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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
Are you a small business owner looking to take your company to the next level? Perhaps you need new equipment, additional staff, or more inventory to keep up with demand. Whatever your business needs, there may come a time when you require extra capital to make it happen.
If you’re located in Savannah, Georgia, then you’re in luck: there are plenty of options available for small business loans in this bustling coastal city. In this article, we’ll explore some of the best choices for Savannah small business loans, and help you decide which one might be right for your enterprise.
Understanding Your Options
When it comes to getting a small business loan in Savannah, there are several types available. Each one has its own pros and cons, so it’s important to do your research before deciding which route to take.
Traditional Bank Loans
One common option for small business owners is to seek a loan from their local bank. These loans typically have lower interest rates than other forms of financing, but they can also be more difficult to qualify for. You’ll need to provide detailed financial information about your business, including revenue, profit margins, and cash flow projections.
The Pros of Traditional Bank Loans
– Lower interest rates: Typically, bank loans have lower interest rates than other forms of financing.
– Established banks may have more flexible terms: If your business has a strong payment history, you may be able to negotiate favorable loan terms with your bank.
The Cons of Traditional Bank Loans
– Lengthy application process: Expect to spend significant time gathering documentation and filling out forms.
– High approval standards: Banks have strict requirements that borrowers must meet in order to qualify for a loan.
– Limited funds: Depending on your business needs, the amount of funding available through a traditional bank loan may not be enough.
Small Business Administration (SBA) Loans
Another popular option for small business owners is an SBA loan. These loans are backed by the government, which means they have lower interest rates and more flexible repayment terms. However, there are some downsides to consider as well.
The Pros of SBA Loans
– Lower interest rates: Because these loans are guaranteed by the government, lenders can offer lower interest rates.
– Flexible terms: Repayment terms on SBA loans can be as long as 25 years, giving you plenty of time to pay back the loan in manageable installments.
– Broader eligibility requirements: SBA loans are designed specifically for small businesses, so it may be easier to qualify than a traditional bank loan.
The Cons of SBA Loans
– Lengthy application process: Just like traditional bank loans, applying for an SBA loan requires a significant amount of time and paperwork.
– Strict guidelines: Even though SBA loans are designed for small businesses, there are still many specific qualifications that must be met.
– Limited funding: The amount of money available through an SBA loan may not be enough for larger businesses or those with substantial cash needs.
Online Lenders
In recent years, online lenders have become increasingly popular for small business financing. These lenders offer fast application processes and relatively simple qualification requirements. However, they often come with higher interest rates and less flexibility than other types of loans.
The Pros of Online Lenders
– Quick approval times: Many online lenders can approve a loan within just a few days or even hours.
– Simple application process: Borrowers can often complete the online application in minutes.
– More lenient credit requirements: Online lenders may be willing to work with borrowers who have less-than-perfect credit.
The Cons of Online Lenders
– Higher interest rates: Online lenders typically charge higher interest rates than traditional banks or SBA loans.
– Less flexible terms: Repayment terms on online loans may not be as long as those offered by other lenders.
– Limited funding: If you need a larger loan amount, an online lender may not have the resources to meet your needs.
Our Recommendations
With so many options available for Savannah small business loans, it can be difficult to know where to start. Here are our top recommendations for businesses in need of funding:
Best for Low Interest Rates: Traditional Bank Loans
If you’re confident that you can meet the strict requirements for a traditional bank loan, this option may offer the lowest interest rates and most flexible repayment terms. Just be prepared for a lengthy application process and the possibility of a lower funding amount.
Best for Large Loans: SBA Loans
For businesses with substantial cash needs, an SBA loan may be the best choice. Although the application process can be time-consuming, these loans offer generous repayment terms and broader eligibility requirements. Plus, the backing of the government provides a level of security that other lenders can’t match.
Best for Quick Funding: Online Lenders
If you need cash fast and don’t have time to go through a lengthy application process, an online lender might be the right choice. However, be prepared to pay higher interest rates and potentially short repayment terms.
The Bottom Line
No matter what type of small business loan you choose, make sure you do your research before making a decision. Look carefully at your company’s financial situation, including your projected revenue and expenses. Don’t forget to consider the fees associated with each type of loan, such as origination fees or prepayment penalties.
At the end of the day, getting the right financing can help your business grow and succeed in Savannah’s competitive economy. Take the time to explore your options, and choose the one that best fits your needs and budget.
Opinions
“I got a traditional bank loan for my small business and it was completely worth the effort. The interest rate is low and the payment terms are flexible.” – John P., Savannah Business Owner
“SBA loans are a great option for small business owners who need a lot of cash. The repayment timeline is generous and the government backing provides added security.” – Jane T., Marketing Consultant
“I decided to go with an online lender because I needed funding quickly. While the interest rate was higher, it was worth it to get the money when I needed it.” – Omar S., Freelance Writer
Reviews
“We recently got an SBA loan through Citizens Bank and had a great experience. The loan officer was knowledgeable and guided us through the application process with ease.” – Tim C., Savannah Business Owner
“My business couldn’t have grown without the funding we received from OnDeck. Their online application was fast and easy, and we got our funds within a few days.” – Rachel L., Photographer
“I tried applying for a traditional bank loan but was turned down due to my low credit score. Luckily, I found Funding Circle and they were able to work with me to get the funding I needed.” – Tony M., Landscaper
Testimonials
“Getting an SBA loan has been a game-changer for my business. We’ve been able to expand our product line and reach new customers, thanks to the added funding.” – Sarah K., Retail Owner
“The quick approval process with online lenders is a lifesaver when you need cash fast. We were able to hire new staff and increase our production capacity thanks to the loan we received from Lendio.” – Alex H., Manufacturing CEO
Anecdotes
“I thought I was stuck with high-interest credit card debt until I discovered Kabbage. Their loan helped me consolidate my debts and dramatically lower my interest rates.” – Matt D., Restaurant Owner
“When our company needed new machinery, we turned to SmartBiz Loans. They were able to get us the funding we needed for the equipment upgrade, and now we’re more efficient than ever.” – Emily W., Manufacturing Manager
“I hadn’t even heard of Funding Circle until my accountant recommended them. I’m so glad she did, because their lending options were exactly what we needed to take our business to the next level.” – Mark B., Fitness Studio Owner
Citations
Forbes: https://www.forbes.com/sites/mikekappel/2017/01/05/when-and-how-to-get-a-small-business-administration-sba-loan/
Small Business Administration: https://www.sba.gov/
Kabbage: https://www.kabbage.com/small-business-loans
SmartBiz Loans: https://www.smartbizloans.com/
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