|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
Starting a business takes a lot of courage, dedication, and most importantly, financial stability. But no matter how passionate you are about your business idea, finding the proper funding can be a major challenge, especially for small businesses. Fortunately, small business loans are available to help entrepreneurs achieve their dreams.
One of the top solutions for small businesses in Durham is getting a small business loan. Numerous lenders offer different types of small business loans that could be tailored to your needs. As compared to large enterprises, when small businesses choose to get a loan, they’re not only investing hence fighting for their dream but also placing themselves right where they need to sustain their success.
What could a Durham Small Business Loan Do for Your Business?
For many business owners, small business loans are crucial when it comes to launching or navigating through challenging times. The benefits of obtaining a small business loan come in various forms such as:
Cash Flow Management
There comes a time when having access to cash does not depend on your revenue cycle, so this tends to facilitate smooth cash flow management, which directly leads to better business operations. Therefore, accessing the capital required at the right time will allow you to stay ahead of tight situations, hence avoid losing both time and money.
Growth Planning and Expansion
Small businesses can lean on small business loans to fuel growth, upgrade machinery and drive expansion plans, explore new markets, untapped territories and increase revenue streams. Loans provide funding to invest in necessary equipment, everything including technology, machinery, software, and other types of physical assets critical to your operation’s growth.
Accidents do happen and emergencies are inevitable, especially when running a business. Whether it’s natural calamities, unexpected repairs or any type of crisis issues, these things tend to disrupt business continuity thus leading to slowed revenue growth. Small business loans enable you to prepare yourselves for emergencies so that irrespective of the circumstance, business will continue operating with minimal disruptions.
Types of Small Business Loans
Lenders in Durham have a variety of options when it comes to small business loans, so knowing your options can help you find exactly what fits your business’s financial needs.
Term loans are usually simple to apply, widely available and frequently used where a predictable cash inflow is expected. The amount borrowed will, however, be paid over a specific period hence accompanied by interest. Term loans are also advantageous as they could be used for various different facets of a business such as starting the business, acquiring new infrastructure or equipment and refinancing debt already incurred. Most lenders offer term loans with fixed interest rates which ultimately translates into fixed monthly payments hence easier budgeting on your cash flow.
Lines of Credit
Business lines of credit work differently from traditional term loans, as they give businesses access to funds up to a pre-approved limit enabling a safety net, hence costs only accrue if and when you draw on it, meaning you only pay interest on the funds you use rather than the entire allocated bucket. This option of credit is designed for financing emergency situations, providing quick cash flow relief and giving businesses the chance to even this out when they iron out their financial situation.
Merchant Cash Advance
A merchant cash advance is best suited for startups that have been operating for less than a year and have no collateral to back up the loan. It’s easy to access and ensures rapid access to cash flow needed for basic operations like paying employees and managing other expenditures quite quickly. In this case, instead of following the usual model of repayment, a portion of generated revenue is applied towards settling the cash flow.
|Types of Small Business Loans||Description/ Recommendation|
|Term Loans||High-business are recommended to choose when looking to increase cash flow or responding to emergency issues.|
|Lines of Credit||Best for quick cash relief, ensuring rapid access to funds needed within a short notice through a pre-approved limit but best used mostly for startups that have not been operating for long and lack collateral to prove creditworthiness|
|Merchant Cash Advance||This is the easiest kind of loan to apply for, hence designed for startups that have no collateral to attest to their financial status, as these tend to provide immediate inflows. The sale’s figure will support repayment instead of agreement prior set schedules.|
How to Get a Small Business Loan in Durham
With so many options on the table, getting a small business loan can be daunting. However, it doesn’t need to be – there are steps you can take to make sure your application is approved in no time.
Step 1: Determine Your Business Needs
Before you start applying for loans, it’s crucial that you evaluate why you really need such funds. Perhaps you want to purchase new equipment to enhance productivity, expand operations, or settle bills that might affect future operations? Figure out all the areas where the financial influx could work for you.
Step 2: Check Your Credit History
Your credit history plays an essential role in assessing your loan application. Lenders usually rely on your credit scores and even held liable should anything go south with your credit. Therefore, assessing your credit scores will give you greater guidance as to whether approval is possible or not.
Step 3: Research Potential Lenders
Research is an essential part of finding the right lender that meets your needs. It’s vital to check lender qualifications, loan terms, and other critical factors before applying for small business loans with the lenders.
Step 4: Gather Necessary Documents
Completing a loan application requires a lot of paperwork in order to back up your application requirements. This could include income statements deposits history, tax returns, financial statements among others. Gathering necessary documents before proceeding help in easing the procedure helping make sure swift loan approval.
Finding funding is one of the most challenging tasks a small business faces, especially when in the early or elementary stages. However, this should not be a cause to abandon your dreams or fear starting your own business. Small Business loans in Durham are accessible and customized to cater to the various financing options required by new businesses looking to start out. Once you secure required funds, it becomes easier to manage projected challenges quite quickly hence allowing ease of operation and decent return on investment.
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*Opinions expressed by buyers and mortgage experts are solely their own and do not depict lenders’ opinions.*