| Product Image | Product Name / Primary Rating / Description | Primary Button / Pros |
|---|---|---|
|
|
|
|
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
Small business owners are the backbone of America’s economy. And nothing can stop them from growing and succeeding, not even a global pandemic! Thanks to lenders who have stepped up with innovative solutions to help entrepreneurs fuel their businesses’ growth, small businesses throughout Chicago have managed to secure loans that are enabling them to continue growing even in the toughest economic times.
Chicago’s entrepreneurs are making huge strides in securing small business loans that allow them to grow their operations, expand into new markets, hire more skilled employees, and keep pace with the fast-moving world of business amidst the current global crisis. Thanks to the partnership between these small business owners and ambitious lenders, business innovation is booming across Chicago, and we are all benefiting from the incredible growth rates being experienced across the city.
So how do small business owners from the Windy City acquire loans, you might ask? There are various ways to go about it, each offering unique advantages that cater to different types of businesses with varying needs. It’s crucial to understand the available options when looking for funds, including traditional bank loans or alternative financial sources like microloans, crowdfunding, peer-to-peer platforms, and online lending services.
Bank Loans
The most commonly known lending source is still the traditional brick-and-mortar bank. For those entrepreneurs who prefer working with reputable institutions, this could be their best bet. With years of experience in the business and established brand names, banks provide loans that come with reasonable interest rates, flexible repayment schedules, and a trust factor that many entrepreneurs are comfortable working with.
But there is a catch: bank loans rely on a long list of credit requirements that your business needs to meet before any amount is awarded. The process takes longer than other loan alternatives, with a stringent application process and in-depth background checks. But for those willing to put in the effort, the rewards are significant.
Alternative Financial Sources
If getting a loan from a bank is not an option or is proving too challenging, there are other options. Microloans, for instance, provide entrepreneurs with small amounts of capital within a short time frame. There is minimal red-tape required to access these funds, making this an ideal solution for businesses looking to get their operations off the ground without being weighed down by excessive debt.
Crowdfunding and peer-to-peer lending platforms have gained popularity as means of securing loans in recent years. With crowdfunding, entrepreneurs can solicit financial contributions from friends, family members or online networks who believe in their business concept. Peer-to-peer lending platforms, on the other hand, provide businesses with alternative funding, allowing them to skip the formal application process and get funded immediately.
Online Lending Services
Among the most popular and rapidly growing loan sources are specific online lenders who offer customized loan solutions tailored to business’s exact requirements. Online lenders typically cater to small business owners who are seeking flexible funding options or don’t have the credit history required by traditional banks. The best part about online lending services? The entire process happens entirely online! From the initial application phase to the disbursement of funds, everything comes together in one convenient digital portal.
Getting small business loans in Chicago is now more possible than ever. Here are testimonials from several entrepreneurs that managed to secure loans in various industries.
For Jamie Johnson, Founder of Wild Koffee LLC, a café specializing in serving top-quality coffee blends, it was peer-to-peer financing that came to the rescue. Despite dealing with challenges from COVID-19’s impact, she was able to take her business to the next level thanks to the funding she received through her network of supporters. “Securing the loan, I’ve been able to grow my business, adding another location, running ads, and increasing my product offering.”
Jose Hernandez, CEO of Que Delicias Inc took up a Small Business Administration (SBA) loan to help finance the purchase of new equipment, expand the physical space of his Mexican restaurant, add more menu items to cater to diverse palates, and realign his business vision. “It took a while for the application process to go through, but we were finally able to obtain the funds we needed,” said Jose.
Dionte Calhoun, Owner of DCA Altitude Group LLC, which specializes in providing quality social media marketing services, was astounded at how quick and simple it was to get financing through online lending services. “For my business, traditional funding sources like banks weren’t feasible as I needed funds quicker, but the procedure with the online option was transparent and swift; just what I needed,” says Dionte.
Table:
Different Loan Types
| | Requirements | Average Interest Rates |
|——————|——————–|————————|
| Bank Loans | Established credit | 5% – 13% |
| Microloans | Little to no credit | 6% – 9% |
| Crowdfunding | Alternative funding | None |
| Peer-to-peer | High credit risk | 6% – 8% |
| Online Lenders | Non-traditional | 8% – 99%+ |
The table above illustrates the different loan types available for entrepreneurs needing capital to expand their businesses. Traditional bank loans like those from major national banks have stringent requirements that must be met before approval is granted. In contrast, crowdfunded loans utilize alternative funding directly from friends or lenders within online networks that believe in an entrepreneur’s business idea. Last but not least, non-traditional loan sources like peer-to-peer or online lenders provide flexible funding options at average interest rates suited to your credit profile.
Throughout history, small business owners have persisted even in the toughest times. With the advent of more advanced financing techniques ranging from crowdfunding to alternative lending, their prospects for success have been significantly enhanced. The latest innovations in small business financing have made one thing clear: entrepreneurs can continue to thrive regardless of the state of the world around them.
Thanks to the accessible loan options we mention above, Chicago’s entrepreneurs are finding solutions to overcome financial obstacles and grow their businesses like never before. Get started today with a lending option that suits your business goals and keep those entrepreneurial fires burning bright!
Get it on 
Download on the