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small business loans fredericksburg va

small business loans fredericksburg va

Tips for Meeting Fredericksburg Small Business Loan Requirements
If you’re a small business owner, then you probably understand the challenges associated with achieving business objectives with limited financial resources. In order to get the money that you need to grow your business, you may want to consider a bank, SBA or online small business loan. The information below provides insights that can help you achieve your goal without any unnecessary complications.
Building Your Credit Score
When you’re in the market for a Fredericksburg small business loan, one of the first considerations is whether your credit is sufficient enough to qualify. Your personal credit score, also known as a FICO score, will range from 300 to 850. The higher your score, the greater the chances that you’ll qualify fo rFredericksburg small business loans. There are five factors used to determine your credit score, which includes your payment history, how much debt you have, the amount of time you have had credit, the kind of credit you have and recent credit inquiries. You probably won’t be surprised to know that your payment history is the most important factor and it’s 35% of your score. How much money you owe is the second most important factor and it’s 30% of your score.
If you need to learn more about your personal credit score, you can visit to obtain a free copy of your credit report. If you end up finding errors, you can work with credit bureaus Experian, TransUnion and Equifax to resolve any issues. The Federal Trade Commission has reported that a significant number of consumers have identified damaging credit report errors. The good news is that your credit score will likely increase once the errors are removed. If you find inaccuracies on your business credit report, then you’ll need to work with Dun & Bradstreet, Experian and Equifax to address them. Keep in mind that your business credit report will have a range from 0 to 100.
Understanding the Lender’s Minimum Qualifications
When seeking small business loans in Fredericksburg VA, you’ll need to be familiar with the minimum qualifications of the lender in order to ensure your application is strong. Although some lenders are flexible and weigh the strength of your overall application, it’s best to make sure you satisfy all requirements. Common requirements typically involve a minimum for annual revenue, years in business and credit scores. They also look for any delinquencies and bankruptcies. If you are applying for an Fredericksburg SBA loan, then you’ll have additional requirements. The SBA also has a list of ineligible businesses that include nonprofit, real estate and insurance companies, among others.
Compiling Required Documentation
Regardless of what type of Fredericksburg small business  loan you’re considering, you’ll have to provide documentation. Most lenders will want you to provide Articles of Incorporation, business licenses, income tax returns, income statement, balance sheet, commercial leases and bank statements. You’ll also have to provide a copy of your driver’s license and your resume. Lenders want to see your resume in order to confirm your professional qualifications and management experience. Keep in mind that online lenders offer a more streamlined process that requires less documentation.
Creating A Business Plan Before You Get a Fredericksburg Small Business Loan
If you’ve been in business for a while, then you may already have a business plan. If not, you’ll likely need to develop one so that lenders can review your financial projections and assess your ability to increase profits. Here are some of the more common elements of a business plan: Company overview, industry analysis, products and services, management team, operations plan, sales and marketing strategy, and a SWOT analysis that spells out the company’s strengths, weaknesses, opportunities and threats.
Providing Collateral
Most Fredericksburg small business lenders will require you to provide collateral, such as real estate, inventory or equipment. If you are not particularly interested in using collateral that can be seized if for some reason you’re unable to repay the loan, then you might want to consider an unsecured Fredericksburg business loan.

How We Help

Small business loans are a great way to grow your business. We fund business owners when traditional banks say no. Getting a loan from a traditional bank is difficult, we look past your credit score and fund you.

Get a $500-$100,000 small business loan

Get working capital in as little as 24 hours once approved

No risk - There is no application fee, and we don't charge junk fees that other lenders do.

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Get a Decision in as Little As 30 Seconds

We’re Fast. We Help Regardless of Credit. WE HAVE A SOLUTION FOR YOU.

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We have a completely online application process, which is simple and easy.

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We'll match you with the best loan offers we have that are financially responsible.

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We'll fund you the same day you accept our offer.

Delancey Street is here for you

Our team is available always to help you. Regardless of whether you need advice, or just want to run a scenario by us. We take pride in the fact our team loves working with our clients - and truly cares about their financial and mental wellbeing.

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