Pasadena Small Business Loans
To scale operations and grow a business requires capital. While you may feel ready to grow or want to leverage an opportunity to do so, you may need a small business loan in order to do it.
Delancey Street can help by providing you with a small business loan, business line of credit or merchant cash advance. We can loan your Pasadena business up to $2 million. We service all business types and we work with each owner to develop an understanding of their specific needs and can help them obtain the funds they need to grow.
What Makes Us Special
Delancey Street differs from most financial institutions and we’re proud of that. We offer things banks don’t:
- quick approval,
- funds in your hands in about two business days,
- freedom to use the funds as you like,
- flexible repayment plans tailored to your cash flow structure.
We work with business owners who have bad credit. Start our simple loan process to get started today.
Determine What You Need
You can make your process easier. Start by determining your actual need. Financial institutions often let you know the amount for which you qualify. Avoid the temptation to accept this amount. As a part of your application process, you should provide a copy of your business plan and have created a budget for the amount requested. Providing revenue projections or other indicators of how the funds will impact your operations helps your application. Revenue projections show how you’ll pay the money back.
Before You Apply
After creating your budget, look for alternate methods of funding. Make sure that a loan makes sense for your business. In Pasadena, business loans remain only one of many possibilities for funding. Would an initial public offering, venture capital or an angel investor make more sense? Research and analyze the possible funding opportunities and choose the one that best benefits your business and proves most viable. Obtaining a loan puts the greatest burden on your creditworthiness. You need clean credit to get most bank loans.
Banks and other financial institutions look at a bevy of applications daily and choose those that provide the safest clients. Safe means they’ll get paid back on time. They choose the businesses with the lowest default risk.
Before you apply, pull your own credit report. Analyze your credit history. Alert the credit reporting agency of any incorrect items. If you have any negative items that aren’t current, bring them current and ask the company to update their information to the credit reporting agency. This applies to your personal and business credit.
Tackle Your Financial Statements
Work with your accountant to develop the financial statements the banking institution will need. You’ll study the same picture the financial institution will and be able to see your business as they will. You can’t change what information goes there but you can improve its accuracy and presentation. The more detail you provide, the better. You’ll need to provide a balance sheet, cash flow statement and income statement with the loan application.
Putting Together the Application
Place care and attention to detail into crafted your loan application. Make it look professional and ensure it’s error free. Double-check all your numbers and have your accountant review the application.
Loan Terms Explained
When your efforts pay off and you obtain a loan offer, read it carefully. Pay attention to the loan terms, specifically the annual percentage rate (APR), interest rate and how long you get to pay it back.
Delancey Street can help you obtain the business funding you need to grow your Pasadena business. Contact us to learn more about our flexible loan terms and simple process.
Running a business requires capital. A shortage of capital is a huge challenge for those who are running a business. It’s very difficult to grow as a company without adequate cash flow and capital at all time.
However, there is some form of financing out there for your company, and we’re here to help you find it. Whether it’s a line of credit, loan, or a cash advance, we can assist you in getting the money you need to make your business ventures a success
Primary features of the loans we provide
Explore the advantages of doing business with us:
You’ll get approved quickly.
You’ll get the funds you need quickly.
You’ll take advantage of flexibility when it comes to matters such as paying back your loan.
You don’t have to use loan funds on specific expenses.
Things to know before applying
It’s important to prepare properly for a business loan so that you can be sure you borrow the right amount and use the funds properly. For this reason, we stress the importance of the process of simply preparing to apply.
In order to adequately prepare to apply for a business loan, there are a few important things you need to do. First, you need to figure out how much money you need to borrow. Then, you need to consider all the different options out there for you in terms of not only the lender you borrow from, but also the exact loan product you use.
It’s time to do your homework and get serious about this loan. Budget how much your company can afford for repayment and also put some thought into the status of your credit and your company’s credit.
Considerations regarding credit
You no doubt are already aware of the fact that credit is a huge consideration when it comes to any type of borrowing. Having a lower credit score will make you appear more risky to lenders. However, this doesn’t necessary mean that there is no loan out there for your company whatsoever. It just means that you may have to try a little harder or pay a little bit more in interest.
Those who seek a business loan don’t only rely on their business’s credit score when applying. They can also use positive characteristics of their own personal credit report to help them pursue affordable and effective financing.
In any case, it’s a good idea to put some effort into cleaning up your personal and business credit before you start looking for a loan. Make sure you keep up on payments and pay off any outstanding debts if you are able.
Formulating your request for a business loan
A lot of lenders will look more favorably on you when you apply for business financing if you take the time to draw out a clear plan. This means determining exactly what your company needs the money for. It also means figuring out how you’re going to improve your bottom line with the newfound capital you acquire.
The more clear and detailed you are with financial statements when you apply for a business loan, the better off you’re going to be. When you apply for a loan, you should offer a real presentation that showcases your company’s strong points.
Some of the most important documents you’ll need to apply for a business loan include your company’s income statement, balance sheet, and any figures reflecting cash flow at your company.
Devising the right terms for your situation
Before you sign on to any loan agreement, you need to carefully analyze the terms that are offered. There is always a lot of fine print on any loan agreement, and you need to read through it carefully to analyze just how much the loan is going to be costing.