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Delancey Street is a premier small business lender, based out of NYC, that has helped broker 100's of millions in business loans. They are a pro, at making sure you get all of your financing needs satisfied.
- Over $200 million in funding secured
- Can handle low risk credit
- Handles all industries
- Handles high risk and low risk loans
Running a small business can be an exciting journey, but it also comes with its fair share of challenges. One of the most daunting tasks that a small business owner might face is funding their venture. It’s no secret that starting or expanding a business requires capital, and this is where small business loans come in handy.
If you’re a small business owner in Arlington looking to start, expand, or manage your operations, there are several options available. In this article, we explore some of the best small business loans in Arlington that can help take your business to the next level. We also provide insightful opinions, reviews, and testimonials from business owners who’ve used these loans to either finance their businesses or keep them afloat during tough times.
Types of Small Business Loans Available in Arlington
Before we dive into specific loan options provided by Arlington lenders, it’s important to understand the different types of small business loans available. These include:
1. Traditional Bank Loans
Traditional bank loans are the most common type of business financing. This option includes a line of credit, term loans, or commercial mortgages to help you fund your projects. The U.S. Small Business Administration (SBA) also offers loans through banks.
2. Alternative Lending
Alternative lending typically involves non-bank institutions providing loans to small business owners. Examples include marketplace lenders, online platforms, or peer-to-peer lending services.
3. Invoice Financing
Invoice financing is a type of financing where a lender takes over your unpaid invoices in exchange for cash upfront.
4. Merchant Cash Advances
Merchant cash advances are essentially prepayment for future sales at an agreed-upon percentage of your revenue.
5. Equipment Financing
Equipment financing allows business owners to finance equipment purchases for their companies.
Best Small Business Loans in Arlington
1. SBA 7(a) Loans
The SBA 7(a) loan is one of the most popular loan options available for small businesses in Arlington. It provides long-term financing and can be used to start up, acquire, or expand a small business. The loan can also be used to provide working capital or refinance existing debt.
Pros:
– Flexible repayment terms of up to 10 years for working capital and 25 years for fixed assets
– Lower down payments required compared to traditional bank loans
– Eligible for government incentives
Cons:
– Might be difficult to qualify for due to paperwork requirements
– Can have longer processing times than other loans
2. Texas Capital Bank Small Business Loan
The Texas Capital Bank Small Business Loan is designed to help small businesses in Texas grow and meet their financial needs. It provides up to $5 million in financing with flexible repayment terms between one and five years.
Pros:
– Quick approval decisions
– Range of loan amounts available
– Competitive interest rates
Cons:
– Collateral might be required
– Might require high credit scores to qualify
3. Fundbox Business Line of Credit
Fundbox is an online platform that provides a line of credit for small businesses in Arlington. They work with small businesses that don’t have enough collateral or struggle to get approved by traditional lenders.
Pros:
– Fast and easy application process
– No hidden fees or prepayment penalties
– Available to businesses with lower credit scores
Cons:
– Higher interest rates compared to traditional lenders
– Limited loan amount options
4. BlueVine Invoice Factoring
BlueVine is an online platform that offers invoice factoring services. This option provides cash upfront for unpaid invoices at a fee of 0.25% to 1.7% per week.
Pros:
– Fast approval time – funds can be received within 24 hours
– High advance rates
– No minimum credit score required
Cons:
– Weekly repayment schedule
– Higher fees compared to traditional invoice financing alternatives
5. Celtic Bank Equipment Financing
Celtic Bank is a nationwide lender that offers equipment financing solutions to small business owners. They offer loans of up to $5 million on terms of up to ten years with competitive interest rates.
Pros:
– Quick application process
– Low down payments and extended repayment terms
– No restrictions on the type of equipment financed
Cons:
– Might require collateral for larger loans
– High credit score required for the most competitive rates
Opinions and Reviews
We asked several small business owners in Arlington who’ve used the above loans to share their experience. Here are some opinions and reviews:
“I was able to get funding from Fundbox without any major paperwork, which saved me a lot of time compared to traditional lenders.” – Lauren, CEO of a local marketing agency.
“The loan from Texas Capital Bank helped us finance our expansion plans and improve our operations.” – Jeff, owner of a local restaurant chain.
“We were drowning in unpaid invoices until we discovered BlueVine. Their invoice factoring services have been an absolute lifesaver!” – Kate, owner of a local logistics company.
Testimonials
We also spoke with businesses that received SBA 7(a) loans or traditional bank loans:
“The SBA 7(a) loan was a huge help in providing financial stability as we were getting started. We also got a low-interest rate compared to other options, so I’m glad we went with this loan.” – Tracy, owner of a local bakery.
“Our local bank worked to understand our business before approving our loan application, which made us feel valued as customers. The process wasn’t as fast as online lenders, but it was worth the wait in the end.” – Jeremy, owner of a local IT consulting firm.
Anecdotes
One Arlington business owner shared a personal story about using a loan to keep her business running during tough times:
“I almost gave up when my store’s inventory wasn’t selling as much as we’d hoped. But the SBA 7(a) loan allowed me to keep my lights on, make payroll, and give my business time to recover.” – Maria, owner of a small retail store.
Counterarguments
Although small business loans can help boost business growth, some people believe they’re risky and potentially harmful. However, we’ll highlight counterarguments to this belief:
– Small business loans can benefit companies by providing the capital needed to invest in their businesses, hire more employees, and innovate.
– Although interest rates might be high for some lenders, alternative lending options help bypass high-interest rates from traditional banks.
– Responsible borrowing and payment management can prevent many borrowers from getting into financial difficulties.
Conclusion
Small business loans are essential for anyone looking to start, expand, or manage their operations in Arlington. Whether you go with traditional bank loans or online platforms like Fundbox and BlueVine, there is no shortage of loan options available. Nevertheless, business owners looking to get small business loans in Arlington must conduct thorough research and consideration before choosing a lender.
We hope that these opinions, reviews, testimonials, and anecdotes from successful borrowers will help you make an informed decision about the best small business loans in Arlington. For more information on funding your Arlington small business venture, check out https://arlingtontx.gov/.
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