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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 thinking about starting a small business or expanding an existing one, it’s likely you’ll need a loan to get started. Luckily, Portland has plenty of options available for small business loans. From traditional bank loans to online lending platforms, there are many different resources you can tap into to secure the funding you need.
Traditional Bank Loans
One option for financing your small business is to apply for a traditional bank loan. These loans can be used for anything from purchasing inventory to hiring employees or paying rent. To qualify for a bank loan, you’ll typically need to have good credit and a strong business plan. Banks will also look at your personal finances to make sure you have enough collateral to back the loan.
It’s important to keep in mind that applying for a bank loan can be a lengthy process. You’ll need to provide financial statements, tax returns, and other documentation to prove your business’ viability. And even if you meet all the requirements, there’s no guarantee that your loan application will be approved.
Online Lending Platforms
If you’re looking for a quicker and easier way to obtain a small business loan, you may want to consider using an online lending platform. These platforms allow you to apply for a loan from the comfort of your own home, and they often don’t require as much collateral as a traditional bank loan.
Some popular online lenders include Kabbage, Lendio, and Fundbox. With these lenders, you can typically receive a loan decision within a matter of days, and the funds can be deposited directly into your bank account. However, keep in mind that online lenders often have higher interest rates than traditional banks, so be sure to read the fine print before accepting a loan.
Another option for securing a small business loan in Portland is to join a credit union. Credit unions are not-for-profit organizations that offer many of the same services as banks, including business loans. In fact, credit unions often offer lower interest rates than banks and online lenders, which can save you money in the long run.
To join a credit union, you’ll need to become a member, which usually involves opening a savings or checking account. However, once you’re a member, you may be able to take advantage of other services offered by the credit union, such as free financial education classes or help with budgeting and saving.
If you don’t want to take on debt in order to finance your small business, another option is to try crowdfunding. Crowdfunding platforms like Kickstarter and Indiegogo allow you to raise money for your business by asking friends, family, and strangers to contribute funds in exchange for perks or rewards.
Keep in mind that crowdfunding is not a surefire way to obtain funding, and it requires a lot of work to create a successful campaign. You’ll need to come up with a compelling pitch, create some buzz through social media and other marketing channels, and deliver on any promises made to backers.
In conclusion, whether you’re starting a new business or expanding an existing one, there are plenty of options available for obtaining a small business loan in Portland. From traditional bank loans to online lending platforms, credit unions, and crowdfunding, there’s no shortage of resources to tap into. Be sure to shop around and compare rates and terms from different lenders, and always read the fine print before accepting a loan. With the right funding in place, you’ll be well on your way to achieving your small business goals!
|Lender Type||Interest Rates||Loan Amounts||Approval Time|
|Traditional Banks||Varies by lender||$50,000 and up||2-4 weeks|
|Online Lenders||7% – 99%||$5,000 to $500,000||2-7 days|
|Credit Unions||5% – 18%||Up to $250,000||2-4 weeks|
|Crowdfunding||N/A||Varies by campaign||Varies by campaign|
Credit unions: https://www.becu.org/landing/why-becu-is-better-than-a-bank, https://portlandlocal411.com/listing/portland-sw-wa-columbia-community-credit-union/, https://www.onpointcu.com/, https://www.oregonstatecu.com/services/business_lending.php, https://www.iccu.com/business/business-lending-loans-financing
Crowdfunding: https://www.kickstarter.com/, https://www.indiegogo.com/