DELANCEY STREET

Here's Who We Are

We're Fund Virtually Everything

We fund business owners nationwide, regardless of industry, credit, or time in business. We fund it all.

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We Provide Multiple Options

We have a lot of different financing options available to our clients. Regardless of your situation, we’ll have a solution for you.

Fast Approval

Our application process is completely online. You can get funds in your bank account in literally 24 hours.

The Working Capital You Need In 24 Hours.

We get you funding. It's that simple. Regardless of credit, income, or time in business - we'll fund you.

Apply

Use our online form or call toll-free anytime to get started. There's no cost, and the application takes only three minutes.

Approval

Receive application approval in as little as 24 hours. There is no credit check required.

Receive Funds

Review and return your signed agreement and get your money in as little as 24 hours.

Recent Business Loans Funded

100K Term Loan

Ambulance Service

Our client bought a new ambulance.
2019 - June
55K Advance

Truck Funded

Our client used the funds to hire new team members.
2019 - February
85K Term Loan

Restaurant Funded

Our client used the funds for restaurant equipment.
2019 - May

Get a Decision in as Little As 30 Seconds

We’re Fast. We Help Regardless of Credit. WE HAVE A SOLUTION FOR YOU.

Apply Online

We have a completely online application process, which is simple and easy.

Get Offers

We'll match you with the best loan offers we have that are financially responsible.

Get Funded Quickly

We'll fund you the same day you accept our offer.

How Delancey Street Works

Fill Out Our Application

Answer basic questions about yourself and fill out our entirely online application. Each loan has its own online process.

Meet Your Concierge

We'll pair you with an experienced Delancey Street specialist who will reach out to you, and understand your needs. We'll try to determine which financial product is right for you.

Compare Our Loan Offers

We give you a few different loan offers based on your scenario and what options you qualify for.

Choose Your Loan

Once you've chosen a loan that works for you, we finalize it and start getting the documents needed.

Get Funded

Once we get all of the documents back, we'll get you funded ASAP.

We Help You Grow

After you get funded, your Delancey Street concierge specialist will keep in touch to make sure you're happy and doing well.

Business Loans

Get business loans ranging from 3 months to 18 months
No credit score requirement, we have a program for everyone
We can fund up to $5 million in virtually 24 hours

Small Business Line of Credit

Summary: A business line of credit is great. It helps business owners get financing in a strategic way. We provide access to lines of credit, which you can use to take advantage of business opportunities you see, or meet other needs you have to help build your business. This article will explain when a business of line credit should be sued.
When is applying for a line of credit better than a traditional term loan?

  • Do you need access to capital for short term business expenses
  • Do you have a seasonal business and a credit line can bridge your expenses?
  • Do you need extra capital to pay for new contracts or projects?
  • Do you have a good credit score?

Business lines of credit care a great way for small businesses to pay for short term needs their business has. If you are facing a cash crunch, Delancey Street might be able to help you get a line of credit for your small business. We passionately believe that a business line of credit is a valuable tool for you to get the resources you need to meet your day to day financial obligations. We can help you apply and qualify for a business line of credit which you need to grow your business. You can use the business line of credit we get you for short term loans, and long term financing.
What is a business line of credit?
This is a revolving loan which gives you access to a fixed amount of capital that can be then used to meet your short term needs. It can be used for things like: purchasing inventory, repairing business equipment, financing advertising campaigns, paying for seasonal expenses, and more.
There are two types of business loc’s

  1. Secured: This is an LOC which requires your business to pledge assets to secure it. A line of credit a short term loan, so lenders will ask for assets like accounts receivable, or something else, which will secure it. Many lenders don’t ask for assets like property or equipment, but some do. If you don’t repay the LOC then the lender will take ownership of the collateral and liquidate it in order to repay your balance.
  2. Unsecured: This doesn’t require any collaterals. Typically, lenders will ask put a lien and ask for a personal guarantee in order to make sure the loan is repaid. Because there’s no collateral with this type of line of credit, the business needs a strong credit profile and track record. It is common for business interest rates to be much higher than a secured line of credit. Typically unsecured lines of credit are for an amount less than a secured line of credit.
Business Term Loan vs. Business Lines of Credit
A line of credit is different, yet similar, to a term loan. When a lender looks at your credit score for a term loan they are looking at your credit profile to make a decision about the loan today. For a line of credit, they are looking at your credit performance today in order to make a decision about your creditworthiness at some time in the future when you will tap into the credit line. To a lender, these are very different scenarios.
Term loans involve a fixed amount of money, which the business gets as balloon – once the loan is approved. The borrower makes periodic payments over a period of time. The payments are made on a predetermined schedule until the balance is completely paid off.
Business lines of credit have some additional flexibility that small business loans don’t have. Getting a LOC gives a business the ability to borrow money whenever they need it, repay it, and then do it again, for a period of time. Most lenders will require that an LOC be brought down to zero at some point during the term of the LOC. They are great for paying short term operating expenses, and for other business opportunities that have an “immediate” revenue generating component attached to them.
How does a small business line of credit work
With a business line of credit, you are getting access to an amount of funds which can be used as needed. You get a monthly statement which reflects the amount of credit you’ve used, the amount of interest charged, and when your payment is due. Once repaid, the credit limit is completely available. The payment schedule depends on the lender. It can be weekly, or monthly. In addition to interest, it’s common for there to be an annual fee. If you frequently tap into the LOC, there might also be transaction fees. Usually, for LOC’s under $100,000 – it’s typical for the LOC to behave like a credit card. Some lenders also offer you the option of having the funds deposited into your business bank account via ACH.
When should a business get a LOC
If your expenses are sporadic, and you regularly require access to funds to meet short term needs – then a LOC is a great idea. Here are a few examples of situations where an LOC is a great idea.
Seasonal business: If you have a seasonal business, and experience a short term spike in expenses, then an LOC can help you offset the expenses. The business line of credit can help you cover overhead, and bridge you from one season to the next. The LOC can help you maintain normal business operations.
Finance new expense: It’s common for small businesses to use an LOC to finance a new expense, like a marketing campaign, to attract customers. The LOC funds can be paid back quickly since the new marketing campaign is likely to generate revenue for you.
Any new business without an established credit profile will have a tough time getting a small business line of credit. In this case, it might make sense to get a merchant cash advance who can fund you against future earnings you make.
Who offers small business lines of credit
Most major banks serve small businesses, including commercial banks, community banks, etc. Most small business lenders will only consider established businesses with a positive credit history for lines of credit.
How to apply
Applying for a term loan is difficult than a line of credit. When you apply for a term loan, most lenders want to see your financial records and other documents which show you have a good track record, and are worthy of the loan. Traditional lenders, like banks, require documentation that online lenders might not ask for. Here are some basic documents you might be asked about:

  • License credentials
  • Tax returns
  • Bank statements
  • Bank account
  • Cash flow, P&L documents, etc

You should be ready to discuss the specifics of your business, why you need the money, how it’ll be used, and when you’ll pay it back. Most lenders will not offer a line of credit to startups, or to cover losses on past mistakes your company made. They may also refuse to give you a small business line of credit to cover expenses which won’t result in immediate profits. You need to demonstrate that you are profitable, and can generate additional revenue because of the LOC. You need to demonstrate your management team understands how to run a business, and will be able to make the periodic payments needed on the LOC.
What you should know before getting a LOC
Before you get an LOC, you should learn about the lender and how they operate. Some lenders charge money for account setups, transactions, and annual fees. Some will require the business to pay down the outstanding LOC balance to $0 at some point during the year. Some lenders might call the LOC at any time due to the market behaving poorly. You should do your best to periodically down the balance, and keep your overall balance low. This shows your lender you are trustworthy. Try to use the LOC to pay for “new” growth opportunities, not for operating losses. Use the LOC as a strategic lever to build something new.

Delancey Street is here for you

Our team is available always to help you. Regardless of whether you need advice, or just want to run a scenario by us. We take pride in the fact our team loves working with our clients - and truly cares about their financial and mental wellbeing.

"Super fast, and super courteous, Delancey Street is amazing"
Leo
$125,000 Small Business Loan
"Thanks for funding me in literally 24 hours"
Jason
$35,000 Lawsuit Advance
"Great choice for first time fix and flippers"
Mary
$250,000 Hard money Loan

In The Media

Delancey Street CEO discusses ways to reward employees
Delancey Street CEO discusses the benefits of franchising on Forbes.
Delancey Street CEO discusses management on AMEX.
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Delancey Street understands funding like no one else!
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