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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
Small business is the backbone of economy, and nowhere is that more evident than in New York City. The city’s entrepreneurs are at the forefront of innovation, pushing boundaries and creating new markets. But it takes more than just good ideas to turn a small business into a success. It takes financing, investment, and a willingness to take risks.
Throughout history, access to capital has been one of the greatest challenges for small businesses. Banks have traditionally been hesitant to lend to these ventures because they often lack assets or established credit histories. That’s where alternative financial institutions come in. They specialize in providing funding to start-ups and emerging businesses.
One such institution is Accion, a nonprofit microfinance organization that has been operating in New York City since 1991. The organization gives loans to businesses that can’t get traditional bank loans. These include businesses owned by minorities, women, and low-income individuals. Accion’s loan ranges from $500 to $100,000, and its average loan size is about $15,000.
With financial assistance like this, small businesses can invest in advertising, hire workers, and buy equipment – activities which would otherwise be out of reach. They can also afford to focus on product development, giving them an edge over their less-funded competitors.
But there is more to Accion’s program than just lending money. The organization provides free advice and mentorship to every borrower, no matter the loan size. This support helps entrepreneurs develop their business plans, marketing strategies, and financial stability – all critical components of running a successful business.
Small business owners who have received funding and mentorship from Accion rave about the program’s effectiveness. “Without Accion,” says one business owner, “I couldn’t have achieved my dreams.” Another says, “The mentorship I got was worth the entire loan amount.”
By serving as a catalyst for small business growth in New York City, Accion is changing the face of entrepreneurship. It’s giving people the tools they need to turn their creative ideas into profitable enterprises, and that’s good news for everyone. After all, it is these small businesses that drive innovation and growth in our economy.
Since its founding in 1991, Accion New York has loaned $167 million to more than 15,000 small-business owners. In 2019 alone, the organization extended 261 loans totaling $3.65 million. Those loans helped create 280 jobs, increase sales by $5.7 million and promote economic development across New York City.
Accion’s program goes beyond just helping individuals achieve their own goals. By investing in small businesses, the nonprofit spurs economic development in traditionally underserved communities. For example, Accion partnered with NYC’s Department of Small Business Services (SBS) to launch a COVID-19 response program to help small businesses adapt to the changing marketplace. Through this partnership, Accion provided loans totaling $1.75 million to nearly 200 small businesses impacted by the pandemic in some of the city’s hardest-hit neighborhoods.
Small business is essential to the vitality of New York City’s economy. But it has never been more challenging – or more important – to support entrepreneurs through these tumultuous times. With institutions like Accion leading the charge, there is hope that small business will continue to thrive in the years to come.
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