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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
Running a small business can be a dream come true for many entrepreneurs. It allows them to showcase their creativity, vision, and hard work. However, funding can often become a stumbling block on the path towards success. Many start-ups struggle to secure the capital they require to expand, invest in new projects, or even establish themselves.
Fortunately, Long Beach offers a myriad of opportunities for those seeking financial aid. The city is home to a range of reputable lenders, providing a vast selection of loans tailored to suit just about any scenario. From conventional bank loans to government-backed schemes, there is something for everyone. In this article, we will consider the best small business loans available in Long Beach.
Conventional Bank Loans
Traditional bank loans remain an excellent option for small businesses in Long Beach. These loans are offered by most banks and require borrowers to meet certain credit and income requirements. This type of loan typically requires security, such as real estate property, which guarantees the lender repayment if the borrower defaults.
One popular example of a bank offering small business loans in Long Beach is Wells Fargo. The bank provides loans ranging from $10,000 up to $100,000 with competitive interest rates. Their loans require little to no collateral at all, making them the ideal option for start-ups looking to expand.
Another notable option is Bank of America, offering long-term fixed-rate loans for small businesses starting at $25,000. To qualify for the loans, one must have a good credit score and provide proof of stable cash flows.
Governmental Small Business Loans
The Small Business Administration (SBA) is another institution that provides small business loans to entrepreneurs in Long Beach, California. The SBA does not lend directly to businesses but instead guarantees a percentage of the loan through various participating lenders.
There are several loan programs provided by the SBA, including 7(a), CDC/504 loans among others. These loans provided by the SBA are suitable for businesses looking to invest in commercial property, refinance, or even expand their operations. These loans offer slightly higher rates than conventional loans but come with more considerable credit amounts and longer repayment terms.
Online Lenders
In recent years, online lenders have become increasingly popular throughout the world. In Long Beach, they offer swift loans with near-instant cash disbursement times. Additionally, online lenders provide high loan limits and flexible repayment periods that suit entrepreneurs who may require endless working capital positions.
One of the reliable online lenders is Fundbox, which offers unsecured business lines of credit of up to $150,000. The company requires no collateral, and the repayment period can be between 12 months and 24 months. They remain an excellent option for small businesses with less than perfect credit scores.
Another excellent online lender is Lendio, which provides businesses with access to multiple lenders through a single form. This method guarantees flexibility and allows borrowers to pick the ideal loan work for them best.
Conclusion
Small businesses owners do take risks, and often their success stories are a result of this risk-taking nature. However, securing financial aid should not be one of these risks. With so many loan options available, entrepreneurs can choose the suitable loans that meet their unique needs and circumstances. Future-minded businesses need reliable funding sources to achieve success, and with careful planning, comprehensive research, and sound credit management, Long Beach small business loans provide opportunities to asset-driven entrepreneurs.
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