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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
In the bustling city of Glendale, every day is an opportunity for small business owners to thrive. The entrepreneurial spirit in Glendale creates a dynamic community that fosters growth and prosperity. But with all the opportunities come the financial challenges.
Small businesses require capital to start and to grow. Unfortunately, obtaining financing for small businesses can be tough, especially if the business owner has a less than ideal credit score. This is where small business loans in Glendale come to the rescue. Small business loans are designed to assist entrepreneurs in achieving their goals and sustaining their growth.
What Are Small Business Loans?
Small business loans are types of funding that help business owners acquire capital. There are different types of small business loans available such as lines of credit, term loans, and SBA (Small Business Administration) loans. These loans have varying terms, interest rates, and minimum credit score requirements depending on the lender and the type of loan.
Benefits of Small Business Loans
Small business loans are not only a way to obtain funding but also offer several benefits to the borrower:
1. Flexibility – Small business loans provide a flexible way to finance your business. The loans are tailored to suit your business’s unique financial needs, including the interest rates and repayment terms.
2. Growth opportunities – With capital at your disposal, you can expand your business or venture into new markets, meet your staffing requirements, and invest in research and development.
3. Credit building – When you repay your small business loan timely, it helps build your credit score, making it easier for you to obtain other forms of financing in the future.
4. Fixed Payments – Most lenders offer fixed monthly payments on small business loans, which can help you manage your cash flow more effectively.
How to Get a Small Business Loan in Glendale
Getting a small business loan in Glendale requires following specific procedures:
1. Business plan – Create a comprehensive business plan that includes your goals, objectives, and financial requirements.
2. Credit score – Ensure that your credit score is in good condition, preferably above 650.
3. Financial documents – Prepare your financial statements, including balance sheets, profit, and loss statements, cash flow statements, tax returns, and other relevant documents for the lender’s review.
4. Selecting a loan type – Choose the best small business loan product suited for your business. Look at the interest rates, monthly payments and repayment structure.
5. Apply for the Loan – After preparing your documents and choosing your loan, apply on your lender’s website or visit their office.
Top Small Business Loans in Glendale
1. SBA Loans
SBA loans are government guaranteed loans provided through banks and financial institutions. They are ideal for business owners without collateral, low credit scores, and little to no track record of profitable operations. The SBA guarantees up to 85% of the loan amount, making it easier for lenders to approve loans to entrepreneurs.
2. Term Loans
Term loans provide business owners with a lump sum of cash that they repay over a set period. These loans have fixed interest rates, which allow borrowers to predict their exact monthly payments. They have more extended repayment terms compared to other loans, and they may require assets or collateral as security.
3. Lines of Credit
Through lines of credit, lenders grant business owners access to funds whenever they need them. This loan provides flexibility to cover short-term cash flow challenges, and it also comes with relatively low-interest rates. Business owners can use this type of loan to pay their suppliers, revive their businesses, and carry out various day-to-day operations.
Small Business Loan Insights: Challenges & Opportunities
Small businesses face several challenges in securing funding, including stringent lending criteria and limited access to capital. According to the National Small Business Associating report, 73 percent of small businesses surveyed viewed small business financing as challenging. However, new lenders have emerged on the scene that provide loans tailored to meet the needs of small business owners.
Inclusivity is another challenge in small businesses’ access to financing. Minority-owned businesses are less likely to secure loans compared to their non-minority counterparts, leading to increased inequality. This problem calls for government intervention to level the playing field and promote diversity amongst Glendale businesses.
Small Business Loans Conclusion
Small businesses form the backbone of the Glendale community, and small business loans serve as the lifeblood. With various types of loans and lenders available, entrepreneurs can identify which loan will best suit their unique financial needs.
Obtaining a small business loan is not always easy; it requires comprehensive documentation, collateral, a good credit score, and a viable business plan. But with persistence, hard work, and making timely payments, you can easily acquire your dream small business loan.
References:
National Small Business Association (2021). The Small Business Finance Report. Retrieved from https://www.nsba.net/wp-content/uploads/2021/01/NSBA-SBF-Report-2021.pdf
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