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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
Running a small business can be a tricky endeavor, especially when it comes to financing. You need that extra capital to keep your operations going, but asking for help from traditional big banks isn’t always the easiest route. However, there is a helping hand that business owners in Shreveport can take advantage of. In this article, we’ll dive into the world of Shreveport Small Business Loans and explore their benefits, drawbacks, and everything else in between.
What are Shreveport Small Business Loans?
Shreveport Small Business Loans are designed to assist entrepreneurs in the area to finance or expand their businesses. These loans come in different amounts, repayment terms and interest rates depending on the lender, but they all have a common goal: to help local businesses thrive.
Getting a local loan comes with several benefits.
When dealing with the lenders in Shreveport, you’re sure to get tailored loan programs that fit both the business owner’s requirements and the state’s stringent lending laws.
Quick Disbursement of Funds
Local lenders process loans faster, usually within days or weeks, unlike larger institutions with tons of red tape and long waiting periods.
Low Interest Rates
Shreveport locals have access to CPNLA (Community Partners for Affordable Loans), which offers low-interest loans available for up to $50,000.
Small business loans providers in Shreveport often hold networking events and other workshops to help the people they lend money to create connections and establish helpful relationships with other entrepreneurs.
Supporting Local Economy
By borrowing from local lenders, business owners feed cash flow back into the community, helping to create jobs and fuel economic growth.
There are disadvantages to taking out small business loans in Shreveport, including:
Stringent Applicant Criteria
Small businesses need to meet specific criteria to qualify for loans – criteria that can be challenging to satisfy.
Higher Default Rates
Local lenders usually lend to new or underfunded businesses that are more susceptible to defaulting on their loans. As a result, borrowers have higher interest rates.
The Different Types of Shreveport Small Business Loans:
|Loan Type||Interest Rate||Features|
|SBA Loans||#7.50||Various programs designed to help businesses access affordable financing.|
|Term Loans||6% – 30%||A fixed amount of money paid back along with interest over a predetermined period.|
|Equipment Financing||Up to 30%||This type of loan covers the cost of new equipment and machinery.|
|Merchant Cash Advance||Up to 35%||This is not a loan but rather a cash advance on future credit card sales.|
The Small Business Administration has numerous programs that offer business owners affordable financing options, such as the 7(a) program. This program is ideal for small businesses that want to acquire equipment or buildings, refinance their debt, and for general business acquisition or working capital.
These loans are usually unsecured, offering a lump sum at the start of the term. The interest rate is fixed, paid along with the amount borrowed over an agreed-upon period. Term loans can range from months to up to 20 years in repayment term.
This loan is specifically designed to help businesses secure equipment, vehicles and other essential tools. This type of financing offers flexible packages with favorable interest rates that respond to specific venture needs.
Merchant Cash Advance
Merchant cash advances offer an advance on future credit card sales. As a result, there are no scheduled monthly payments, though interest rates may be higher than most other small business loans.
The Loan Application Process:
When applying for a Shreveport Small Business Loan, you’ll go through these steps:
Applicants fill out a form online or in person, providing personal details about the business and the purpose of the loan requested. Lenders use this information to assess the applicant’s eligibility.
If prequalified, applicants proceed to the application process to access funding options available to them. This step requires more information such as financial statements and tax returns, so lenders can verify the credibility of the application.
3. Approval and Funding
Upon successfully completing Step 2, the lender approves the application, and funds are released to the applicant’s account.
What Makes a Great Small Business Lender?
Choosing a lender can be a daunting task, but here are the key factors to consider before making your choice:
Your lender should be transparent about their lending process, their terms and conditions and be willing to answer any questions you may have.
A lender should offer options that best fit the needs of the specific applicant, rather than offering a one-size-fits-all solution.
Choose a lender who has a track record of providing excellent customer service, with low-interest rates and helpful repayment terms.
Experience With Your Industry
Your lender should understand your industry and its financing requirements. This ensures the lender offers a loan option customized to your business’s specifics.
Shreveport Small Business Loans can provide entrepreneurs in the area with the financial assistance they need to make their aspirations a reality. However, it’s imperative to do thorough research and choose the lender that aligns best with your business goals. Small Business Loans are a stepping stone to growth for many businesses, but only when they’re correctly used. If you properly weigh the benefits of each type of loan against the drawbacks, then you can take advantage of the many opportunities available to grow your small business!
So don’t wait any longer; apply today, and let your business succeed!