Things to consider when comparing lenders After you’ve looked at…
Peoria Small Business Loans
Delaney Street offers small business owners in Peoria many new ways to get cash fast. Even if you have bad credit, you may still be able to obtain financing. Many of our clients use the money to upgrade, renovate, expand, or just cover business expenses. With so many different options, you may be able to get the money in as little as two days. We work with all types of small business owners and all types of credit scenarios. For our small business customers in Peoria we offer the following financing options:
- Private money loans
- Business lines of credit
- Bitcoin loans
- Hard money loans
- Invoice factoring loans
- Merchant cash advances and more
Applying for One of Our Loans at Delancey Street
If you’ve been turned down by traditional lenders such as banks, you’re not alone. Many times, banks are only able to lend to businesses that fit within their stringent criteria. Without strong and established business credit, chances are you’ll have to look elsewhere to grow your business. That’s where Delancey Street’s many options can help. To qualify for any type of loan, you’ll need to demonstrate a legitimate business need to borrow. This can be anything from covering payroll expenses to keep your business running smoothly to purchasing new equipment. You’ll want to provide documentation that supports your request. This can include anything from bills to estimates. It’s also helpful if you’re able to put this information into a presentation format. Since our loans aren’t solely based on credit, it’s helpful to provide the representative with an idea as to how the money would help.
Your Business and Personal Credit Concerns
As previously mentioned, Delancey Street typically looks at the entire business rather than just the credit record of the business. Many of our investors do request to get a better idea of the scenario by checking into the business and personal credit. Many times, small business owners are able to get even better terms if they simply payoff small collections accounts and bring accounts current. If the loan would help improve your credit by reducing debt, that’s yet another compensating factor that could lead to approval. It’s best to get an idea as to exactly where your credit stands by ordering a Dun and Bradstreet report for the business credit. For personal credit, you’ll be able to request reports from Equifax, Trans Union, and Experian. These companies will provide a free report for personal credit once a year. Also, if you’ve been denied credit, they’re legally required to provide you with a report. After you’ve done your best to get a good grip on your credit situation, you’ll be ready to move forward.
Preparing Your Asset and Accounting Records
Many times, compensating factors such as providing collateral can sweeten the deal for investors. Even if you’re not required to provide collateral, they may request to check your business and personal financial records. Having an accountant review this information before submission can help to identify any errors or information that should be added or modified. This is typically a requirement for any loan as it provides the lender with the most comprehensive snapshot of the business.
The Loan Processing, Approval, and Funding Phase
After you’ve met with our loan representative, you’ll be provided with the specific information that’s required to obtain a full approval. It’s important that you provide this information as the process moves quickly. You’ll receive information that discloses the exact terms of the loan including how, when, and where to make your payments. Once the processing is completed, you’ll go to the loan settlement. You’ll be able to ask any final questions and sign the loan disclosures. After that, you’ll receive the funding as either cash in hand or paid to whomever you designate as the payee. After that, simply make timely payments and enjoy the improvements that a loan from Delancey Street provides.