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According to Small Business Administration statistics, there are 88,051 small businesses in Delaware, which make up 98.4% of the total number of businesses within the state. In 2019, reporting large blanks have issued $273.9 million in loans to businesses with revenues of $1 million or less, - a number that has been steadily growing since 2010.
Best Small Business Loans in Delaware
WSFS Bank is a Delaware institution, through and through, offering small business loans to businesses of various scales. The SBA program through the WSFS Bank provides approximately $10 billion in loans to small businesses each year.
Their 7(a) loans have a refinancing period of 10 to 25 years and a loan amount of up to $5 million. SBA Express loans of up to $100,000 can be approved in two days and funded within three days. These loans have to be paid back within a term period of three to 10 years.
Other types of loans provided are lines of credit of up to $500,000, term loans to purchase fixed assets, and letters of credit to credentialize purchases for small businesses. WSFS also offers loans for commercial real estate investing and will give loans for commercial mortgages paid back within 25 years.
Dover Federal Credit Union was started by a few air-force veterans with the intention of helping people develop their dreams. The Dover Federal Credit Union offers a wide variety of services to help citizens get small business grants in Delaware. Most popular are business vehicle loans, commercial real estate loans, business checking services, equipment and machinery loans, and credit lines.
To apply for a loan at a Dover Federal Credit Union location, you must fill out a business loan application and a personal financial statement, which you can find on their website. You also need to have a business plan and be able to show personal tax returns from the past two years. Other requirements are to have a business license from the state of Delaware and to have your business registered within the state.
All these requirements may vary, however, based on your prior relationship with the institution and the type of loan you are applying for.
First Citizens Community Bank has two locations in Wilmington. It prioritizes cash flow and transparency, offering digital accessibility with all of its loan information and processing with online banking.
They also offer a host of different loans options, including:
- Commercial real estate loans, which have flexible and competitive term rates
- Business lines of credit, which can be repaid based on the flow of your business
- Agriculture loans, at low rates
- Equipment loans, for new and used equipment in a variety of industries
- 504 and 7(a) small business loans of up to $350,000 with an expedited waiting period, and up to $5 million for regular waiting times
- Business term loans with maturity
- Letters of credits for larger purchases
- Accounts receivable financing
||SBA 7(a) loans, commercial real estate loans|
|Dover Federal Credit Union||Vehicle loans, commercial real estate loans, business checking services, equipment and machinery loans, lines of credit|
|First Citizens Community Bank||SBA 504, SBA 7(a), commercial real estate, equipment, agriculture, business term loans, and lines of credit|
Best Online Delaware Small Business Loan Options
Online bank loans are accessible nationwide and can often be competitive with bank loans obtained within accredited institutions within Delaware. Online loan processes are fast and are easy to fill out.