Best Small Business Loans in Delaware 2024: Finest Selection

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Best Small Business Loans in Delaware

In 2023, the landscape for small business loans in Delaware is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your Delaware LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in Delaware. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in Delaware. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include Delaware banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in Delaware

We will discuss Delaware’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in Delaware. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Delaware LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

FAQs

What are some small business banks in Delaware?
Some small business banks in Delaware include WSFS Bank, M&T Bank, and TD Bank.
How do I choose the best small business bank in Delaware?
You can choose the best small business bank in Delaware by comparing their fees, services, interest rates, and reputation in the community.
Can I open a business account in Delaware if I don’t live there?
Yes, you can open a business account in Delaware even if you don’t live there as long as you meet the bank’s requirements.
What documents do I need to open a business account in Delaware?
You will usually need to provide your business’s tax identification number, proof of your business address, and identification for the account signers.
Do I have to visit a branch to open a business account in Delaware?
Some banks allow you to open a business account online or over the phone, while others may require you to visit a local branch in Delaware.
What types of business accounts are available at banks in Delaware?
Banks in Delaware offer a variety of business accounts, including checking, savings, money market, and merchant services accounts.
Can I get a business loan from a bank in Delaware?
Yes, small business loans are available from banks in Delaware to help look for funding options.
How do I apply for a business loan in Delaware?
You can apply for a business loan in Delaware by filling out an application at your chosen bank and submitting supporting documents, including your business plan and financial statements.
What types of business loans are available in Delaware?
Business loans available in Delaware include term loans, lines of credit, SBA loans, commercial real estate loans, and equipment financing.
Can I get a business credit card from a bank in Delaware?
Yes, banks in Delaware offer business credit cards with rewards programs, expense tracking, and other features that can help your business.
How do I apply for a business credit card in Delaware?
You can apply for a business credit card in Delaware by filling out an application at your chosen bank, providing your business and personal financial information, and submitting any required documents.
What kinds of business banking services do banks in Delaware offer?
Banks in Delaware offer a range of business banking services, including cash management, payroll processing, remote deposit capture, and international transfers.
How do I set up payroll for my Delaware-based business?
You can set up payroll for your Delaware-based business by choosing a payroll processing service, selecting your payment schedule and managing other important details of the payment process.
What fees do banks in Delaware charge for business accounts and loans?
Fees charged by banks in Delaware for business accounts and loans can vary based on the bank and the specific account or loan type.
What online banking features are available for small businesses in Delaware?
Online banking features for small businesses in Delaware include account management, bill pay, mobile apps, and transaction history monitoring.
Are there any special incentives for small businesses banking in Delaware?
Some banks in Delaware offer special incentives and discounts for small businesses, including merchant services, loan origination, and local business organizations support.
Are any Delaware banks tailored to small business banking services?
Some banks in Delaware are more focused on small business banking services than others, such as WSFS Bank’s Business Banking group.
Can I get support from a local branch of a national bank in Delaware?
Yes, national banks with branches in Delaware offer the same level of support and services as they would in other states and their online banking tools scales to each state’s regulatory structure and system.
Are there any credit unions in Delaware that offer business banking services?
Yes, there are credit unions in Delaware that offer business banking services, including Delaware State Police Credit Union and County Bank Credit Union.
How do I evaluate a bank’s strength and reputation in Delaware?
You can evaluate a bank’s strength and reputation in Delaware by reading their financial reports and customer reviews, and checking their ratings from agencies like the FDIC.
What mobile apps for business banking are available in Delaware?
Mobile banking apps available in Delaware include apps from M&T Bank and TD Bank, which offer features like account information, transaction history, and mobile check deposit.
How do I add signers to a business account in Delaware?
You can add signers to a business account in Delaware by submitting their identification and account information to the bank and signing the necessary documents.
What banking regulations should I be aware of as a small business owner in Delaware?
You should be aware of regulations by the Federal Reserve related to capital adequacy, interest rates, and the use of checking deposits to cover big loans.
How does FDIC insurance work for small business bank accounts in Delaware?
FDIC insurance insures deposit accounts of eligible banks in the event of a loss due to bank failure which is important in Delaware as well, the standard coverage has increased its recent years to $250,000.
How can I protect my business account and financial information in Delaware?
You can protect your business account and financial information in Delaware by keeping your passwords secure, enabling multifactor authentication wherever possible, acting on frequent balance and monitoring alerts to identify any unauthorized over whom you are giving exchange or using any intermediary to ensure safety to overseas banks, even when encouraging international transactions.
How long does it take to set up a business account in Delaware?
The amount of time it takes to set up a business account in Delaware can vary based on the bank chosen for services with some banks having quicker response time than others.
What should I ask before getting a small business loan from a bank in Delaware?
Before getting a small business loan in Delaware you should explore options such as fees, the amount of loan to get, interest rates, duration of payments, and restrictions for using your commercial assets to collateralize lending.
Do I need a business plan to apply for a loan in Delaware?
Usually, Yes, you’ll need a business plan to apply for a loan in Delaware as this becomes critical in times of proving your debt-borrowing matches your behalf.
What kind of credit score do I need for small business loans in Delaware?
Your personal credit score can affect your eligibility, though other factors including income and business age are weighed broadly to if the bank finds it authentically legit.
What are the best small business banks in Delaware?
Some of the best small business banks in Delaware include TD Bank, PNC Bank, Wells Fargo, and M&T Bank.
What services and features should I look for in a small business bank in Delaware?
Key services and features to look for in a small business bank in Delaware include low fees, mobile banking options, access to business financing, online banking services, and good customer service.
How do I choose the right bank for my small business in Delaware?
To find the right bank for your small business in Delaware, consider your business needs, your banking preferences, and the size of your business.
What is the best bank in Delaware for small business loans?
Some of the best banks in Delaware for small business loans include M&T Bank, TD Bank, and Wells Fargo.
How can I open a small business bank account in Delaware?
To open a small business bank account in Delaware, you’ll need to provide basic business information, like your business name and address, as well as legal documentation like your business license and tax identification number.
Does it matter which bank I choose for my small business in Delaware?
Yes. Your bank is an important partner in helping you manage your business finances, so it’s important to choose a bank that you trust and that has the services and features you need.
Can I get a business credit card with a Delaware bank?
Yes, many Delaware banks offer business credit cards. Some popular options include the TD Business Solutions Credit Card and the Wells Fargo Business Secured Credit Card.
Do any Delaware small business banks offer free checking accounts?
Yes, some Delaware small business banks offer free checking accounts, including TD Bank and PNC Bank.
Can I link my Delaware small business bank account to accounting software like QuickBooks?
Yes, many Delaware small business banks allow you to link your account to accounting software. Some banks even offer their own proprietary accounting software.
What types of business loans are available from Delaware banks?
Delaware banks offer a range of business loans, including SBA loans, equipment loans, lines of credit, and commercial real estate loans.
How do I apply for a small business loan with a Delaware bank?
To apply for a small business loan with a Delaware bank, you’ll typically need to provide documentation like your business plan, financial statements, and tax returns.
Can I get a loan for a startup business in Delaware?
Yes, some Delaware banks offer loans for startups. However, qualifying for a startup loan can be challenging, since these loans are generally considered riskier than loans for established businesses.
What is the interest rate on business loans from Delaware banks?
Interest rates on business loans from Delaware banks can vary depending on the type of loan, the amount you borrow, and your credit score. It’s important to shop around and compare rates before selecting a lender.
How much money can I borrow with a small business loan in Delaware?
The amount you can borrow with a small business loan in Delaware will depend on your creditworthiness, your business’s financial health, and the specific loan product you choose.
Can I get a business checking and savings account at the same bank in Delaware?
Yes, many Delaware banks offer both business checking and savings accounts.
What is the minimum balance required for a business account at Delaware banks?
The minimum balance required for a business account at Delaware banks varies depending on the bank and the specific account product.
Is online banking available for small business banking customers at Delaware banks?
Yes, most Delaware banks offer online banking services for their small business customers.
Do any Delaware banks offer special perks or rewards for small business banking customers?
Yes, some Delaware banks offer perks like cashback rewards and special interest rates for small business banking customers.
Can I receive overdraft protection for a business account at Delaware banks?
Yes, many Delaware banks offer overdraft protection for their business accounts.
Can I connect my Delaware small business bank account to PayPal?
Yes, most Delaware banks allow you to connect your account to PayPal.
Are any Delaware banks exclusively for small businesses?
There are no Delaware banks that exclusively serve small businesses, but many banks do offer specialized products and services for their small business customers.
Can I make mobile deposits into my Delaware business bank account?
Yes, many Delaware banks offer mobile deposit services for their business customers.
What is the FDIC coverage on deposits at Delaware banks?
The FDIC coverage on deposits at Delaware banks is $250,000 per depositor, per bank.
Can I take out a business loan from a credit union in Delaware?
Yes, there are several credit unions in Delaware that offer business loans.
Are home-based businesses eligible for loans from Delaware banks?
Yes, home-based businesses can be eligible for loans from Delaware banks as long as they meet the bank’s financing criteria.
Are there any downsides to using a credit union instead of a traditional bank for my small business in Delaware?
Credit unions may offer more personalized service, but they may also have more limited product offerings than traditional banks. Additionally, credit unions generally require that you become a member before you can access their services.
Can I request an online line of credit with a Delaware bank?
Yes, many Delaware banks offer online lines of credit for their small business customers.
What is the average length of a small business loan term in Delaware?
The length of a small business loan term in Delaware can vary, but typical loan terms range from 3 to 7 years.

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Conclusion

As Delaware, also known as The First State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the Delaware economy.

When looking for the best small business loans in Delaware, it’s essential to consider your unique needs and financial situation. Whether you’re forming a Delaware LLC or growing your existing LLC in Delaware, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in Delaware.

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