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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
Small Businesses the Hardest Hit
The Coronavirus pandemic has brought our world to a screeching halt. Life as we once knew it is no more, and many are struggling to stay afloat. The virus has been especially harsh on small businesses, which employ nearly half of the US workforce. They have been forced to close their doors or operate at reduced capacity, leading to massive losses in revenue. A recent survey by the National Federation of Independent Business (NFIB) found that 92% of small business owners have been negatively impacted by the pandemic.
The Need for Aid
Small business owners are desperate for aid to help them stay operational during these trying times. Many are turning to government programs like the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) for relief, but these programs have had their fair share of issues. There have been reports of banks prioritizing larger loans over smaller ones, leaving some small business owners without any aid at all. Additionally, the initial funds allocated to these programs quickly ran out, leaving many small businesses with no lifeline.
Enter the Corona Small Business Loans
To address these concerns, a new program has emerged: the Corona Small Business Loans. This program offers low-interest loans to small businesses affected by the pandemic. Unlike the PPP and EIDL, there is no limit on the size of the loan, and the funds can be used for any business expense.
This program is a game-changer for small business owners who were left out of previous aid programs. It offers much-needed relief for those who are struggling to keep their doors open and employees paid. The loans are available to any small business with less than 500 employees, including sole proprietors and independent contractors.
How It Works
The application process for the Corona Small Business Loans is straightforward and can be done entirely online. Applicants will need to provide basic information about their business, including financial statements, tax returns, and other supporting documents. The funds are disbursed quickly once the loan is approved.
One of the best features of this program is that it offers flexibility and forgiveness for borrowers. The loans carry a low-interest rate of 1%, which is fixed for the duration of the loan. There are no prepayment penalties, meaning borrowers can pay off the loan early without any additional fees.
Borrowers can also apply for loan forgiveness if they use the funds for specific expenses, such as payroll costs, rent or mortgage payments, utilities, and other qualifying expenses. This forgiveness provision makes the Corona Small Business Loans an especially attractive option for small business owners who want to keep their businesses running without accruing additional debt.
Benefits of the Corona Small Business Loans
There are several advantages to choosing the Corona Small Business Loans over other aid programs. Here are just a few:
Flexibility: Borrowers can use the funds for any business expense, making it easier to cover immediate needs like payroll or rent.
No limits on loan size: Unlike PPP loans, there are no size limits on Corona Small Business Loans.
Low-interest rate: The 1% interest rate is fixed for the entire duration of the loan, making it easier to plan for repayment.
Forgiveness: Borrowers can apply for forgiveness of their loans if they use the funds for qualifying purposes.
Quick disbursement: Funds are disbursed shortly after approval, providing much-needed relief to small business owners.
The Bottom Line
The Corona Small Business Loans are a welcome relief for small business owners struggling to stay afloat during the pandemic. The program is flexible, forgiving, and provides much-needed cash flow to businesses that are struggling to survive. If you are a small business owner in need of aid during these trying times, the Corona Small Business Loans could be the solution you’ve been looking for.
Resources
– National Federation of Independent Business Survey: https://www.nfib.com/content/press-release/economy/small-business-owners-outlook-deteriorates-as-they-await-the-next-round-of-loans-from-congress
| Pros | Cons |
|---|---|
| – Low-interest rate | – Some businesses may not qualify |
| – Forgiveness provision | – May not cover all business expenses |
| – No limit on loan size | – Funds may run out quickly |
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