accounts that you no longer use.

If you still can’t improve your credit, Oakland bad credit small business loans are available.

Reviewing Loan Terms

You never want to sign a legally binding contract with the lender until you have had a chance to review the terms. This includes reading through all of the fine print. You should identify what your APR is as well as what the different fees are going to be. If you are late on a payment, find out what the fee will be and whether it will impact your APR or not.

Different lenders have different loan terms. This means that even if you have gotten a small business loan in the past, the terms could still be different.

It is always a good idea to identify what the true cost of your loan is going to be. Calculate how much interest you are going to pay over the length of the loan. This will make it easier to determine whether getting a loan is right for you at this point in time.

Applying Today

Getting a loan may be the best way to get the necessary capital for your small business in Oakland. Once you decide how much you need and what you can afford to pay, we can help you explore the various loan options available to you.

Apply today and let us help!