Big banks don’t want you to know this…
Getting a small business loan isn’t hard. Most small business owners are scared into paying higher interest rates, so big banks can make more money.
At Delancey Street, we’re empowering business owners. We give you our rate, and we also find the rates of our competitors all at once. If we think our competitor has a lower rate, we’ll refer you to them.
Going to traditional lenders is slow and outdated
Most banks have very strict regulatory rules and restrictions. The banks are super stringent, which makes it difficult for a small business owner to thrive. Most loans take way too long, and require numerous personal guarantees which stifle innovation.
Here’s how the traditional small business lending process goes usually:
It takes forever to apply with traditional lenders
Most business owners have to wait 2-3 months to find out
Most lenders reject the majority of business owners
Even after you get approved, it takes 90 days to get funding
Bottom line, getting a small business loan from a traditional lender is painful, slow, and not likely to result in an approval. There are other solutions though….
The Faster Way To Get Funding: Delancey Street
How we operate is simple: we’re both a direct lender and a marketplace. We make it easier for a small business owner to get funding by streamlining the application process. We ask you for some basic information, and then give you our quote and if necessary, connect you to other lenders who specialize in situations like yours.
Wondering how fast, and easy, it is? Keep reading!
Our online application takes 3 minutes(if that!), and is completely online, with no faxing, or other headaches that cause delays and are painful.
We then evaluate your application to see if we can fund it directly, and evaluate it against our partners/competitors to see if they would be a better fit.
Because of our large network, we can fund many, if not most, business owners who apply everyday.
Funding times vary, but it’s possible to get the funds wired within 24 hours of the application submitted.
You can get approved in 24 hours once we see your application and get 3 months of bank statements.
The simple nature of our process, and the fact you’re working with a direct lender hybrid, whose looking out for your best interests is why small business owners turn to Delancey Street. Over the years we’ve added more and more types of services and loans to our offering.
What’s The Right Choice? Work With Your Delancey Concierge To Find Out
Don’t get overwhelmed. There’s a lot of options – but that’s why we assign a Delancey Street concierge rep to ask you questions, and help you identify which loan is right for you. :
How much financing you can afford?
How do you plan to use your loan?
How much will the loan cost you?
If you need money now, and expect a fast return on investment, then you need a shorter term loan. But if you just want a way to build credit, and need working capital in case of emergencies then a line of credit is a great option. You don’t need to go through the process alone. You can work with your Delancey Street concierge rep who explains the loan options, and helps you understand what you need. Our concierge discusses every single step of the process, and helps highlight the strengths of your business to identify which loan is the best for you.
Cash advances aren’t loans. They are a form of “factoring,” where a lender – like ourselves, is looking at how much money your company makes – and gives you a cash advance against it. When you apply for a cash advance with Delancey Street, we only look at your monthly gross income. Typically, approvals are generated in 1-2 hours, and it’s possible to get funding in 24 hours.
Pro’s of cash advances
Fast access to funds
Easy approval process
Bad credit is ok
Great for a whole array of businesses
Con’s of Cash Advances
Who should get a cash advance
If you need money FAST – and can’t afford to spend time dealing with the traditional lender qualification process – then a merchant cash advance is ideal for you. If you had bad credit, again – a cash advance is a great idea – because merchant cash advances are based off your income – not your credit. If you’re a new business, – again, cash advance is great – where traditional lenders might turn you down. Bottom line, we’re super flexible – and sometimes, that’s what you need.
Con’s of cash advances
High Fees than traditional business loans
Daily reduction of cash flow to repay cash advance
You can’t service providers until loan repaid
Why business owners should be careful
There are “con’s” to merchant cash advances, just like any financial product. Merchant cash advances can be more expensive than a traditional loan. This is due to the fact that lending guidelines are less stringent, which makes them a more risky loan for a lender.