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Orlando Small Business Loans
If you’ve been in need of additional funding to grow your small business, Delancey Street can probably help. We’ve helped many small businesses in Orlando with limited or bad business credit cover expenses and complete the projects they need to be successful. There are many misconceptions about small businesses with bad credit. The truth is that you probably have more than one option available. We can help with any of the following types of small business loans for our customers in the Orlando area:
- Fast funding loan options
- Invoice factoring and merchant cash advances
- Hard money loans
- Poor or limited business credit loans
The First Steps to Getting Approved
Getting a small business loan does involve a bit of preparation but our clients find it well worth the effort. The first step is to ensure you have a solid request and plan in place to support it. A business plan or explanation to justify the loan is always necessary. You’ll want to gather as much information as possible and craft a logical request that can be documented on paper. Even if your business simply needs money to cover expenses or payroll, you’ll want to document the need and how it would help your business succeed in the long run. Unjustified or unwarranted requests are often the primary source for denial of a bad credit small business loan. A solid and demonstrated business need can almost always overcome any credit concerns, especially if they’re the cause of the businesses credit concerns.
Analyze and Repair any Small Business Credit Concerns Whenever Possible
While credit isn’t the only consideration for approval, it’s almost always checked regardless of the type of financing requested. Pulling your Dun and Bradstreet report ahead of time can work wonders. If there are any outstanding debts that you’re able to bring current or pay off ahead of time, go ahead and take care of them. For sole proprietorships that rely on personal credit, this should be the same process as well. If there are any discrepancies, it will serve you well to dispute them and have them removed as quickly as possible. There are credit repair agencies that can often help expedite this process for a reasonable monthly fee. Be certain to keep any documentation and only file legitimate disputes. Frivolous and unwarranted disputes are highly frowned upon by lenders and credit bureaus. After you’ve taken care of this important step, you’ll be ready to apply for your bad credit small business loan.
Preparing and Submitting Your Application and Supporting Documents
You’ll want to make sure that you have all of your accounting reports prepared for inspection. This means that you may want to get in touch with your accountant or ensure they’re accurate and up to date if you do your own business accounting. After thoroughly reviewing all documentation, anticipate any questions or concerns that may arise. Also, provide as much supporting documentation as possible in the beginning. Chasing a paper trail can often be a source of difficulty in obtaining a loan approval. Preparing everything ahead of time and submitting the documentation at the application phase also will speed up your approval.
Loan Approval and Funding
After an approval is obtained, you’ll be able to review the terms of the loan. It’s imperative that you understand and fully agree to the terms. A small business bad credit loan is always a legally binding contract. If you’re concerned about any of the terms, you’ll need to address these items at once. After you’ve read and agreed to the terms, you’ll receive your funding. At this point, you’ll want to make sure that you’re being diligent in making timely payments and sticking to the agreement. This will also help you qualify in the future for even better terms. Give Delancey Street a call or inquire online to see how they can help your small business get the funding you need today.
If you’re a business owner who needs money to grow your business, small business loans in Orlando are available. To be considered for a Orlando small business loan, there are certain requirements you must meet.
Most lenders require applicants to have a good credit score. For personal credit, scores fall between 300 and 850 points.
A personal credit score that’s above 670 points is considered to be good. However, the credit score requirement for each small business loan depends on the lender’s standards.
Getting approved for small business loans in Orlando requires you to complete a loan application, provide supporting documentation and meet the eligibility requirements. Below are a few tips to help you navigate through the process.
Maintain a good credit score.
A good credit score is essential if you want to get approved for a Orlando small business loan. Not only does your personal credit score have to be good, your business credit must show that you take your financial obligations seriously.
It’s always a good idea to know what’s on your credit report before you apply for a loan. Contact the lender to determine the credit score requirements. After you’ve taken this action, review your credit report for inaccuracies and negative items. Dispute any negative items and pay off any lingering debt that you owe.
If your credit score doesn’t meet one lender’s criteria, you may be able to find another lender that is a good fit for you. If all else fails, take a few months to clean up your credit and submit an application.
Develop a business plan.
Without a business plan, it can be difficult for a lender to determine your income streams, business model and operating expenses. For that reason, many lenders require applicants to submit a business plan.
A detailed business plan contains several sections. These sections include information about your management team, an industry analysis, a SWOT analysis, a sales strategy, a company description and products / services.
Determine if you need collateral to secure a Orlando small business loan.
Lending money to a small business involves a great deal of risk. That’s the reason some small business loans are offered as secured loans.
With a Orlando secured business loan, borrowers have to provide collateral for the loan. Forms of collateral include business property, vehicles, a percentage of the business or real estate.
The purpose of the collateral is to reduce the risk to the lender. When a borrower defaults on a small business loan, the lender has the authority to sell the collateral to recover the losses.
Ask plenty of questions.
If you’re new to the small business lending process, there is a lot of information that you don’t know. The best thing to do when you’re unsure is to ask plenty of questions.
Contact lenders to determine the exact requirements to be approved for a loan. Find out about the minimum qualifications.
For example, Small Business Administration (SBA) loans have different requirements than other loans. SBA loans have size standards, personal credit and revenue requirements.
The good news is there are plenty of small business loan opportunities available. If you aren’t eligible for a SBA loan, you may be able to find a suitable lender.
Gather the supporting documentation.
As a business owner, it’s important for you to keep good records. This practice is especially useful when you are applying for small business loans in Orlando. Here are a few documents that you may need.
- Business licenses
- Commercial leases
- Articles of Incorporation
- Resume that details management and business experience
- Financial projections
- A balance sheet
- Income statements
- Tax returns (business and personal)
When it comes to applying for Orlando small business loans, you must be informed about the application process. By following these tips, you can streamline the application process.