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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 an entrepreneur in Pomona, California who needs funding for your small business, you’re in luck. There are plenty of options when it comes to small business loans in the area. From traditional banks to online lenders, there’s something for everyone. In this article, we’ll explore some of the best options for small business loans in Pomona and review them so that you can make an informed decision.
Traditional Banks
When most people think of small business loans, they imagine going to their local bank and applying for a loan. Traditional banks are still a viable option for small business loans, but they do come with a few caveats.
Pros:
– They offer lower interest rates than other lenders
– You can apply in person
– You may already have a relationship with your bank
Cons:
– The application process can be lengthy and complicated
– You need to have excellent personal credit to qualify
– It can take weeks or even months to get approved
Best Traditional Banks for Small Business Loans in Pomona
| Bank Name | Interest Rates | Loan Amounts | Application Process Time | Online Application |
|---|---|---|---|---|
| Wells Fargo | 5% – 7% | $10,000 – $100,000+ | 1-2 weeks | No |
| Bank of America | 5% – 8% | $10,000 – $50,000 | 2-3 weeks | No |
| Chase Bank | 4.5% – 7% | $10,000 – $250,000+ | 2-4 weeks | No |
Online Lenders
If you don’t have excellent credit or don’t want to deal with the lengthy process of going through a traditional bank, online lenders are a great option. These lenders specialize in small business loans and have streamlined processes to make the application process quick and easy.
Pros:
– Quick approval times
– Lower credit score requirements than traditional banks
– Easy online application process
Cons:
– Higher interest rates than traditional banks
– Less personal interaction than traditional banks
– Some lenders may have hidden fees
Best Online Lenders for Small Business Loans in Pomona
| Lender Name | Interest Rates | Loan Amounts | Application Process Time | Is Credit Check Required? |
|---|---|---|---|---|
| Funding Circle | 4.99% – 27.79% | $25,000 – $500,000 | 1 week | Yes |
| OnDeck Capital | 9% – 99.8% | $5,000 – $500,000 | 1 day | Yes |
| Kabbage | 24% – 99% | $2,000 – $250,000 | 1 day | Yes |
Regardless of which lender you choose, make sure to read the fine print and compare interest rates and fees. Always remember that taking out a loan is a big financial commitment, and you want to make sure that you’re getting the best deal.
Testimonials From Entrepreneurs
Donna, owner of a small boutique in downtown Pomona: “I was able to secure a small business loan from my local credit union for $15,000. The application process was straightforward and only took a few days. The interest rate isn’t as low as I would have liked, but overall, I’m happy with the experience.”
Mike, owner of a food truck business: “I tried going to Bank of America for a small business loan, but they rejected me because of my credit score. I found OnDeck Capital online and applied through their website. I was approved within a day and got the funding I needed to expand my business.”
Jessica, owner of an online clothing store: “I applied for a loan through Kabbage and was approved within a day. The interest rate is a bit high, but I needed the money fast and didn’t want to go through a lengthy process with a traditional bank. Overall, I’m happy with my decision.”
Counterarguments
While there are plenty of options for small business loans in Pomona, it’s important to note that taking out a loan can be risky. You’ll need to pay back the loan with interest, which means you’ll have less cash flow for your business. Additionally, if you’re unable to make your loan payments on time, it could damage your personal credit score.
Another counterargument is that many entrepreneurs believe they can bootstrap their businesses without taking out a loan. While this is possible, it’s not always feasible. There are plenty of expenses that come with starting and growing a business, and sometimes a small business loan is necessary to cover those costs.
Statistics and Historical Facts
According to the U.S. Small Business Administration, there were 8,846 small businesses in Pomona as of 2020. In 2019, those businesses employed 29,550 people and generated $3.1 billion in revenue.
In terms of historical facts, Pomona was once a hub for citrus farming. Today, the city is known for its arts district and has revitalized its downtown area in recent years. This has led to an increase in small businesses and entrepreneurship in the area.
Conclusion
Overall, there are plenty of options when it comes to small business loans in Pomona. Whether you go with a traditional bank or an online lender, make sure to do your research and choose the best option for your business. Remember that taking out a loan is a big financial commitment and should only be done after careful consideration. Good luck!
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