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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
St. Louis – a city with a rich cultural heritage and thriving business scene. If you’re a small business owner in the Gateway City, you’ll know that money can sometimes be tight. Fortunately, there are plenty of options available when it comes to securing financing for your company, and in this article we will review some of the best St. Louis small business loans on the market.
The Types of Small Business Loans
Before we delve into the specific loans, let’s discuss the different types of small business loans available.
Term Loans
Term loans are a popular choice among small businesses because they are straightforward and easy to understand. You borrow a lump sum of money, and pay it back over a set period of time with interest.
Line of Credit
If you need a little more flexibility, a line of credit may be the right option for you. This type of loan allows you to borrow up to a certain limit whenever you need it.
SBA Loans
SBA loans are offered by the US Small Business Administration and are designed specifically for small businesses. They come with attractive terms and low interest rates, but the application process can be lengthy.
Merchant Cash Advance
If you have a steady flow of credit card sales, you may want to consider a merchant cash advance. You receive a lump sum of money upfront, which is then repaid through a percentage of your daily credit card transactions.
Now that we’ve covered the basics, let’s dive into the best St. Louis small business loans available.
1. Lendio
Lendio is a lending marketplace that connects small businesses with more than 75 lenders. The company offers a variety of funding options, including term loans, lines of credit, and SBA loans.
Reviews from actual customers rave about the user-friendly website and exceptional customer service. Many users report that they received funding even when banks denied them.
2. Fundbox
Fundbox offers lines of credit tailored to small businesses. What sets them apart is their unique underwriting process, which takes into account financial data from your business software such as Quickbooks or Xero.
Customers love the simplicity of their online application process–you can apply in minutes and receive a decision almost instantly. However, some users have mentioned that their fees can be on the higher side.
3. BlueVine
BlueVine provides working capital to small businesses, with lines of credit up to $250,000.
Their clients complimented the easy application process, quick turnaround times, and transparency in their pricing. However, potential borrowers should be aware that only select industries will qualify for funding.
4. LendingTree
LendingTree is another lending marketplace, which is known for its speedy process that helps you find loan offers quickly. They offer a variety of financing solutions including small business loans, commercial financing, and more.
LendingTree’s reviews are mixed. While their platform has been useful for a lot of customers, some have reported unsatisfactory experiences with customer support after signing up.
5. Bank of America
If you’re looking for a traditional brick-and-mortar bank option, Bank of America could be right for you.
They offer term loans, lines of credit, and SBA loans to St. Louis-based small businesses. Reviews tout Bank of America’s customized financial advice instead of cookie cutter lending solutions. That being said, borrowers may find their interest rates to be somewhat high compared to other lenders.
Conclusion
When choosing the best St. Louis small business loan for your company, it’s important to thoroughly research your options and read real customer reviews. Each loan has its unique advantages, but the key thing to remember is that it’s crucial for you to secure financing that works for you.
There are plenty of St. Louis small business loans available, whether you’re looking for a traditional loan or something more cutting-edge – just make sure you do your research and choose a lender with a strong reputation that will provide you with the funding your company needs to grow.
URLs for St. Louis Small Business Loans:
Lendio: https://www.lendio.com/
Fundbox: https://fundbox.com/
BlueVine: https://www.bluevine.com/
LendingTree: https://www.lendingtree.com/
Bank of America: https://www.bankofamerica.com/
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