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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 in Syracuse struggling to keep your business afloat? Do you need funding to keep your operations running smoothly? Look no further than small business loans in Syracuse! These loans can provide the financial assistance you need to grow and expand your business.
What are Small Business Loans in Syracuse?
Small business loans in Syracuse are designed to help new and existing businesses get the funding they need to achieve their goals. Whether you need money to purchase new inventory, hire employees or purchase new equipment, these loans can help. With many different options available, it’s easy to find a loan that fits your specific needs.
Types of Small Business Loans in Syracuse
There are several different types of small business loans available in Syracuse that cater to varying business needs:
1. Business term loans – These loans are generally offered by banks, and typically require collateral and a high credit score. Term loans are suitable for businesses that require long term financing for expansion, equipment purchases, or working capital.
2. SBA loans – The Small Business Administration offers several loan programs to acquire funding with favorable terms including low down payments, and long repayment terms. These loans are ideal for startups and businesses that have been turned down by traditional lenders.
3. Lines of credit – These loans function like credit cards, where you can draw from a pre-approved amount as needed. A line of credit is suited for businesses that require access to extra funding sporadically or to back up an overdraft.
4. Invoice financing – This type of lending may be feasible if your business provides services with unpaid bills waiting for payment. By selling unpaid invoices (accounts receivable) to finance companies at a discount, this financing deals with cash flow challenges.
5. Merchant cash advances – Merchant Cash Advances could be alternative options for businesses having difficulty accessing cash through conventional means— This is a type of “cash advance” that is forwarded to a business owner, depending on their daily card transactions or credit card sales history, and is also repaid by a percentage of future earnings.
Benefits of Small Business Loans in Syracuse
Small business loans in Syracuse can provide many benefits to entrepreneurs. Here are a few reasons why you should consider obtaining a loan:
1. Increased cash flow – As your business grows, so will your expenses. A loan can give you the financial support that you need to cover those costs and increase your cash flow.
2. Expansion opportunities – If your company has grown stagnant due to lack of funds, a small business loan offers the opportunity to invest in new ventures and expand operations.
3. Improved credit score – By paying back a loan on time, you can improve your credit score and open yourself up to further lending.
4. Attractive terms and interest rates – Many small business loans in Syracuse offer attractive terms, such as flexible repayment plans, low-interest rates, and other options.
5. Accessible within days – Depending on the lender, small business loans in Syracuse could be funded within days or a week. This makes them a feasible option for business owners who require finances immediately.
Small Business Loan Trends in Syracuse
The economic climate in Syracuse has led to changes in the small business loan industry. Over 27% of small businesses in Syracuse have closed since the pandemic began, according to New York State Comptroller Thomas P. DiNapoli — highlighting the importance of access to funding for small businesses.
In response to the economic challenges faced by small enterprises in Syracuse in recent years, alternative lenders and financing sources have emerged. Private companies such as Fundera and Lendio help ease the application process and connect business owners with various lenders.
These kinds of services enable businesses that wouldn’t otherwise satisfy the requirements for conventional bank loans to access the funding they desire. Their assistance provides streamlined application procedures, lowers approval criteria, higher borrowing caps, and quicker payment options.
Best Practices for Applying for a Small Business Loan in Syracuse
Do your research in advance and take the following steps before applying:
1. Review your credit score – Ensure your credit score is satisfactory as this will have an impact on your loan terms.
2. Make a business plan – Lenders will request to see a detailed business plan, with financial projections prior to disbursing the loan. Make sure you can produce a suitable one.
3. Check your finances – This includes ensuring your books are up-to-date, cash flow has been optimal, and there are no unpaid bills, judgements or liens that may negatively affect your application.
4. Compare multiple lenders – Explore different financing options from banks, credit unions and alternative online lenders to select the best lending program for your needs.
5. Be honest – Disclose critical details of your business history and seek professional insight so you can find the right fit for funding.
Final Thoughts
Small businesses play a pivotal role in Syracuse; thus, it’s important to understand the variety of financing options available in the area. As well as providing access to funds, these loans can be helpful in creating lasting relationships between enterprises and lenders. We hope the informative discussion here enables small business owners in Syracuse to make informed decisions when contemplating loan options.
Resources:
M&T Bank offers finance, leasing, and credit programs https://www.mtb.com/business/business-borrowing,
New York State Comptroller Thomas P. DiNapoli discusses the Small Business Environment in New York State https://osc.state.ny.us/files/reports/osdc/small-business-environment.pdf,
For various Financing Options, Fundera – https://www.fundera.com/ is an excellent source.
Fortune Magazine highlights Alternative Lending Innovators: https://fortune.com/2019/03/20/ai-takes-on-small-business-lending/
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