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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
Starting a business is an exciting time but it can be challenging. Finding funding for your small business can be difficult, but thankfully there are options available to help make your dreams a reality. Small business loans are an excellent way to help finance your startup or expanding your existing business.
If you’re in Gainesville and looking for financing, there are many resources available. In this article, we’ll explore the various types of small business loans available to local entrepreneurs and how they can help you grow and expand your company.
What Are Small Business Loans?
Small business loans are a type of financial assistance designed specifically for small businesses. They offer an attainable approach to help fund your business when traditional financing isn’t an option. It’s essential to research loan options that offer favorable rates and flexible repayment plans. Taking these two factors into account will help ensure the loan doesn’t become burdensome on your business.
SBA loans are backed by the United States Small Business Administration (SBA). SBA loans have low-interest rates and longer repayment terms than conventional loans. The downside is the tedious application process. However, if your business meets specific requirements, such as being located within the United States and its territories and generating revenue under a certain amount, then you may be eligible for federally-backed financing.
Conventional Bank Loans
You can also pursue conventional bank loans, which operate similarly to personal loans. These are particularly beneficial for established businesses with good credit and consistent revenue over time. If you only need a small amount of funding, you may consider a line of credit, which acts more like a credit card than a loan.
Merchant Cash Advances
Merchant cash advances aren’t loans but financing alternatives. Companies provide funding in exchange for a portion of your business’s future sales/revenue. This option can be expensive with higher interest rates and fees, but it’s an option available to businesses that cannot qualify for other types of financing.
Grants and Awards
Grant and award programs offer financing opportunities at no charge to the recipient. This option often has a more competitive and stringent application process. However, it can be possible, especially for unique or innovative ideas or underrepresented communities.
Local Gainesville Business Loans
There are a few local options in Gainesville, which strive to promote economic growth within their community by offering loans to small businesses.
Gainesville Community Redevelopment Agency Micro-Loan Program
This loan program offers between $5,000 and $50,000 in low-interest capital to qualifying businesses located in the district of CRA. Additionally, there’s a high priority placed on diversity and inclusion, making it a great opportunity for minority-owned businesses.
ACE Micro-Loan Program
ACE offers loans up to $50,000 to startups and established businesses seeking to expand operations. The application process moves more rapidly than traditional loans, with approval decisions sometimes being made as quickly as 24 hours.
Accion Financial Services
Accion Financial offers business loan and financial solutions from $500 to $250,000. Their easy online application is accessible for clarification should any questions arise. They can accommodate individuals who possess “unsatisfactory credit” scores and grants capital to start-up businesses with consistent entrepreneurial motives.
Small business loans offer fantastic earning opportunities for Gainesville entrepreneurs. With various loan options available, you’ll likely find one that suits your business’s unique circumstances. Research the loans carefully and confirm that the chosen choice involves a repayment plan that will be suitable for your budget. Stay motivated, work diligently, and build Gainesville’s business scene through these suitable Gainesville small business loans.