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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
Looking for Small Business Loans in Atlanta? Here’s What You Need to Know
Small business owners in Atlanta already have a lot on their plate: managing employees, dealing with customers, keeping the books straight – and that’s just scratching the surface. One thing that can make a world of difference is finding small business loans that fit your specific needs.
Why Do You Need a Small Business Loan?
There are dozens of reasons why a small business owner might need a loan. Maybe you’re looking to expand your inventory or hire new employees, maybe you need to refinance some debt or pay off outstanding invoices. Whatever the reason, it’s important to understand what you’re getting into before diving in headfirst.
Some business owners try to drum up funds through personal loans, credit cards, or crowdfunding platforms like Kickstarter. While these methods can be effective in certain situations, getting a loan specifically tailored to your small business needs can be far more beneficial. A dedicated small business lender will likely offer better interest rates, lower fees, and more flexible repayment periods.
Types of Small Business Loans
When you’re researching small business lenders in Atlanta, you’ll come across several different types of loans. It’s crucial that you understand the differences between them so you can choose the one that works best for your specific situation.
1. Term Loans
Term loans are the most common type of small business loan. You receive a lump sum upfront and then make regular payments over a set period of time, usually between 1-5 years. Because they’re not backed by collateral, interest rates can be higher than other types of loans.
If you need to finance long-term projects or investments, a term loan could be a good choice. Just make sure you have a solid plan in place for repaying the loan on schedule.
2. SBA Loans
SBA loans are backed by the Small Business Administration (SBA). They’re often a good choice for new businesses or those with less-than-perfect credit, as they typically have lower interest rates and longer repayment terms.
SBA loans can be tough to qualify for, as they have strict requirements around credit score, time in business, and revenue. However, if you meet the criteria, they can be a great option.
3. Business Lines of Credit
A business line of credit is more like a credit card than a traditional loan. You receive access to a set amount of funds and can draw on them as needed, paying interest only on what you use.
If you need flexible funding that can be used for anything from payroll to inventory to emergencies, a business line of credit could be a smart move.
4. Equipment Financing
Equipment financing is designed specifically to help businesses purchase or lease equipment – anything from computers to manufacturing machinery. Because the equipment itself serves as collateral for the loan, interest rates are often quite low.
If you need to invest in some new equipment to keep your business humming, equipment financing could be the perfect solution.
How to Apply for Small Business Loans in Atlanta
Once you’ve decided on the type of loan you want, it’s time to start the application process. Every small business lender has different requirements, but here are a few things you’ll typically need:
– Business plan or financial statements
– Tax returns for the past two years
– Personal financial statement
– Legal business documents
Most lenders will also run a credit check before approving a loan. If you have poor credit or no credit history, you may need to explore alternative lending options.
Final Thoughts: Find the Perfect Small Business Loan for Your Atlanta Business
Finding the right small business loan for your Atlanta-based business can feel daunting, but it doesn’t have to be. With a little research and preparation, you can secure the funding you need to take your business to the next level.
Opinions and Reviews:
“Getting a small business loan was one of the best decisions I made when starting my own bakery. I was able to buy all the necessary equipment, and still had enough cash flow to hire a few employees. Would recommend to anyone else!” – Jenna, owner of Sweet Treats Bakery
“You need to make sure you have a solid plan in place before taking out any loans. Pay attention to repayment schedules and make sure you’ll be able to meet them without putting undue stress on yourself or your business. If you do your homework, a small business loan can be an incredibly helpful tool.” – David, owner of Creative Solutions Marketing
Citations:
– “Types of Small Business Loans” by Fundera (https://www.fundera.com/business-loans/guides/types-of-business-loans)
– “SBA Loans vs. Traditional Bank Loans: What’s the Difference?” by U.S. News & World Report(https://money.usnews.com/money/small-business/borrowing-loans/articles/2018-01-02/sba-loans-vs-traditional-bank-loans-whats-the-difference)
– “How to Get a Small Business Loan in 5 Steps” by NerdWallet (https://www.nerdwallet.com/article/small-business/how-to-get-a-small-business-loan-in-5-steps)
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