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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
Looking for the means to expand your small business in Minneapolis? Look no further! There are plenty of options available for those looking to secure a loan to help grow their businesses. In this article, we’ll explore the top Minneapolis small business loans and provide you with an in-depth analysis of what each loan offers.
Types of Small Business Loans Available
When it comes to small business loans, there are various options available depending on what type of business you run and what your needs are. Here are some popular types of small business loans:
Traditional Bank Loans
Traditional bank loans are one of the most common ways that small businesses look to obtain funding. These loans are provided by banks or credit unions and can offer competitive interest rates, long-term repayment plans, and larger loan amounts. However, traditional bank loans can be difficult to obtain as they often require collateral, good credit history, and a proven track record of financial stability.
Small Business Administration (SBA) loans are government-backed loans aimed at financing small businesses. The SBA itself doesn’t lend money; instead, it guarantees portions of loans made by participating lenders. SBA loans offer low-interest rates, long repayment periods, and large loan amounts. However, SBA loans also have stringent eligibility requirements, which include a good credit score, proven financial stability, and sufficient cash flow.
Online Business Loans
Online lenders provide faster turnaround times, fewer documentation requirements, and higher approval rates compared to traditional banks or SBA loans. Online lenders may also provide short-term loans or lines of credit with flexible payment terms. However, online business loans come with higher interest rates, limited funds, and shorter loan terms.
Top Small Business Loans in Minneapolis
Keeping in mind the various types of small business loans available, we have put together a list of top Minneapolis small business loans that may help you expand your business:
Prime-based Commercial Loan
This loan is offered by Wells Fargo and is designed for those seeking funds to expand their business. The Prime-based Commercial Loan offers flexible repayment terms, interest rates that are fairly reasonable compared to other traditional bank loans, and can be used for equipment purchases, debt refinancing, or working capital requirements.
If you’re looking to acquire commercial property or need a construction loan, Wells Fargo offers SBA 7(a) and 504 loans with competitive rates, long-term funding, and up to $5 million in loan amounts.
Neighborhood Works provides affordable and accessible lending options to individuals who want to start or expand their small businesses. Their loans attract low-interest rates that may be linked to the credit score, income, and savings of the applicant.
Sunrise banks offer loans to qualified applicants with bad credit scores or limited business history. In addition, they offer Microloans up to $50,000 to cover all business operations expenses. They also provide guidance and support to entrepreneurs so that their businesses grow in a sustainable manner.
Expanding your small business is never an easy feat, but with the right type of financing, it can certainly become more manageable. As you can see, there are numerous types of small business loans available in Minneapolis, each with its distinctive benefits and drawbacks. Before settling on any particular financial package, it’s essential to evaluate the required funds you need, the terms of the loan, and the lender’s credibility.
Ultimately, whether you opt for a traditional bank loan, SBA loan, online business loan, or one of the loans mentioned above, choose wisely after fully understanding what the specific loan entails. Be prepared to take on the responsibility of repayments and be realistic about what your business needs to grow. If you do this, you’ll be well on the way to expanding your small business in Minneapolis with the right financing.