|At a glance —Delaware is amongst the best states to get a business loan. Delaware has 1,318 active small business loans. On average, Delaware's small business grants are worth $262,686. There are 19,000 small businesses in Delaware, which means 6.94% of small businesses currently have loans. Individuals are typically granted loans through private institutions. However, the state offers many partnership programs and unique business opportunities in growing sectors, such as science and technology.|
The Top Four Small Business Loans Options in Delaware
M&T Bank is a widely accredited institution that works across the United States. This lender provides the greatest number of small business loans in Delaware.
M&T Bank offers a wide variety of small business grants such as SBA 7(a), Express, and 504 loans. Each of these loans may be suitable for a different stage in your business’s development process.
The SBA Express loan provides a line of credit of up to $350,000, which lets small businesses upgrade equipment, renovate infrastructure, or more effectively deploy capital. The SBA Express loan's main benefit is that the approval time takes between 45 and 60 days.
The SBA 7(a) offers a credit size of up to $5,000,000, which is meant to help with long-term growth and cash flow development.
Scheduling an appointment is usually the best way to see if your business will be approved at the end of the loaning process.
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
The small business checking services offered are free as long as you keep $10,000 in your account or process 400 transactions a month.
SBA Express, SBA 7(a), 504 loans
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