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.