NYC Business Loans: Private Lenders Favor Entrepreneurs
NYC business loans are essential to the success of every entrepreneur throughout the city. However, not all lenders are the same. Many NYC business owners are actually favoring private lenders over banks and other traditional finance institutions, and for good reasons.
NYC Business Loans From Traditional Lenders
Any entrepreneur who has dealt with traditional lenders understand the red tape involved with NYC business loans. First, the often times prohibitively high requirements exclude NYC business owners from getting loans. Most new and small businesses simply do not have the perfect credit ratings or long history of sales and borrowing to qualify for traditional business loans, which are designed for larger, and more established businesses. Second, the long processing times for traditional loans often forces NYC business owners to miss windows of opportunity, forcing them to readjust timelines and push the next big milestone further out on the development schedule.
NYC Business Loans From Private Lenders
Private lenders treat NYC business loans very differently compared to traditional institutions. First, private lenders in New York City do not have to deal with the internal or inter-branch bureaucracy of other financial institutions. Private lenders can handle business loan requests in-house, and fast track applications. This means local business owners get the funding they need without missing any opportunities for growth or sales. Second, the requirements are much more accessible. Banks and similar institutions frequently have their own thresholds for entry. The reasons for this is that small businesses are considered risks, so imposing higher requirements separates the wheat from the chaff. Unfortunately, this hinders a strong and diverse economic landscape. Private lenders believe NYC business owners should have the chance to success without any arbitrary gatekeeping.
Private Lenders Listen
Perhaps one of the biggest differences between NYC business loans from private lenders versus institutions is that private lenders listen. Every business is unique, even within the same industry. Banks and larger institutions have a “one size fits all” approach to lending. Private lenders want to know their clients and understand their goals. This way, business loans and other financing solutions can be tailored to meet the needs of local entrepreneurs.
At Express Capital Financing, we are dedicated to providing the best business loans throughout New York City. Whether you are just getting started or looking to expand, our team will work with you directly to offer a lending solutions that fits your individual needs. Contact our offices today to get started.