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Are you looking for Delaware’s best business loans & startup financing companies? For your small business in the Diamond State, many banks, credit unions, & unconventional lenders are offering different loan types. Don’t forget that 28,000 small businesses operate in Delaware and provide more than 227,000 jobs. That’s why many lenders are interested in working here.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 9 business loans & startup financing options in Delaware to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every Delaware-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans & innovative financing options with a simplified process.

At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least). Even if it’s been 6 months since you started this business, Swoop will consider your loan application! However, it is important to talk directly to Swoop’s experts to determine your creditworthiness.

2. Fulton Bank

Your Delaware-based business can hugely benefit from Fulton Bank’s amazing services. You can take out a hefty loan from this lender that offers an average interest rate of 5.58% while the average loan amount available at Fulton is around $927k. You can apply for normal SBA loans or simply open a line of credit via this lender. Commercial real estate loans are also available at Fulton. It can finance your equipment purchases so your Blue Hen State company can continue its business operations hassle-free.

3. Meridian Bank

The average rate of interest at this bank is 5.75%. However, the Meridian Bank also offers you an average loan amount of $1.3 million. Based mainly in Pennsylvania, this lending partner can help your Delaware-based business get the necessary funding to thrive for a long time. So, you may apply for commercial/industrial real estate lending via the Meridian Bank. Also, this lender will finance your business equipment purchases. Even land settlement services are available via Meridian’s extensive network of lenders throughout New England.

4. First Down Funding

At First Down Funding, they realize that getting small business loans via traditional means isn’t a joyride for Delaware-based startups. That’s why this loan provider gives you access to lending opportunities that don’t involve the strict standards set by usual lenders. Moreover, you should look into New Jersey’s best business loans & startup financing companies because a lot of them also cater to the funding needs of small businesses in the Blue Hen State.

5. Community Bank Delaware

As the name of this lender shows, it supports businesses in the Diamond State by giving them the necessary funding for running business operations. Here’s what you’ll get from this bank:

• Business Loans
• Commercial Mortgages
• Commercial Lines of Credit
• Agricultural Loans
• Credit Cards

You can start a new line of credit or borrow money as a team loan. Term loan uses include construction, capital improvements, and existing business purchases, large capital investments in property, plant, and equipment. That’s how your business will stay afloat in this economy.

6. Grow America Fund

This helpful fund also allows Delaware-based businesses to stay profitable in this economy. The interest rate on average at GA Fund is 3.66%; however, $1.205 million is the average amount of funding that you can borrow from this lender. This business offers you lower payments, ample equipment financing opportunities, and a lot of other benefits. That’s why we’ve placed it at #6. So, contact Grow America Fund so you embark on your entrepreneurial journey confidently.

7. PNC Bank

We’re mentioning this bank again. It has a pretty high average interest rate (6.63%) while the loan amount approved by this lender is less than $200k (on average). Normally, loan amounts here range from $10k to $100k. But the application process is quite streamlined. Also, you can easily receive a decision from PNC within a few days. The payment processing is also simple & efficient. You don’t have to give them collateral and terms go up to 5 years.

8. Fahey Bank

Many Delaware-based businesses ignore this gem of a lender. For startup owners in Delaware, Rhode Island, and Connecticut, Fahey Bank can prove to be a pretty amazing lending partner. At Fahey Bank, you get local decision-making, competitive rates, flexible terms, extended terms, and much more. Whether you want to start a business from scratch or purchase/refinance your existing business, then you should get in touch with this lender. So, keep in mind that this lender can have its unique requirements regarding eligibility. Anyways, here are some uses of your Fahey Bank funding:

• Commercial real estate purchase
• Construction
• Business acquisition or expansion
• Equipment/inventory purchase
• Working capital

9. County Bank Delaware

If nothing seems to work out, then you can get in touch with County Bank Delaware. This lender will offer you local decision-making so your business will stay afloat in this dire economy. Here’s what this lender does differently than others:

• Business Loans
• Commercial Mortgages
• Commercial Lines of Credit
• Agricultural Loans
• U.S. Small Business Administration Loans (SBA)
• Credit Cards

Delaware Government Resources

Check out these government resources about business grants/funding and startup financing options in Delaware:

• Monthly Funding Opportunities – Division of Small Business
• Grant Opportunities in New Castle County
• Rural Microentrepreneur Assistance Program in Delaware &Maryland
• Grow Wilmington Fund

Top Cities in Delaware for Business Loans

Curious to know which cities, census-designated places, or municipalities in Delaware are the best for business loans & startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Wilmington
2. Dover
3. Newark
4. Middletown
5. Smyrna
6. Bear
7. Hockessin
8. Georgetown
9. New Castle
10. Seaford
11. Milford
12. Claymont
13. Brookside
14. Elsmere
15. Laurel
16. Delmar
17. Rehoboth Beach
18. Fenwick Island
19. Lewes
20. Bethany Beach
21. Dewey Beach
22. South Bethany
23. Port Penn
24. Woodside
25. Bowers Beach
26. Harrington
27. Frankford
28. Selbyville
29. North Star
30. Pike Creek

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in the Blue Hen State in this economy.

Now, choose a lender that offers you flexible loan terms and interest rates. So, check their online reputation, customer service, interest rates, and other factors. If something is still unclear, get in touch with us at Sophisticated Investor to learn how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.