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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
Starting a small business is an exciting venture, but it can also be daunting. One of the biggest challenges that entrepreneurs face is securing funding to get their business off the ground. Fortunately, Omaha small business loans are available to help you achieve your dream of owning a successful business.
So, what are small business loans? Simply put, it’s money borrowed from a lender to start or expand a business. These loans have varying terms and conditions, including interest rates and repayment schedules, depending on the lender and the borrower’s qualifications.
If you’re looking to start a business in Omaha, there are several options available to you. In this article, we’ll take a closer look at some of the best small business loans available in Omaha, as well as their benefits and drawbacks.
Types of Small Business Loans in Omaha
When applying for a small business loan, it’s important to understand the different types available. Here are some of the most common types of small business loans in Omaha:
1. SBA Loans:
The Small Business Administration (SBA) is a federal agency that provides support to small businesses across the country. SBA loans are backed by the government, which means they offer lower interest rates and more flexible repayment terms than traditional bank loans. They’re also easier to qualify for if you have less-than-perfect credit.
Benefits:
– Low-interest rates
– Flexible repayment terms
– Less strict credit requirements
Drawbacks:
– Long application process
– High eligibility criteria
– Strict usage guidelines
2. Traditional Bank Loans:
Traditional bank loans are perhaps the most well-known type of small business loans. They’re offered by banks and credit unions and come with a set interest rate and repayment schedule. These loans typically require collateral or a solid credit score to secure them.
Benefits:
– Reasonable interest rates
– Simplified application process
Drawbacks:
– Strict eligibility criteria
– Lengthy approval process
3. Business Credit Cards:
Business credit cards are technically a type of loan that allows you to borrow money up to a certain limit, which you’ll pay back later with interest. Some credit card companies also offer rewards programs that can be beneficial to small business owners.
Benefits:
– Convenient and easy access to funds
– Rewards programs
– Can help establish credit for your business
Drawbacks:
– High interest rates
– Limited credit limits
4. Invoice Funding:
Also known as invoice financing, this type of funding is specifically designed for businesses that issue invoices for their services or products. Essentially, the lender pays you an advance on your outstanding invoices, minus a fee, which you’ll later pay back.
Benefits:
– Simple qualification requirements
– Usually requires no collateral
Drawbacks:
– Higher fees than traditional loans
– Less flexible repayment schedules
How to Find Small Business Loans in Omaha
Now that you know some of the different types of small business loans available, you may be wondering how to find them in Omaha. Here are some tips for finding the best loans for your business:
– Research: Start by researching lenders and their terms to get an idea of what you qualify for and what your options are.
– Ask for recommendations: Talk to other business owners in your area to see if they have any lenders they’d recommend.
– Consider online lenders: Online lenders offer easier applications and faster approvals.
– Check with your bank: If you already have a relationship with a bank, check to see if they offer small business loans.
Conclusion
Starting a small business is no easy feat, but with the right funding and support, it can be done. Omaha offers a variety of small business loan options, each with its own benefits and drawbacks. Take the time to research your options and choose the loan that’s right for you and your business. With hard work and a little financial assistance, your dream of owning a successful business can soon become a reality.
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