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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
Are you an entrepreneur looking to start a small business in the Oakland area? Do you need financial support to bring your dream to fruition? Look no further! Oakland has a plethora of options when it comes to small business loans.
Small businesses are the backbone of our economy, and Oakland is no exception. Small businesses create jobs and help sustain local economies. However, starting a business isn’t easy, and oftentimes requires significant upfront costs. This is where small business loans come in – they can provide critical funding to help you get started, expand or even weather tough times.
In this article, we’ll take a look at some options available for small business loans in Oakland. We’ll give you an overview of each option along with its advantages and disadvantages. Who knows ? You might just find the perfect one for you!
Traditional Banks in Oakland
One of the most common ways to finance a small business is through a traditional bank loan. The process generally starts with preparing a detailed business plan that outlines how the funds will be used, projected revenue streams and potential risks. Once this has been submitted, the bank will review the application, the creditworthiness of the applicant as well as other factors.
Some popular banks in the Oakland area that offer small business loans include:
– Wells Fargo Bank (https://www.wellsfargo.com/biz/lending/)
– Bank of America (https://www.bankofamerica.com/smallbusiness/business-financing/)
– Chase Bank (https://www.chase.com/business-banking)
The primary advantage of traditional bank loans is that they usually offer a predictable interest rate with regular monthly payments over a set term. Additionally, these loans often have longer terms and larger loan amounts compared to alternative lenders. The downside however is the strict requirements around your creditworthiness, profitability and time-in-business which makes them difficult to qualify.
If you find that traditional bank loans are not the right fit for you, consider looking at non-traditional lenders who may be more willing to work with you. Some examples of these lenders include:
– Merchant Cash Advances (https://www.merchantadvance.com/)
– Kabbage (https://www.kabbage.com/small-business-loans)
– BlueVine (https://www.bluevine.com/)
Non-traditional lenders typically offer quicker application and funding processes with more flexible requirements. Merchant cash advance providers provide up-front funds in exchange for a portion of future credit/debit card payments from customers. On the other hand, companies like Kabbage allow small business owners to access a line of credit of up to $250,000 with just an online application and pre-qualification. Instead of collateral or lengthy credit checks, cash flow and invoice history are relied upon as prime indicators of eligibility.
The main disadvantage of non-traditional lenders is that they usually charge higher interest rates than banks due to the increased risk of default.
Grants and Assistance Programs
Another option to get loan-free funds for your small business is applying for government grants and assistance offered by local organizations. These programs can be found through websites such as grants.gov, FedEx’s Small Business Grant Contest or Oakland-based programs like the Oakland African-American Chamber of Commerce, Women’s Equity Center or Hispanic Chamber of Commerce.
These programs offer smaller sums, oftentimes as contributions towards opening new businesses or making capital investments, but require pithy effort to apply. Moreover, the award-winning bid comes without strings attached, making it one of the most favored options among Oakland startups
There is no one-size-fits-all solution when it comes to small business loans. Each lending option has its advantages and every entrepreneur should examine their goals, expectations, and time frames to decide which type of loan suits their specific needs. Be sure to do your research and check the requirements of each option before deciding.
While obtaining funding is necessary, before starting a business it is also important to consult with a legal aid as well as accounting services organization for guidance. You don’t want to end up signing a misleading contract or jumping into a risky agreement without proper advice.
So what are you waiting for? Get started on financing your entrepreneurial dream today!