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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 business loans are an essential resource for any entrepreneur looking to start or grow their business. In Corpus Christi, there are a variety of loan options available to small business owners, but not all are created equal. It’s important to understand the different types of loans and what they can do for your business before making a decision.
Types of Loans
There are several different types of small business loans available in Corpus Christi, including:
Term Loans
A term loan is a lump-sum loan that’s paid back over a set period of time, with interest. These loans are typically used for major expenses, such as equipment purchases or expansion projects. The repayment terms are usually longer than other types of loans, ranging from one to 10 years.
Lines of Credit
Lines of credit are flexible loans that allow you to borrow up to a certain amount of money when you need it. You only pay interest on the amount you’ve borrowed, and you can use the funds for a variety of business needs. They can be a good option if you have short-term cash flow needs.
SBA Loans
The Small Business Administration (SBA) offers a variety of loan programs to help small businesses. These loans are partially guaranteed by the government, which makes them less risky for lenders. SBA loans have longer repayment terms than traditional bank loans, and interest rates are often lower.
Invoice Financing
Invoice financing allows you to turn unpaid invoices into immediate cash. You sell your outstanding invoices to a lender, who then advances you a percentage of the total amount due. Once the invoice is paid, you receive the balance minus fees.
Merchant Cash Advances
Merchant cash advances are a type of loan where you receive a lump sum of cash in exchange for a percentage of your business’s future sales. These loans are typically used for short-term cash flow needs, and the repayment terms can be as short as a few months.
How to Choose the Right Loan
Choosing the right loan for your business can be a daunting task. Here are some factors to consider when making your decision:
Business Needs
What do you need the loan for? Is it for a short-term cash flow issue or a long-term investment in your business? Different types of loans are better suited for different business needs.
Repayment Terms
Consider how long you’ll need to repay the loan and what the interest rates and fees will be. A longer repayment term may mean lower monthly payments, but could also result in more interest paid over time.
Credit Score
Your personal credit score can play a big role in whether you’re approved for a loan and what the interest rate will be. If your credit score is low, you may need to consider alternative financing options.
Lender Reputation
Research potential lenders to make sure they have a good reputation and are trustworthy. Check online reviews, ask for referrals from other small business owners, and look at the lender’s track record of successfully approving loans for similar businesses.
The Benefits of Small Business Loans
Small business loans can have a variety of benefits for entrepreneurs. They can help:
Grow Your Business
A new piece of equipment or a larger space can help increase productivity and revenue.
Increase Cash Flow
A temporary infusion of cash can help you pay bills, take advantage of opportunities, or weather unexpected expenses.
Build Credit History
Successfully repaying a small business loan can help build your credit history, which can lead to additional financing options in the future.
Create Jobs
By growing your business, you may be able to create additional jobs in your community and help support local economic growth.
Reviews and Testimonials
Small business owners in Corpus Christi have had mixed experiences with small business loans. Some have reported positive outcomes, such as increased cash flow and the ability to grow their businesses. Others have struggled with high interest rates and difficult repayment terms.
One small business owner, Maria Rodriguez of Maria’s Cafe, used a term loan to expand her business and hire additional staff. “The loan helped me take my business to the next level,” she says. “Now we can serve more customers and offer more menu items.”
Another business owner, Jim Perez of Perez Plumbing, had a negative experience with a merchant cash advance. “The repayment terms were so short that it put a strain on our cash flow,” he says. “We ended up having to take out another loan just to pay off the first one.”
However, despite some of the negative experiences, many small business owners in Corpus Christi still believe that small business loans are an essential resource for entrepreneurs. “Without the loan, we would never have been able to grow our business to where it is today,” says Juanita Garcia of Garcia’s Auto Repair.
Conclusion
Small business loans can be a powerful tool for entrepreneurs looking to start or grow their businesses. However, it’s important to choose the right loan for your specific needs and to carefully review the terms and conditions before signing on the dotted line.
If you’re considering a small business loan in Corpus Christi, do your research and carefully weigh the pros and cons of each option. With the right loan and a solid plan, you can take your business to the next level and achieve the success you’ve always dreamed of.
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