Growth is one of the biggest challenges for a startup or small business owner. That’s why Valley established its Community Lending Team – to help businesses create a strategy and identify the right products and services to help them grow.
Here are three ways you can build your business:
Establishing a line of credit
If you’re waiting for payment from customers, you might find yourself in a cash crunch. With no cash on hand, it may be difficult for you to buy inventory and keep sales flowing. You may feel compelled to put money from your personal accounts into your business, which is an unsustainable solution.
One of the ways we help small businesses deal with this problem is by opening a line of credit. It gives our customers easy and reliable access to cash in case of emergency without having to dip into their personal funds.
Financing equipment purchases
To expand your business, you also may need to make a large purchase, such as a vehicle, piece of machinery or medical equipment. Instead of asking for a loan at the time of the purchase, it’s better to set up a line of credit for a fixed dollar amount specifically for equipment purchasing. This makes the financing process less difficult for businesses with ongoing large purchasing needs.
Accessing better rates
We offer a range of options, including term loans, lines of credit and mortgages, geared to inspire growth for low-to-moderate (LMI) income business owners. Whether it’s a real estate investment or owner-occupied mortgage, our team of community lending experts can guide you towards an option with better rates and no fees. As an LMI business owner, the advantage is that you won’t have to pay interest, which means more money in your pocket to invest back into your business.
Here’s how some Valley customers benefited from working with our Community Lending Team:
- We helped a franchise owner in northern New Jersey get a $280,000 term loan to refinance an existing, high-cost debt with another lender. In addition, we provided a separate $100,000 term loan to fund leasehold improvements to the franchise owner’s location.
- To pay off some high-rate business credit card debt, a business owner in central New Jersey needed access to additional funds. Our team helped him refinance with a $650,000 cash out mortgage on his owner-occupied property.
- The owner of a business located in a low-to-moderate income area of Newark, New Jersey, wanted to improve the value of her property. We provided her with an $850,000 mortgage and a $350,000 line of credit for working capital to operate her business and potentially make future renovations.
See how we can help your small business grow and thrive. Reach out to the team of community lending experts today.