Small business loans in Paterson, NJ

Are you looking to start or expand your small business in Paterson, NJ? Securing a loan can be a game-changer by providing the financial fuel you need to take your business to the next level. With so many loan options available, however, it can be overwhelming to know where to start. Customers Bank can help you through every growth stage and is committed to being your partner.

Customers Bank is a super-community bank with over $22 billion in assets. We provide nationwide commercial and consumer banking services, serving startups and businesses of all sizes with outstanding customer service and the convenience of digital banking. We offer expert advice, services, and technologies for clients across many industries.

Different types of small business Loans

When it comes to small business loans, there are many options. Understanding the different types of loans available is crucial in determining which is right for your business. Here are some common types of small business loans available from Customers Bank:

1. Traditional bank loans: These loans require a solid credit history and collateral. They typically have lower interest rates and longer repayment terms compared to other loan options.
2. Government-guaranteed loans: The government partially guarantees these loans, making them less risky for lenders. The Small Business Administration (SBA) offers various loan programs, such as the 7(A) loan program and the CDC/504 loan program, designed to support small businesses. As an SBA-Preferred Lender, we have been chosen from the SBA’s best lenders and maintain full lending authority.
3. Business line of credit: A business line of credit provides access to a revolving credit line that you can use when you need it. You only pay interest on the funds you use, making it a flexible financing option.
4. Equipment loans: Equipment financing can be advantageous if your business relies heavily on specialized equipment or machinery. It’s designed to help you acquire or upgrade equipment without depleting your working capital. The equipment can serve as collateral, reducing the lender’s risk and increasing your chances of approval.

Each type of loan has its advantages and disadvantages. It’s essential to carefully consider your business’s unique needs and financial situation before choosing a loan type.

If your startup is not yet eligible for these small business loans, personal loans can be a viable alternative. They are determined based on your personal credit history, giving you a competitive option. Customers Bank offers flexible terms of 3 and 5 years and fast funding capabilities.

Conclusion

Securing a small business loan is an important decision that can profoundly impact your business’s growth and success by helping you seize opportunities that lie ahead. Customers Bank can help you navigate the world of small business loans with confidence. Contact our experienced lending team to explore solutions to meet your needs and goals.