Small business lenders in Delaware can help your business get the capital it needs to grow.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Fundera has access to SBA Loan programs that are partially guaranteed by the U.S. Small Business Administration.
With low interest rates, long repayment terms, and high borrowing limits, get the capital for nearly any business purpose with an SBA loan via Fundera.
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Delaware is the second smallest state and is also known as The First State and The Small Wonder, with good reason. It sits on the Delaware River on the Delmarva Peninsula, though there are also several small islands nearby. The state, which is home to over 1 million people, may seem tiny, but it has much to offer. That includes a rich history, as it was the first state to ratify the Constitution. Its largest city is Wilmington though the capital is Dover. No matter where people live in Delaware, it is known for its beaches, beautiful parks, and outstanding amenities.
Delaware’s economy is built on a few different industries, including agriculture and industrial operations. It also has a strong financial and healthcare industry. Several large companies call this state home, but it also has a large number of small businesses, many of which provide the foundation of success within the region. The U.S. Small Business Administration states that there are 93,688 small businesses within the state. Nearly 20% of the state’s population, or 195,792 people, are employed by those small businesses.
Those companies have an annual payroll of about $9,690,400. Small business is big business in Delaware, and that is clear from just the overall number of successful companies here, including those in tourism, food service, service providers, artisans, and much more. With so many opportunities in the state of Delaware, it’s not a surprise that many entrepreneurs seek out funding here for future initiatives.
Many companies need a resource for funding, and small business loans in Delaware are one of the best ways to obtain this. According to the most recent three years of data from the U.S. Small Business Administration, there are 391 small business loans active in the state. Those loans have a total loan value of $174,455,010. The average loan size is $446,176. For the companies that use these loans, it can be capital that is beneficial in many ways, including covering the cost of growth and expansion, marketing, the purchase of new inventory, and many other resources.
Most companies get the funds they need to startup from their own savings, investments, or grants. Some nonprofits start with a very limited or no budget to get things off the ground. Once you start bringing in some revenue, however, you may be eligible for business financing. Further business development may be halted until you can look into a loan program that will support your next phase of economic development in the business. In your early stages, talking to someone in the Delaware Division of Small Business can be very helpful.
Once your company starts to grow, you’ll have more cash flow, but you might also have business lines of credit, credit cards, or other debt you’re carrying. Cash flow is also a common problem for plenty of entrepreneurs. If your credit score is good and you can show funds coming into the business that would allow for repayment on loan terms, this is an excellent way to grow.
There are small business grants and loan options from the federal government among many other funding options. Look into the application process and eligibility requirements for each of the lenders below if you’re hoping to scale up the funding for your own business needs.
Whether you are a small business that has used loans or not, there are a wide range of benefits to doing so. The key here is to understand how they work. Small business loans in Delaware are a type of access to capital. Lenders provide loans to businesses that meet their qualifications. The borrower then agrees to pay the loan back with interest. Companies can then use those funds as needed and make payments each month until they pay off the balance owed. Repayment terms may vary based on where you get your loan from, such as bank loans or credit unions.
Each lender will determine what the amount it will lend is, as well as other factors such as what the loan can be used for, the amount of interest, and the length of the loan. Most of these loans are 5 to 10 year loans with fixed rates (though there are many variations). Borrowers will learn about the loan qualifications and options when they apply for a loan or connect with a lender. Generally speaking, lenders will offer these loans to companies who have at least a year in place, though some options vary in this area.
Lenders take on a significant amount of risk when offering these loans. That is why they often have an interest rate that matches the creditworthiness of the business. Lenders will gather as much information about the borrower as possible to determine if they qualify. This often includes information about the company’s credit history, business history, revenue, industry, and services. The more information the lender obtains, the more they can feel confident that the company can repay the loan. In many situations, the business may not have a strong credit history itself, in which case the business owner’s information may be used to help determine if the borrower qualifies.
In many situations, small business lenders in Delaware offer flexible loans with a variety of features. Some of the most common loans you can expect to find in Delaware include the following:
Take into account the wide range of resources available to today’s companies. Delaware small business lenders can help meet many of the needs companies have to grow and remain financially stable.
| Rank | Bank Name | # of Delaware Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | M&T Bank | 47 | 6.74% | $123,491 |
| 2 | Wilmington Savings Fund Society | 18 | 5.68% | $702,744 |
| 3 | TD Bank | 14 | 7.02% | $139,586 |
| 4 | Wells Fargo Bank | 7 | 7.98% | $170,071 |
| 5 | Berkshire Bank | 5 | 5.90% | $720,500 |
| 6 | Grow America Fund | 5 | 3.66% | $1,205,000 |
| 7 | Newtek Small Business Finance | 4 | 6.00% | $722,725 |
| 8 | PNC Bank | 4 | 6.63% | $194,000 |
| 9 | Fulton Bank | 3 | 5.58% | $927,667 |
| 10 | Meridian Bank | 3 | 5.75% | $1,301,000 |
Manufacturers and Traders Trust Company has been in business for 165 years and is also known as M & as M&T Bank operating in 8 states and Washington, DC, with 780 branches. Manufacturers and Traders Trust Company provide a number of banking services through loans, grants, and personal banking.
We reached out to M&T Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
WSFS Bank offers services to customers in 5 states and has been doing so since starting in 1832. With $20 billion in assets and 119 offices, Wilmington Savings Fund Society can meet its customers’ needs with individual, corporate and individual money managing services to meet their needs.
We reached out to WSFS Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
TD Bank was founded in 1852 in Portland, Maine, as a bank to help the community. Since that time, TD Bank has grown to be able to provide all types of services and products to meet the needs of its customers on a broad level all across the country.
We reached out to TD Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Wells Fargo Bank was started in 1852 by Henry Wells and William G. Fargo as a bank to help customers build business and manage money. Wells Fargo Bank offers many products through its many branches to meet customers’ needs, including mortgages, wealth management, and personal and small business banking.
We reached out to Wells Fargo Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Berkshire Bank serves the people of New York, Massachusetts, Rhode Island, Connecticut, and Vermont by offering a number of services to meet their financial needs. From small business loans to personal and business banking Berkshire Bank has a tool that can help anyone to meet their needs.
We reached out to Berkshire Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Building up small businesses is critical to the U.S. economy, and that is why there are a wide range of resources available to help companies to get the support they need. That includes the U.S. Small Business Administration in Delaware. This organization offers in-person and online tools to help companies to become established, obtain funding, build credit, and build their business overall. The information and support here are free to use, and any small business owner that is hoping to expand will find these resources are a critical tool for doing so.
Another valuable resource is SCORE. A visit to this site or the main office in Wilmington will provide insight into the wide range of resources this organization offers, also without any cost to the borrower. This information can help companies to learn how to manage, market, build financial resources, and connect with others. There are webinars as well as in-person events planned in many areas. Most importantly, the resources here are meant to help provide the financial education and resources that small business owners need to grow and expand in the communities.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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