SBA 7(a) Loans in Delaware: Rates, Requirements
Delaware is a state located on the Atlantic Coast in the Mid-Atlantic region of the United States. The state is bordered to the south and west by Maryland, to the northeast by New Jersey, and to the north by Pennsylvania. The state takes its name from Thomas West, 3rd Baron De La Warr, an English nobleman and Virginia's first colonial governor.
Delaware is one of the smallest and most densely populated states in the country. It is also the sixth most populous state with a population of 967,171 as of 2019. The state's economy is based on agriculture, manufacturing, and service industries. The largest agricultural products are poultry, soybeans, corn, and dairy products. The state's manufacturing sector is dominated by the chemical industry, which includes the production of pharmaceuticals, plastics, and rubber. The service sector is also important to the state's economy and includes tourism, banking, and insurance.
Delaware is a popular destination for small businesses because of its pro-business environment and low taxes. The state has no sales tax and no personal income tax. The state also has a corporate income tax rate of 8.7%, which is lower than the national average. Delaware is also home to the Delaware Court of Chancery, which is a specialized court that hears cases involving business disputes.
Comparing SBA Loan Types in Delaware
When it comes to small business loans, the SBA 7(a), SBA 504, and SBA Express programs are some of the best options available. Boasting favorable terms and low rates, these financing vehicles can provide up to $5 million for your business plans.
SBA 7(a) Loans specifically connects small business owners with lenders across the country who are prepared to offer the very best terms to support their businesses. If you're looking to buy commercial real estate or equipment, or if you need access to repair capital, SBA 7(a) loans should definitely be one of your top options.
Our experienced team will provide you with the very best terms from our network of lenders to ensure your business has what it needs to succeed. We offer this service completely free of charge.
Looking for more information about Delaware? Read on below. Otherwise, click the button below, and we'll get right back to you with your free SBA 7(a) loan quote.
Small Business Loans Available in Delaware
There are several options for small business loans in Delaware. The Small Business Administration (SBA) offers several loan programs, including the 7a, 504, and Express programs, that can be used for a variety of purposes, such as working capital, equipment, and real estate. SBA loans are backed by the government and usually have lower interest rates and longer repayment terms than other types of loans.
1. SBA 7(a) Loans
The SBA 7(a) loan program is the Small Business Administration's most popular loan program. It can be used for a variety of different purposes, from working capital to equipment and even real estate. An SBA 7(a) loan's interest rate is generally lower than interest rates on conventional loans. Loan terms are also longer than most conventional loans, which keeps monthly debt service costs low. SBA 7(a) loans are capped at $5 million.
2. SBA 504 Loans
The SBA 504 program is aimed at businesses looking to acquire heavy equipment or fixed assets or for purchasing or developing real estate. Loan terms are typically up to 10 years for equipment purchases and 25 years for real estate, and interest rates are generally lower than most conventional financing options.
3. SBA Express Loans
SBA's Express Loan program are designed for speed: While loans max out at $500,000, the application turnaround time is just a few days. This convenience does not come for free, with interest rates generally higher — and repayment schedules typically shorter — than other SBA loan types, which increases the cost of debt service.
If you are interested in applying for a small business loan in Delaware, we’ll match you with the best lender: Click here for a free quote.