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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 can be an exciting and rewarding experience. However, it comes with various hurdles, particularly when it comes to financing. As a small business owner, you need capital to launch your business, cover operating expenses, expand, and purchase equipment or inventory. One way of acquiring the necessary funds is through Small Business Administration (SBA) loans.
Pembroke Pines in Florida is no stranger to SBA loans, and we have done our research to get first-hand accounts and reviews from citizens who have benefited from them. We have compiled our findings to help small-business owners; whether they are considering starting a new company or expanding an existing one, this article has everything you need to know about Pembroke Pine SBA Loans.
What are SBA loans?
When small-business owners approach traditional banks for financing, many face rejection due to a lack of collateral, low credit scores, or lack of track record. SBA loans come in as a viable option as both the SBA and participating lenders collectively provide funds. The SBA guarantees up to 90% of the loan repayment amount. This guarantee lowers the risk exposure of the lender when making the loan initially, hence the broad qualification criteria, such as low-interest rates and favorable repayment terms up to 25 years.
Pembroke Pines small business loans options
The main categories of SBA loans that entrepreneurs in Pembroke Pines should consider include:
1. 7(a) SBA loans
7(a) loans are the most popular and versatile SBA loans, and these are available up to $5 Million. These funds allow small-business owners to use them as revolving credits or term loans, from purchasing assets to working capital. These loans are also structured to accommodate specific needs such as equipment financing and real estate purchases. Payments are set between seven and 10 years for normal transactions and up to 25 years for fixed-asset projects.
2. Microloan Program
The Microloan program is an excellent option for start-ups or small enterprises requiring amounts of up to $50,000. Some personal loans require a minimum credit score, but this isn’t the case when it comes to SBA microloans. The term period on this type of loan is typically six years, including up to six month’s working capital for business start-up.
3. CDC/504 Loan Program
CDC/504 loans are ideal for small businesses ready to purchase significant fixed assets such as land, buildings, and major modifications. These can finance projects as high as $5 million with 40 percent being provided by the bank, 50 percent from the Certified Development Company (CDC), and the rest paid by the borrower.
Benefits of SBA loans obtained in Pembroke Pines
1. Flexible loans terms — SBA loans frequently have lengthier repayment periods with low-interest rates that range between 5-10% depending on the loan product.
2. Easy qualification process – The entire financing process is less rigorous, significantly reducing the time and labor necessary to obtain funds.
3. Assistance with other areas of business- The SBA also offers counseling resources to assist small-business owners with real-world problem-solving, company and financial planning, business growth strategies, and disaster recovery plans.
4. Almost no paperwork- The SBA provides all documents needed to obtain the loan, making the application process much more comfortable to handle for new entrepreneurs.
Tips to Ensure an Efficient Loan Application Process
SBA loans require that the applicant meets specific criteria, so it’s crucial to prepare your paperwork adequately beforehand. Here is a general summary of what is expected.
Business plan: A well-formulated business plan should be at the forefront of every small entrepreneur’s toolkit as they act as a road map towards staying focused, tracking progress and identifying gaps.
Personal information: Presenting comprehensive information, including citizenship and age, is essential. Any criminal convictions, bankruptcies or legal issues must also be explicitly declared.
Tax returns: It is essential to present detailed tax return documents for your business and personal income tax for the last three years.
Collateral requirements: Prepare your collateral online as the lender will undoubtedly require a further personal guarantee before awarding approval.
Significant financial statements and reports: This document should include balance sheets, profit and loss (P/L) statements, company registration evidence, past bank statements, Income Tax, and so on.
Obtaining funding for a small business is no easy feat, and financing options like SBA loans are vital in assisting entrepreneurs to fulfill their dream of owning a prosperous business. Pembroke Pines small business loans can provide entrepreneurs with resources to generate start-up capital or infuse existing businesses with much-needed capital.
This said site Small Business Administration and Bankrate to corroborate our story.
Table 1: Pembroke Pines Loan Program Comparison
| Program Name | Maximum loan amount | Interest rate | Repayment term |
| 7(a) Loans | $5,000,000 | 5-10% | up to 25 years |
| Microloan Program | $50,000 | varies | up to 6 years |
|CDC/504 Loan Program |$5,000,000 |varies | up to 20-25 years|
Small Business Admnistration – https://www.sba.gov/funding-programs/loans
Bank Rate – https://www.bankrate.com/business-loans/sba/