If you’re a small business owner, you may occasionally need a boost in your finances to get to the next level of growing your business. Even if you currently have poor or limited business credit, Delancey Street may be able to help. We’ve helped many small business owners in Saint Paul with financing for renovations, unexpected bills, upgrades, and more. We offer many different solutions and some of our current loan products include the following:
- Hard money loans
- Invoice factoring loans
- Merchant cash advances
- Private money loans
- Business lines of credit
- Bitcoin loans and more
Delancey Street Makes Applying Easy
You may already know that applying for a loan can be a bit of a headache. Delancey Street makes the process much easier than a bank or any venture capital company. Our small business bad credit loan process simply involved updating and submitting information that you most likely already have in your possession. This article will go over the steps involved and will give you some tips for success.
Updating Your Business Plan or Financing Request
Requesting a loan involves creating a solid plan that clearly communicating what you’re looking to borrow money for. You’ll want to update your business plan so that it incorporates the improvements or financial issues that need changing. This involves providing models, estimates, financial records, and anything else that will help our representative understand the scenario. A presentation is helpful and you’ll most likely be asked questions regarding your ideas. It’s helpful to run this information by a third party to ensure that it’s clear and flows logically. If you’re unfamiliar with how to complete this process, a business consultant or colleague may be able to assist you in creating a great plan. This is perhaps the single most important factor in obtaining a small business bad credit loan with Delancey Street.
Review Your Personal and Business Credit
Conducting an audit of your finances is very helpful prior to applying for a loan. While we certainly help small business owners with bad credit, you’ll want to provide the best possible scenario to improve the situation. Reviewing all of your credit will help you identify any items that may be inaccurate. You can dispute these items with the credit bureaus and possibly have them removed. Your business credit should also be reviewed. If there are any derogatory items, you’ll want to make sure these are able to be addressed with an explanation. For some of our customers in Saint Paul, a credit repair service has been helpful in removing negative items from their personal credit reports. Creating the best possible scenario means that you may have more options available.
Providing Your Business and Personal Financial Records
Other factors that are taken into consideration include the overall financial status of your business. Some of the documents that may be requested include your tax records, profit and loss statements, cash flow reports, invoices, and assets. It’s best to have an accountant review the information for accuracy and completeness. There may be other requirements that the lender will let you know about. After that you’ll be ready to apply for your bad credit small business loan.
The Application and Approval Phase
After you’ve submitted your documents and have completed all of the other steps, you’ll get a pre-approval offer. This includes the terms of your loan and disclosures that explain this information. After you’ve gotten your final approval, you’ll sign the updated disclosures and receive your funds. Should you have any difficulty in making a payment, it’s important that you get in touch with the loan servicer. Delancey Street is happy to provide you with the best bad credit small business loan to help your company grow. Get in touch with us to explore all of your options today.