Finance Your Business

Whether you're looking for startup capital or considering a loan to finance the expansion of your business, a variety of opportunities are available through various lenders and programs.

Non-profit and community lenders are one option for obtaining loans. Many of these lenders are mission-driven, meaning they have community or social goals to support low-income communities, and therefore may have fewer restrictions than traditional banks when making lending decisions. Examples of community lenders include community development finance institutions (CDFIs) and some credit unions.

These loans are usually smaller or have fixed interest rates so that borrowers are less likely to default (fail to repay their loan). In addition to providing loans, many of these lenders also provide services like training or technical assistance.

Do your due diligence when finding a suitable lender. Many for profit lenders specialize in making short term small business loans, but at extremely high interest rates. These predatory loans can affect your ability to meet your other obligations, so it is essential that you understand the terms and conditions of the loan and how it will impact your cash flow. Getting the short-term financing you need, only to realize the obligations of the loan, will cripple your ability to meet your other financial obligations and can quickly turn into a devastating mistake.

For more information on alternative lenders, call us at 1-800-Jersey-7 or chat with us.

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