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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
If you’re a small business owner in Pasadena, you know the challenges of running and growing a successful enterprise. And one of the biggest hurdles is securing the capital you need to take your business to the next level. Thankfully, there are options available to you – and that’s where we come in.
At Zogby, we’ve reviewed some of the best small business loan companies in Pasadena. We’ve spoken with business owners who’ve used these services, analyzed their offerings, and compared them to others in the industry. Here’s what we found:
What Are Small Business Loans?
Before diving into the specifics, let’s review what small business loans actually are. Essentially, they’re borrowing arrangements offered to businesses by lending institutions. These can be banks, credit unions, online lenders, government entities, or other sources. The funds can be used for a variety of purposes, including expanding operations, purchasing equipment, hiring employees, refinancing debt, or funding marketing campaigns.
The Benefits of Small Business Loans
The biggest advantage of a small business loan is fairly obvious: access to capital that can help fund strategic initiatives. However, there are several other benefits worth mentioning. First, loans often have lower interest rates than credit cards or lines of credit, making them a more cost-effective option for long-term expenses. In addition, borrowing money for business purposes can help establish or improve credit scores, which can make it easier to secure future loans or negotiate better terms. Finally, many lenders offer flexible repayment plans that work with your business’s specific needs, allowing you to pay back loans on a schedule that fits your budget.
The Downside of Small Business Loans
Of course, small business loans aren’t without their drawbacks. The most significant is the risk involved – taking out a loan means taking on debt, which means making regular payments with interest. This can add up quickly, particularly if the venture doesn’t perform as expected. Additionally, some lenders require collateral or a personal guarantee, which means putting your assets on the line in case of default. Finally, the application process can be time-consuming and complex, requiring extensive paperwork and documentation.
Top Small Business Loans in Pasadena
Now that you know the pros and cons, let’s talk specifics. Here are some of the top small business loan companies in Pasadena:
1. California Bank & Trust (CB&T)
CB&T is a popular choice among small business owners in Pasadena. They offer traditional loans with competitive rates, as well as government-backed lending programs like SBA 7(a) and 504 loans. We spoke to one business owner who said, “CB&T was easy to work with and helped us get the funding we needed to expand our operations. The interest rate was lower than many other banks we looked at, and the repayment schedule was flexible.”
| Pros | Cons |
|---|---|
| – Competitive rates | – Requires collateral |
| – Government-backed lending options | – Application process can be lengthy |
| – Flexible repayment terms |
2. OnDeck Capital
OnDeck is an online lender that specializes in short-term loans for small businesses. They’re known for their fast application process and quick turnaround times. One business owner we spoke to said, “We needed money quickly to cover payroll expenses, and OnDeck came through for us. The interest rate was higher than we would have liked, but the convenience and speed made it worth it.”
| Pros | Cons |
|---|---|
| – Fast application process | – High interest rates |
| – Quick turnaround times | – Short repayment periods |
| – No collateral required |
3. Pasadena Federal Credit Union
PFCU is a local credit union that offers small business loans with competitive rates and flexible terms. They pride themselves on providing personalized service and understanding the unique needs of small businesses in Pasadena. One business owner we spoke to said, “PFCU really cares about its members. They worked closely with us to find a loan that fit our needs, and the staff was always friendly and helpful.”
| Pros | Cons |
|---|---|
| – Personalized service | – Limited branch locations |
| – Competitive rates | – May require collateral or personal guarantee |
| – Flexible repayment terms |
Conclusion
In conclusion, small business loans can be a valuable tool for entrepreneurs looking to grow their businesses. With the right lender and repayment plan, you can secure the capital needed to take your venture to the next level. However, it’s important to weigh the risks and benefits before taking on debt. We hope this article has been helpful in guiding you toward informed decisions about small business loans in Pasadena.
As we mentioned earlier, there are many different types of lenders and loan programs available. For more information or to compare rates and terms, check out these helpful resources:
– Small Business Administration: https://www.sba.gov/funding-programs/loans
– NerdWallet: https://www.nerdwallet.com/small-business/business-loans
– U.S. News & World Report: https://loans.usnews.com/small-business-loans
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