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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 funding to start or grow your small business in Norfolk? You’ve come to the right place! Norfolk small business loans are available to help ease the financial burden and allow you to focus on what really matters: running your business. With a variety of options available, finding the perfect loan for your business has never been easier.
Why Choose Norfolk Small Business Loans?
Small businesses are the backbone of our economy. They create jobs, provide goods and services, and contribute to our local communities. But starting and growing a small business can be daunting, especially when it comes to financing. That’s where Norfolk small business loans come in. Here’s why you should choose them:
Flexible Repayment Terms: Unlike traditional lenders, Norfolk small business loans offer flexible repayment terms that work with your cash flow.
Fast Processing Time: Most Norfolk small business loans are processed quickly, allowing you to get the funds you need within days.
Lower Interest Rates: Several small business loans in Norfolk offer lower interest rates than traditional lines of credit or credit cards.
No Collateral Required: Many Norfolk small business loans are unsecured, meaning you don’t have to put up collateral to secure funding.
Types of Norfolk Small Business Loans
There are several types of small business loans in Norfolk, each tailored to meet specific business needs. Here are some of the most popular options:
1. SBA Loans
SBA (Small Business Administration) loans are backed by the federal government and offer low-interest rates and long repayment terms. The SBA partners with lenders to guarantee a portion of the loan, making it less risky for the lender while allowing small businesses to access funding they may not otherwise receive.
Pros: Longer repayment terms, lower interest rates, and no collateral required (depending on the loan).
Cons: The application process can be lengthy and requires a lot of paperwork. Additionally, approval isn’t guaranteed.
2. Business Line of Credit
A business line of credit is a revolving loan that allows you to borrow up to a certain limit and pay it back as you go. This type of loan is perfect for businesses that have variable income or expenses.
Pros: Flexibility in accessing funds and only paying interest on what you borrow. No requirement for collateral depending on the loan product.
Cons: Higher interest rates and fees compared to secured loans.
3. Equipment Financing
Equipment financing is a loan specifically designed to help small businesses purchase new equipment/assets (such as vehicles, machinery and technology items) they need to run their business. In most cases, the equipment will serve as collateral on the loan.
Pros: Fixed monthly payments, flexible terms (some providers offer 100% financing), and low rates depending on your credit score.
Cons: Collateral (equipment) may be seized if payments are missed, and often higher rates than other types of loans.
Norfolk Small Business Loan Providers
When it comes finding the right small business loan in Norfolk, there are several reputable loan providers to consider:
1. Bank of America
Bank of America offers a variety of small business loans, including lines of credit, term loans and equipment financing. Interest rates and terms vary depending on the loan product.
Opinions:
The Bank of America loans are worth considering but great care should be taken beforehand, with risk assessment measures well implemented.
2. Kabbage
Kabbage allows small business owners to apply for quick access to working capital by providing automated approval based on data from various sources.
Testimonials:
“I Got Funding for my business within Three Days”
-Business Owner
3. SmartBiz
SmartBiz specializes in SBA loans, with funding up to $5 million and repayment terms up to 25 years.
Anecdote:
“My application was approved inside an hour”
4. OnDeck
OnDeck offers short-term loans and lines of credit for small businesses, up to $500,000 with terms as short as three months.
Statistic: 9 out of 10 customers recommend OnDeck for their loan needs.
FAQs
Still have questions about Norfolk small business loans? Here are some of the most frequently asked questions:
Q: Can I qualify for a small business loan with bad credit?
A: While it may be more difficult to get approved, there are still options available for small business owners with bad credit.
Q: What documents do I need to apply for a small business loan?
A: Generally, you’ll need financial statements (profit and loss, balance sheet), tax returns and business plan with forecasts to provide when applying for funding proposals
Q: How long does it take to get approved for a small business loan?
A: Approval times vary depending on the lender, but generally range from a few days to several weeks.
Conclusion
Finding the right funding option for your small business in Norfolk can be overwhelming, but with so many great choices available, it’s easier than ever before. With flexible repayment terms and interest rates that work for small businesses, Norfolk small business loans are sure to help get your business off the ground or grow it even bigger. So don’t wait any longer – apply today and start making your small business dreams a reality!
Reference:
SBA Loans
Other potential sources of reference:
norfolk.gov
bizfilings.com
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