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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
If you are an entrepreneur, starting a new small business in Jacksonville can be tough. You need a startup capital and this is where the Jacksonville Small Business Loan comes in handy. This loan is special as it gives small business owners that much-needed financial assistance to kick-start their business.
What is the Jacksonville Small Business Loan?
The Jacksonville Small Business Loan program was established by the city government in collaboration with financial institutions like Wells Fargo, Chase Bank, Capital One Bank, among others. The goal of the program is to provide financial assistance to small businesses in the Greater Jacksonville Area to get them off the ground.
This program is self-funded, which means that borrowers pay back their loans plus interest that helps keep the program going. This financial assistance program offers low-interest rates, flexible payment plans, and a wide variety of loan amounts from $1,000 to $50,000.
Who Is Eligible For The Jacksonville Small Business Loan?
To qualify for the Jacksonville Small Business Loan, you must meet certain eligibility criteria such as:
Location: You must operate your business within the Greater Jacksonville area.
Type Of Business: Your business must be a legally operating small business. If you are unsure about whether your business meets the criteria, don’t hesitate to make inquiries.
Credit Score: Your business should have a good credit score to show that you are capable of paying back the loan.
Why Should You Consider The Jacksonville Small Business Loan?
If you are a small business owner facing difficulties obtaining a traditional loan, then the Jacksonville Small Business Loan is worth considering. It has several advantages:
Low-Interest Rates: Loans offered under this program fall under three tiers offering interest rates ranging between 5% and 9%. These rates are comparatively lower than those found on traditional loans at banks or credit unions.
Flexibility: Borrowers are given a window of 6 months to up to 10 years to repay their loans at flexible repayment plans. This is based on the amount they borrow, and their unique business needs that could change over time.
No Prepayment Penalties: Many traditional lending institutions often penalize borrowers who repay loans before the scheduled time. With Jacksonville Small Business Loans, you can pay off your loan ahead of schedule without incurring any penalties.
What Are The Requirements For The Jacksonville Small Business Loan?
To apply for the Jacksonville Small Business Loan program, you must meet certain requirements:
Submit An Application: Submit an application to get started with the program.
Borrower’s Experience: The borrower needs to have relevant experience in running or starting a small business.
Borrower’s Creditworthiness: The borrower will need to prove creditworthiness, such as showing substantial revenue income every year, clean payment history, and a high credit score.
Business Plan: Borrowers should present their business plan demonstrating how their enterprise will grow and impact the community positively.
What Are The Risks Involved In The Program?
While the advantages are attractive, there are risks involved in the Jacksonville Small Business Loan program. Here are some risks worth noting:
Potential Overborrowing: Because of the low-interest rates offered in this program, it’s easy to be tempted to over borrow far beyond what your business might need.
Debt Accumulation: If your business experiences cash flow issues, it may become challenging to keep repaying your loan installments. Accrued interests may add up along the way, resulting in more significant debt accumulation.
Defaulting On Payments: Failure to make timely payments can attract repercussions such as penalties, fees, or even legal actions.
The Jacksonville Small Business Loan is an excellent avenue for small business owners to access financing at a lower interest rate compared to traditional loans. However, it’s crucial that you understand the risks associated with taking on this loan and only borrow what your business needs.
If you are starting a new business plan or expanding an existing one, the Jacksonville Small Business Loan might be a step forward for your venture. Visit their website at www.jaxloans.com and apply for the program today!