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Small Business Loans in Delaware

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10 Small Business Loans in Delaware

Our guide offers an in-depth look at the key players in small business funding throughout Delaware, supported by strong statistical evidence. We've organized these funding sources by the number of small business loans they've distributed so far this year.

This means we're spotlighting the financial institutions that are actually lending to small businesses within the state.

(This is contrary to many web resources that often shine a light on non-profit groups with scant lending records and government schemes limited to a narrow audience, our overview prioritizes active financiers that are significantly aiding small enterprises.)

Takeaway: Large banks do most of the small business lending in Delaware, although two of those banks are headquartered in Delaware. 

Methodology: Our examination taps into data from SBA 7a loans, ensuring that each listed lender offers SBA loans. We've also gathered information on various other small business financing opportunities these lenders promote on their online platforms.

Considering the fact that conventional banks typically require strong credit scores and a business track record of over two years, our resource first introduces a pair of financing alternatives for small business proprietors in Delaware who are dealing with low credit scores or have been in business for a short period.

1. Credit Suite

Credit Suite is renowned for its expertise in business credit consulting and software offerings, enhanced by two unique financing alternatives.

Their Cash Flow Financing option is ideally suited for business owners with a few years of operation under their belts and minimal credit scores. This approach allows the consistent cash flow of your business to act as collateral for obtaining flexible financing solutions. 

Instead of fixed monthly repayments, the amount you pay back is based on a percentage of your business's ongoing cash inflow, making it a versatile choice for businesses in Delaware.

The Credit Line Hybrid offers funding purely anchored in individual credit ratings, bypassing the requirement for exhaustive financial statements, bank transaction histories, or complex business plans. 

Specially designed for a wide range of businesses from startups to established businesses, it presents funding options from $5,000 to $150,000.

Business financing options offered:

  • Credit Suite Cash Flow Financing
  • Credit Suite Credit Line Hybrid
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2. Manufacturers and Traders Trust Company

M&T Bank issues more SBA 7a loans than any other lender in Delaware.

Its main office is located in Buffalo, New York, and it maintains a robust selection of business financing solutions, including a diverse range of loan services designed to support different industry requirements. 

Business financing options offered:

  • Business Lines of Credit

  • Business Credit Cards

  • Term Loans

  • Equipment Financing

  • Small Business Administration (SBA) Loans

  • Farm & Rural Business Loans

  • Restaurant Business Loans

  • Medical Practice Loans

3. TD Bank

Although TD Bank operates extensively across the East Coast, with the exception of Georgia, it is headquartered right here in Delaware. It features numerous retail locations and provides a broad selection of financing options for small businesses. As an SBA Preferred Lender, TD Bank stands out.

Applications for business loans can be submitted both online and face-to-face. 

Business financing options offered:

  • Term Loans 

  • Business Lines of Credit

  • Commercial Real Estate Loans & Mortgages

  • SBA Loans

  • Revolving Lines of Credit

  • Equipment Financing

  • Asset Based Lending

  • Supply Chain Financing

  • TD Business Solutions Credit Card

4. Wilmington Savings Fund Society

Wilmington Savings claims that it is the number 1 SBA 7(a) lender in the Greater Philadelphia and Delaware region. (Although, as you can from this list, they are actually #3 in SBA 7a loans in Delaware.)  Like TD Bank, it’s also headquartered locally. 

Their portfolio of business loans offers a normal range of options compared to other banks.

Business financing options offered:

  • Small Business Express Loans

  • Loans & Lines of Credit

  • Real Estate Investing & Development

  • Equipment Finance for Small Business

  • SBA Lending

5. PNC Bank

PNC, a significant, nationwide bank, boasts numerous retail outlets. Its expansive scale naturally leads to an extensive array of small business lending options and five distinct business credit cards. Despite having a national presence, it is also headquartered in Delaware.

On their website, you'll find fundamental details about the loan amounts and terms for various financing options. They support online applications and provide an inventory of business documents necessary when applying for different types of business loans.

Business financing options offered:

  • Term Loans

  • Unsecured Small Business Loans

  • Secured Small Business Loans

  • Small Business Commercial Real Estate Loans

  • Secured Vehicle Finance Loans

  • Small Business Lines of Credit

  • 5 Business Credit Cards

6. Northeast Bank

Northeast Bank is a small bank in Maine with diverse offerings for agriculture, heavy equipment, and trucking financing.

Business financing options offered:

  • Commercial Truck Finance

  • SBA 7a Loans

  • Commercial Real Estate Loans

  • Lines of Credit

  • USDA Loans

  • Equipment Loans

  • Municipal Equipment Leasing

  • Commercial Equipment Leasing

  • 5 Business Credit Cards

7. The Huntington National Bank

Huntington National Bank doesn't only lead as a premier small business financier in this state, but it also leads the nation in issuing more SBA 7a loans than any competitor.

This commitment places them among the top 10 lenders in nearly all other states, showcasing their enthusiasm for partnering with small enterprises.

Beyond SBA lending, they present an extensive range of small business financial solutions, such as equipment leasing, agricultural financing, and various real estate lending options.

Business financing options offered:

  • SBA 7a Loans

  • Equipment Leasing

  • Church Lending

  • Greek House Financing

  • Agricultural Loans

  • Warehouse Lending

  • Real Estate Loans, Term Loans, and Lines of Credit

8. Grow America Fund

Grow America has Preferred Lender status with the SBA. They aren’t a bank, but rather "a national small business lending program designed to catalyze job creation in underserved communities." It's also a Certified CDFI/ "Community Development Financial Institutions Fund". 

Business financing options offered:

  • SBA 7a loans

9. BayFirst National Bank

BayFirst National specializes in SBA financing. Their online presence boasts, “Lightning Fast Business Loans!” alongside “In-house team, quick funding”. Possessing an internal underwriting team means they combine quickness with proficiency.

Given that SBA loans typically require an extended period to process, this capability represents a significant benefit for them.

Business financing options offered:

  • SBA Loans

  • Commercial Real Estate Loans

  • Commercial Term Loans

  • Commercial Lines of Credit

  • Construction Loans

  • Heavy Equipment Financing

10. United Midwest Savings Bank

United Midwest Savings, based in Ohio, offers SBA loans and USDA loans. They don’t have a lot of information on their website about their business loan offerings, but they’re on this list because they do a high volume of loans.

Business financing options offered:

  • SBA Loans

  • USDA Loans

How to apply for a small business loan in Delaware

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!

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