Detroit, once a thriving metropolis and the heart of America's automobile industry, is now a shadow of its former self. Detroit's unemployment rate is more than twice the national average, but there are still plenty of opportunities for small business owners with the right ideas and the drive to succeed.
Whether you plan to start a new business in Detroit or expand an existing one, securing the necessary funding can be challenging. That's where AdvancePoint Capital comes in. Our business loans offer up to $1 million in financing with flexible terms and competitive rates.
As a partner in your success, we're dedicated to providing the funding you need to achieve your business goals in Detroit. Contact us today to learn more about our small business loans in Detroit and how we can help you grow your business.
Unlock Your Potential with Small Business Loans in Detroit
Small business loans offer a viable solution for financing your business. They are versatile and can be utilized for different purposes, such as start-up costs, working capital, inventory, equipment, and real estate investments.
At AdvancePoint Capital, we're passionate about supporting the growth of small businesses in Detroit with our small business loans. Don't wait any longer to take your business to the next level. Contact us today, and let us help you achieve your business goals.
9 Best Small Business Loans in Detroit (October 2023)
Merchant Cash Advance
The advance provides you with a lump sum of capital in exchange for a percentage of your business’s future credit card sales. The funder receives a percentage of your sales until the amount of sales purchased has been received.
Business Cash Advance
A business cash advance is a revenue-based form of business funding that offers businesses quick access to funds by borrowing against current revenue and repaying out of the future sales of the business.
Business Line of Credit in
A business line of credit is a revolving line that you to draw funds when needed up to a pre-determined credit limit. The interest you pay is based on your outstanding balance, so paying off early has its benefits.
Equipment loans or leasing is a great option for those businesses that depend on equipment for their business operations. Due to the high cost of heavy-duty equipment and other machinery, equipment financing is a must to save on cost and have affordable payments.
If your business regularly invoices their clients, invoice financing can be a great option to improve cash flow fast . The funder advances the business owner to accelerate the accounts receivable instead of the business owner having to chase down payment.
Long-Term Business Loans in Detroit
Long-term business loans are for established businesses that are in the process of a large expansion or project for their business. Terms range from 2 to 10 years with monthly payments.
U.S. Small Business Administration
Start, Grow, and Expand your Business
View the Michigan Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting in Michigan.
Top Uses for Business Loans Among Detroit Small Businesses
- Boosting working capital
- Acquiring and repairing equipment
- Expanding inventory
- Pursuing new business opportunities
- Fueling business development and growth
- Managing cash flow
- Addressing facility repairs
- Covering unexpected business expenses
- Investing in advertising, marketing, and customer acquisition
- Creating jobs and investing in employee recruitment and training
- Meeting general business needs and expenses
State and Federal Government Programs, Grants, Covid-19 Relief Options in Detroit
- Detroit Development Fund
- Detroit Development Fund Small Business Loans
- Detroit Community Loan Fund (DCLF)
- ProsperUs Detroit
Need Help Applying For an SBA Loan?
Why AdvancePoint Capital?
- Business Interaction in Detroit – Our engagement with businesses in Detroit has been ongoing for a significant period.
- Reliability – Detroit's small business owners have consistently given us positive reviews and feedback, reflecting their trust in our services.
- Proficient Loan Experts – Our team of financing specialists in Detroit possesses extensive experience in catering to the funding needs of businesses.
- Non-binding – Our quotes are provided free of charge and without any obligation, allowing you to explore your options without commitment.
- Range of Offerings – We offer diverse business loan products specifically designed for Detroit-based businesses.
Apply for Detroit Business Loans Now!
Obtaining financing or seeking financial guidance in Detroit can pose challenges. However, AdvancePoint Capital offers a swift and convenient solution for business loans through our straightforward application process. Simply complete our online form and application page, and within a short span of a few hours, you'll be on the path to securing a business loan in Detroit.
Get Started Today
AdvancePoint Capital makes the loan application process a simple, straightforward experience.