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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
In today’s fast-paced and competitive economy, small business owners face immense challenges that can hinder growth and development. One of the biggest concerns for small business owners in San Bernardino is access to funding or loans. Small businesses are the backbone of America’s economy and it’s important to support them in their pursuit of success. In this article, we will explore the options available for small business owners looking to get a loan in San Bernardino. We’ll also offer some tips on how to navigate the process and choose the best option for your unique needs.
San Bernardino Small Business Loans: Making it Happen
Running a small business is no easy feat. It requires hard work, dedication, and an undeniable passion for your craft. However, even with all these qualities, accessing capital to sustain or grow your small business could be elusive. Fortunately, San Bernardino provides an array of financing options to help startup entrepreneurs, existing small businesses, and established businesses alike.
Small Business Administration (SBA)
The Small Business Administration (SBA) is one of the most popular sources of financing for small businesses in San Bernardino. The SBA offers a range of financing programs including microloans, disaster loans, and general purpose loans. They offer flexible terms and low-interest rates to make loans accessible to more small businesses. Be prepared to have an impressive business plan and good credit history when applying for SBA loans.
Business Credit Cards
Another financing option available for small business owners in San Bernardino is a business credit card. Although they may not be as traditional as other loans they come with added advantage like being easy to obtain, having lower interest payments, and allowing you to keep a tab on expenses. As long as you show good financial responsibility with your cards, such as timely repayment and smart usage, you won’t run into trouble with overdrafts or surpassing your credit limit.
Short-term business loans
A short-term business loan is another financing option to consider for small businesses in San Bernardino. These loans typically last up to a year, with interest rates ranging from 12% – 45%. However, they offer quick funding turnaround times, and can be used for working capital or other immediate expenses. Short-term loans are also more accessible to businesses that have low credit scores.
Alternative Lenders
Alternative lenders are another option for small business owners seeking funding. Alternative lenders are distinct from traditional lenders in that they use alternative data to evaluate your creditworthiness instead of relying purely on your credit score. They may also offer higher interest rates and have stricter repayment schedules than traditional lenders like banks. Examples of these lenders include Kabbage, OnDeck, and BlueVine which are all SuperMoney’s top-rated small business loan providers.
Grants
Small business grants are another financing option available in San Bernardino that are worth delving into. Unlike loans, you do not pay back grants, and some often come bundled with additional services such as counselling or training. Grants might be obtainable through your city, county, or state government, non-profits, private foundations or even federal agencies such as the Department of Agriculture.
Comparing Small Business Loan Options
With all these options available, how do you decide which one works best for your small business? The answer lies in comparison shopping: reviewing the costs, terms, and requirements of each loan product is critical in making an informed decision. We can enhance our understanding by using a comparison table to better make sense of the pros and cons of each available option.
Table 1: Comparison Table for San Bernardino Small Business Loans
| Type of Loan | Pros | Cons |
| — | — | — |
|SBA Loans|• Low-interest rates
• Flexible terms
• Funds can be used for several purposes|• Strict approval standards
• Stringent application process|
|Business Credit Cards|• Easy application process
• Low fees and rates
• Cashback incentives|• May require personal guarantee
• Risk of high interest rate in the long run|
|Short-term Business Loans|• Fast funding turnaround time
• Accessible to low credit score businesses|• High-interest rates in some cases
• Strict payment schedules|
|Alternative Lenders|• No minimum creditworthiness standards
• Speedy application
• Recently-developed, flexible underwriting criteria|• Higher interest rates than traditional lenders may charge
• Some operate online|
|Grants|• Do not require repayment
• Offer additional services or supports|• Low-availability
• Strings attached|
Conclusion
As a small business owner in San Bernardino, your financial goals will largely determine the type of financing that is best suited for you. Remember that choosing the right financing option requires research, analysis, and an appreciation of what works best for your unique situation. Apply for loans you can afford while keeping a close eye on interest rates, credit requirements, payment schedules, and penalties. The last thing you want is to be saddled with debt, which could lead to the collapse of your business.
Get more information about San Bernardino Small Business Loans from https://www.sbcity.org/government/departments/ed/business_support/small_business_and_registercontractor_information/small_business_financial_resources#ad-image-0
Anecdotes
Ever had to choose between two or more loan providers? It’s not an easy decision to make. A San Bernardino business owner once shared his experience and noted that “The luring sum of money offered by one provider actually masked the hefty terms, conditions and interest payments.” He went further “You’ve got to look beneath the initial offer, review the fine prints, consider the long-term implications before making any commitment.” You don’t want to rush into important decisions without doing your due diligence.
Counterarguments
While San Bernardino is a great hub for small businesses, some people may argue that the process of obtaining a loan is tedious and complicated. Loans can indeed be intimidating efforts to undertake – it’s important to remain calm and do your research diligently. The different financing types, coupled with their requirements, many layers and stages of verification and approval processes can make applying for financing feel like a chore or a daunting task, but it shouldn’t be a reason to give up on your dreams.
Statistics
According to the Small Business Association, 80% of all small businesses fail within their first year of existence, primarily because of financial reasons. In California, 42 percent of small businesses have had trouble securing funding, according to a poll by Small Business Majority. To avoid being part of the negative statistics, proper planning, and financial management especially as pertains to handling finances should be prioritized.
In Conclusion,
Small business loans are critical to the success of any enterprise, especially in San Bernardino where startups must deal with fierce competition. Finding the right funding option could help your business get back on track or take it to the next level. Whether through the SBA, government grants, credit cards, or alternative lenders, the key is knowing what’s best for you, doing due diligence, and taking that first step. Remember, while loans might boost your business, they also come with liabilities so handle them carefully.
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