Delaware may be the second-smallest state, but it packs a powerful punch when it comes to business. Known as a hub for incorporations and corporate headquarters, Delaware also has a thriving small business community in cities like Wilmington, Dover, and Newark. Whether you are launching a startup, expanding a family-owned shop, or modernizing a manufacturing facility, securing Delaware business loans can make all the difference.
This guide explores financing options available to Delaware companies, including SBA loans, state-backed programs, and alternative lending solutions.
Over 98% of Delaware businesses are classified as small businesses.
The state offers tax advantages and a business-friendly legal system, making it an attractive place to start and grow.
Funding is critical to cover startup costs, scale operations, purchase equipment, or hire employees.
Traditional Bank Loans
Delaware banks and credit unions—such as WSFS Bank, Fulton Bank, and Artisans’ Bank—offer business loans with competitive rates and flexible repayment terms. These are best suited for established businesses with strong financial records.
The U.S. Small Business Administration works with lenders in Delaware to make financing accessible. Key SBA programs include:
SBA 7(a) Loans: Up to $5 million, used for working capital, real estate, or refinancing.
SBA 504 Loans: Long-term financing for major assets like property or heavy equipment.
SBA Microloans: Up to $50,000, perfect for startups or small expansions.
State & Local Loan Programs
Delaware also supports small businesses with targeted programs:
Delaware Division of Small Business: Connects entrepreneurs to lenders, grants, and state initiatives.
Delaware Capital Access Program (DCAP): Encourages lenders to make loans to small businesses that may not qualify under conventional standards.
First State Community Loan Fund (now True Access Capital): A nonprofit CDFI providing loans to underserved entrepreneurs.
Alternative Financing Options
When traditional loans aren’t the right fit, Delaware businesses can explore:
Business lines of credit for flexible financing
Equipment loans for manufacturers or restaurants
Invoice factoring for faster access to working capital
Online lenders offering quick, though sometimes higher-cost, capital
Most lenders in Delaware will look at:
Personal and business credit history
Business plan with detailed projections
Financial records (tax returns, profit and loss statements, balance sheets)
Collateral or personal guarantees for larger loans
Clear explanation of how loan funds will be used
Review credit score and eligibility
Gather tax and financial documents
Write a clear business plan
Compare Delaware loan programs and lenders
Apply for pre-qualification if available
Submit full application with documents
Await approval and funding
Financial services and fintech startups in Wilmington
Restaurants and hospitality businesses across the state
Manufacturing companies expanding or upgrading facilities
Small retailers and service-based companies seeking microloans
SBA Delaware District Office (Wilmington) for SBA loans and counseling
Delaware Division of Small Business for state programs and capital access initiatives
True Access Capital for CDFI-based microloans and community lending
Small Business Development Center (SBDC) of Delaware for free consulting and training
Applying without strong financial documentation
Overlooking nonprofit lenders like True Access Capital
Borrowing more than the business can sustain
Ignoring local programs like DCAP that make credit more accessible
As Delaware continues to attract entrepreneurs and corporate entities alike, small businesses can expect:
More digital lending platforms improving access to capital
Greater emphasis on community-based financing through nonprofits
New public-private partnerships to support innovation and growth
Delaware businesses have access to a wide range of financing—from SBA-backed loans and state programs to nonprofit lenders and alternative solutions. By preparing your financials, creating a strong business plan, and exploring both traditional and community lenders, you can find the right funding option to fit your company’s needs.
Ready to take the next step? Contact the SBA Delaware District Office, connect with the Delaware Division of Small Business, or explore options with True Access Capital to secure the financing that will fuel your company’s future.