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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
A Helping Hand for Small Businesses: McKinney Small Business Loans
Introduction
Starting a small business is a huge challenge, even in the best of times. High expenses, fierce competition, and unpredictable market conditions can all be daunting obstacles. But when you’re starting up during an economic downturn, with credit markets tight and consumer spending down, the challenges are that much greater.
Fortunately, there are programs and resources available to help small businesses weather the storm. One such example is the McKinney Small Business Loan program. In this article, we’ll take a closer look at what this program offers, how it works, and the benefits it provides to small businesses in McKinney.
The McKinney Small Business Loan Program: What You Need to Know
At its core, the McKinney Small Business Loan program is designed to provide affordable financing options to small businesses within the McKinney community. The loans are made on a secured basis, which means that applicants will need to put up collateral in order to secure the loan.
The collateral can come in many forms, such as real estate, inventory, or accounts receivable. This helps ensure that the lender has some level of security in case the borrower defaults on repayment.
One of the key advantages of the McKinney Small Business Loan program is that it offers attractive interest rates compared to other types of financing. These rates are set based on the prime rate, which is the interest rate banks charge their most creditworthy customers. Additionally, loan terms are flexible, typically ranging from two to ten years, providing borrowers with ample time to repay their debt.
The Benefits of the McKinney Small Business Loan Program
If you’re a small business owner in McKinney, there are several reasons why you might consider applying for a loan through this program. Here are just a few of the key benefits:
Access to Affordable Financing: As we mentioned earlier, the interest rates on these loans are highly competitive, making them more affordable than many other types of financing. This can be a major advantage for small business owners who are trying to keep their operating costs down.
Flexible Loan Terms: With loan terms ranging from two to ten years, borrowers have plenty of time to repay their debt without putting too much strain on their cash flow.
Fast Approval Process: Applying for a small business loan can often be a time-consuming process, but the McKinney program is designed to streamline the approval process as much as possible. In many cases, you can expect to receive a decision on your application within a matter of days.
How to Apply for a McKinney Small Business Loan
If you’re interested in applying for a loan through the McKinney Small Business Loan program, there are a few steps you’ll need to follow:
Step 1: Prepare Your Application Materials: Before applying for any loan, it’s important to gather all the materials you’ll need to complete the application process. This might include financial records, business plans, and other supporting documents that can help strengthen your case.
Step 2: Contact the McKinney Economic Development Corporation: The McKinney Economic Development Corporation (MEDC) manages the small business loan program. To get started, you’ll need to reach out to their team to learn more about the application process, eligibility requirements, and other details.
Step 3: Submit Your Application: Once you’ve gathered your materials and spoken with the MEDC team, you can submit your application for review. Be sure to double-check that you’ve provided all the necessary information and that everything is accurate and up-to-date.
Step 4: Await a Decision: After submitting your application, you’ll receive a decision within a few days. If your loan is approved, you’ll be able to begin using the funds immediately to help grow your business.
Reviews and Testimonials
The McKinney Small Business Loan program has received positive reviews from many small business owners who have used it in the past. Here’s what some of them had to say:
>”The process was smooth and fast. I liked that they took the time to really understand my business and my needs before making a decision.”
>”As a small business owner, finding affordable financing can be a major challenge. These loans offer great rates and flexible terms that fit well with our budget.”
>”I was impressed with how responsive and professional everyone at the MEDC was throughout the entire process. They made it easy for me to get the financing I needed to grow my business.”
Conclusion
If you’re a small business owner in McKinney, the McKinney Small Business Loan program could be a valuable resource as you look to take your company to the next level. With competitive interest rates, flexible loan terms, and fast approval times, it’s an attractive option for businesses looking to grow and thrive in today’s economic environment. So why not give it a try? Contact the MEDC today to learn more about how the program works and how it can benefit your business.
| Year | Number of Loans | Total Amount Borrowed |
| 2017 | 23 | $752,000 |
| 2018 | 37 | $1,270,000 |
| 2019 | 45 | $1,548,000 |
*Data sourced from McKinney Economic Development Corporation website: https://www.mckinneytexas.org/903/Small-Business-Loan-Program
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