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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
Table of contents:
Introduction
What is a small business loan?
Types of small business loans
SBA Loans
Term loans
Business lines of credit
Equipment financing
Merchant cash advances
How to get a small business loan
Qualifications for small business loans
The application process
Why Bellevue Small Business Loans?
Pros and cons of working with Bellevue Small Business Loans
Customer experiences with Bellevue Small Business Loans
Conclusion
Introduction
Starting a business is hard work. There are so many things to consider, like the location, lease, inventory, employees, and more. But one of the most important factors in starting a successful business is having enough money to cover all the necessary expenses. That’s where Bellevue Small Business Loans comes in – they offer the funding you need to start or grow your business.
What is a small business loan?
A small business loan is a type of loan designed specifically for small businesses. These loans can be used for anything related to the business, such as buying equipment or inventory, hiring employees, or expanding the business. There are several types of small business loans to choose from, each with their own benefits and drawbacks.
Types of small business loans
SBA Loans
SBA loans are backed by the Small Business Administration and are available through various lenders, including banks and credit unions. These loans can be used for a variety of purposes, including working capital, equipment purchases, and real estate. One of the benefits of SBA loans is that they typically have lower interest rates than other types of loans.
Term loans
A term loan is a type of loan where you receive a lump sum of money upfront, which you then repay over a set period of time with fixed payments. These loans are often used for long-term investments, such as buying real estate or expensive equipment. However, they can also be used for short-term expenses, such as covering payroll during a slow month.
Business lines of credit
A business line of credit is like a credit card for your business. You’re given a set amount of credit, which you can draw from as needed. This type of loan is excellent for businesses with fluctuating revenue, since you only pay interest on the money you use.
Equipment financing
Equipment financing is a type of loan specifically designed for purchasing equipment. These loans are secured by the equipment itself, so there’s no need for additional collateral. Equipment financing typically has low interest rates and manageable monthly payments.
Merchant cash advances
Merchant cash advances are similar to business lines of credit, except they’re based on your projected future sales. You receive a lump sum of money upfront, which you then repay with a percentage of your daily sales. Merchant cash advances can be an excellent option for businesses with limited credit history.
How to get a small business loan
Getting a small business loan can be challenging, especially if you’re just starting. However, there are steps you can take to increase your chances of approval.
Qualifications for small business loans
Different lenders have different qualification requirements, but most will consider the following:
– Business history: How long has your business been in operation, and do you have a steady revenue stream?
– Credit score: A good credit score can go a long way in securing a loan.
– Collateral: Lenders may require collateral to secure the loan, such as business assets or personal guarantees.
– Personal financial history: Your personal finances may also be considered, especially in the case of startups.
The application process
Once you’ve determined which type of loan you’d like to pursue, it’s time to start the application process. This will vary depending on the lender, but most will require the following:
– Financial statements: This includes your balance sheet, profit and loss statement, and cash flow statement.
– Tax returns: Business and personal tax returns are usually required.
– Business plan: If you’re just starting your business, lenders may want to see a detailed business plan.
– Personal identification: Such as a driver’s license or passport
It’s essential to work closely with your lender throughout the application process, providing any additional documentation or information needed.
Why Bellevue Small Business Loans?
Bellevue Small Business Loans is an excellent option for businesses located in the Bellevue area. They offer several benefits, including:
– Fast approval times: You can receive a response in as little as 24 hours.
– Competitive interest rates: Bellevue Small Business Loans offers some of the lowest rates in the industry.
– Flexible repayment options: With several types of loans available, you can choose the repayment schedule that works best for you.
Pros and cons of working with Bellevue Small Business Loans
Pros:
– Quick approval times
– Low-interest rates
– Excellent customer service
Cons:
– Limited loan options
– Strict qualification requirements
Customer experiences with Bellevue Small Business Loans
Bellevue Small Business Loans has received overwhelmingly positive reviews from customers. Many praise the fast approval times and low-interest rates, while others appreciate the excellent customer service.
One customer writes, “I was struggling to find funding for my new startup when I came across Bellevue Small Business Loans. They were able to approve my loan in just a few hours, and the interest rates were much lower than I expected. I would highly recommend them to anyone looking for funding for their business.”
Another customer writes, “I was nervous about taking out a loan for my small business, but the team at Bellevue Small Business Loans made the process so easy. They worked with me to find the right loan option for my needs, and the repayment terms are manageable.”
Conclusion
Starting or growing a small business is hard work, and having the necessary funding can make all the difference. If you’re located in the Bellevue area and need funding, Bellevue Small Business Loans may be the right option for you. With quick approval times, low-interest rates, and excellent customer service, they’re an excellent choice for businesses of all types and sizes. Contact them today to start exploring your funding options!
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