Do you need a small business loan? Delancey Street can help. If you’re considering getting a Wells Fargo business loan, consider the numerous options that Delancey Street has to offer.
Wells Fargo helps business owners both with operation working capital, and expansion working capital. When you get a small business loan or grant, it can help you bridge the gap you need to make capital investments into your business.
Here are some examples small business financing options available to you:
Line of credit: You can use a line of credit as working capital to make it easier to manage your cash flow. It lets you borrow money only when you need – which gives you control over the amount of interest you accrue.
Business loans: For larger investment, this can mean getting a term loan. Like a mortgage, or personal loan, term loans have fixed interest rates and monthly payments over several ears.
Commercial loans: For established businesses that have commercial real estate, a commercial loan is a great option. Like a HELOC, a commercial loan lets you borrow against the equity in your business real estate.
Equipment loans: If you need money to purchase equipment, then an equipment loan from lenders like Wells Fargo is a great option.
SBA loans: Wells Fargo also offers SBA 7(a) loans, which have longer repayment terms and lower down payments than most traditional bank loans.
Federal/State grants: This is money which doesn’t need to be repaid. It’s limited and hader to get.
Wells Fargo Business Loans
All small business owners face challenges, that’s why they turns to a Wells Fargo small business loan. The great thing about Delancey Street is if you’re turned down for a Wells Fargo business loan, we can help you. We have a number of alternative business loans. What makes us unique is we work with you to get a better understanding of your situation, and ensure you get the RIGHT funding option.
We offer funding within 48 hours and offer flexible repayment plans. Even if you have bad credit, we can help you – and you’re free to use the funds as you wish. Use it for expanding your business expenses, paying off loans or for expanding your payroll.
For small businesses, getting a business loan can be life-saving event. When a business has more access to capital, many doors can open for it and the company can expand and take on a number of additional projects that might otherwise be unobtainable.
Before You Apply For a Wells Fargo Small Business Loan
First and foremost, when you go about getting a Wells Fargo business loan, you must determine your needs. It’s important to acknowledge your business goals and realize how a business loan would help you to achieve them.
The single most important aspect that determines whether or not you are able to qualify for a small business loan is your credit. Your credit score decides what the terms will be for the loan and how much for which you can qualify.
If your credit is good, it makes you a good candidate in the eyes of the bank and gives you more options. The better your credit, the lower the interest and fees on your loan.
Improving Your Credit
It’s important to get a copy of your credit report and look it over. Examine it thoroughly and check for any discrepancies as they can adversely affect your credit score. If there is anything in your report that appears suspicious, you should immediately report it to the credit bureau so that it can be investigated and any errors fixed. Before you apply for a Wells Fargo small business loan, you should have a good track record of paying all business-related bills on time and in full. You can obtain a copy of your business credit report from the three major credit bureaus. Again, if you spot any errors, report them immediately.
When requesting a loan from Wells Fargo, you must convince the representative why you need the money and how you plan to use it. Explain that the Wells Fargo business loan will help in enabling the company to flourish and expand. Even better, you should elaborate on how this will ensure that you can pay it back.
Improve Your Financial Statements
Banks want to ensure that a business’ financial statements are in good standing. This can better motivate them to extend loans or credit. Provide the bank with your income and cash flow statements, as well as a balance sheet when applying for the loan. These documents must look professional, so if need be, see an accountant to prepare them.
Understand the Terms
Once you are considered for a small business loan, you should always understand its terms. Read everything carefully and ask questions before you sign any contract. Understand the interest rate, APR and any fees tied to the loan so that you can get a good idea of how much it will cost you.