A business line of credit can be a lifeline for small businesses that need access to flexible working capital. But before you apply for financing or draw your first dollar, you need to understand how interest rates affect your borrowing costs.
Rates on business lines of credit vary widely depending on the lender, your credit profile, and the structure of the credit line itself. Knowing the details that impact these rates can help you compare financing offers with confidence.
The following guide breaks down how lenders set rates on business lines of credit and what interest rate ranges you can expect in 2025. Plus, learn how different types of credit lines compare and key steps you can take to position your business for more competitive borrowing offers.
Understanding business line of credit interest rates.
A business line of credit works much like a revolving business credit card, giving you flexible access to cash on an as-needed basis. You can borrow up to your approved credit limit, repay the debt, and borrow again throughout the draw period (as long as the credit line remains open and in good standing).
Like credit cards, several details combine to determine how much you pay to borrow money with a business line of credit, including your outstanding balance. However, the primary factor that influences potential borrowing costs is your interest rate.
Interest rates on business lines of credit vary. Lenders consider several factors when evaluating your application—both to determine if you qualify for a business line of credit and to decide how much to charge you. Understanding these details can help you compare financing offers for your business more effectively.
Key components that shape business line of credit interest rates.
1. Base rate: Most lenders use a benchmark rate like the Prime Rate or the Secured Overnight Financing Rate (SOFR) as the starting point for pricing credit lines.
2. Risk-based markup: Your personal credit scores, business credit scores, revenue, cash flow, time in business, and other factors affect how much margin a lender may add on top of the base rate. The higher the lender believes your borrowing risk to be, the higher the markup.
3. Fees: Annual fees, draw fees, inactivity fees, and sometimes even maintenance charges can increase your overall borrowing costs, even when the advertised interest rate looks competitive. That’s why it’s important to review both the APR and the fee schedule.
Types of business lines of credit and their rate structures.
The type of business line of credit you apply for also influences the interest rates lenders may offer you. Understanding these differences can help you select the most affordable (and best suited) financing option for your company.
Rates adjust with market conditions and base rate changes.
Non-revolving line of credit
Fixed, variable, or interest-only rates
Borrow funds once, then repay without the ability to draw again.
Why secured vs. unsecured matters.
Lenders view secured lines of credit as less risky because they have collateral to claim if a borrower defaults on their debt. That lower risk for the lender often translates to lower interest rates for the borrower. For example, if your business pledges $50,000 of inventory as collateral, you might qualify for a lower rate on a business line of credit compared to a business seeking the same credit limit without any assets to secure the loan.
Unsecured lines of credit, on the other hand, shift all risk to the lender. The borrower has no “skin in the game,” although the lender may still require a personal guarantee. Without collateral, the lender will often charge a higher rate to compensate for the additional risk.
Revolving vs. non-revolving credit lines.
A revolving credit line functions much like a business credit card. This financing structure is the most common business line of credit. As you pay down your balance on a revolving line of credit, you free up available credit that you can borrow against again during the draw period on your account. Because the interest rate on these accounts often track a benchmark rate, like the Prime Rate or SOFR, your borrowing costs can rise or fall with market conditions.
A non-revolving line of credit acts more like a business term loan. Once you draw the funds, you can’t access the credit line again. Instead, if you need more capital for your business, you’ll need to reapply for funding (and likely pay off the money you already borrowed first). Some non-revolving products may feature a fixed rate or an interest-only repayment option while others offer variable interest rates. So, it’s important to pay attention to the financing terms to make sure you understand the cost. These structures can be helpful for one-time large expenses, like seasonal inventory or equipment upgrades.
Comparing business lines of credit rates: Benchmarks and what to expect.
Business owners may shop for a line of credit because they need flexible access to capital. Yet comparing offers without understanding interest rates can lead to higher borrowing costs than expected. In 2025, lenders continue to base most credit line pricing on market benchmarks and their own risk policies. If you know how these pieces fit together, it can help you better predict your own financing costs and potentially negotiate better terms.
Average interest rates and what drives them.
Most lenders tie the interest rates they offer on business lines of credit to a benchmark, such as the Prime Rate or the Secured Overnight Financing Rate (SOFR). Because of this arrangement, when the benchmark rate rises, your borrowing cost increases as well. Likewise, if the benchmark falls, you pay less. That’s the nature of a variable interest rate.For well-qualified borrowers, current rates on business lines of credit often start in the low double digits. Newer businesses or applicants with weaker credit may see APRs climb into the high-20% range. Lenders may adjust the interest rate they offer you after reviewing factors such as:
Creditworthiness: Lenders reward strong business and personal credit scores. For example, a good FICO® Score (670 or higher) may help you unlock lower APRs.
Revenue and cash flow: Steady revenue and a dependable cash flow signals to lenders you can repay debts on time and can often bring down your interest rate.
Loan size and term: Larger credit limits or longer repayment periods add risk for lenders. So, you might face a higher interest rate if you’re looking for either of these features in your line of credit.
Collateral: If you pledge assets such as inventory or receivables, lenders often offer a lower APR than they would on an unsecured credit line.
Even if two businesses applied to the same lender on the same day, they would each likely receive very different financing offers because of these variables.
Why line of credit rates vary across lenders.
Another detail that can impact the interest rate you pay on a line of credit is where you apply for financing. Banks, online lenders, and SBA-backed programs each evaluate risk in different ways.
Banks and credit unions: Traditional financial institutions usually advertise the most competitive starting APRs for established businesses with strong credit and collateral. But these lenders often require extensive documentation and loan processing timelines can be lengthy.
Online lenders: If you’re looking for faster funding options or more flexible minimum borrowing criteria, you may want to consider applying for a line of credit from an online lender. However, online lenders may also charge higher APRs to offset the added risk.
SBA-backed credit lines: Both traditional and online lenders offer SBA lines of credit, like SBA CAPLines, SBA Express Lines of Credit, and other options. SBA interest rates are typically competitive, but paperwork and approval can be time consuming.
It’s wise to compare several lenders to find the best combination of cost, speed, and qualification requirements to fit your business borrowing needs.
Typical rate ranges by business profile.
Here’s what many small businesses can expect to pay in 2025. The following numbers represent typical APR ranges, though individual offers may differ based on the factors above and on current market conditions.
Business profile
Typical APR Range
Details
Established business (good credit), secured LOC
7-12%
Collateral and strong revenue, lower risk and often lower rates.
Established business, unsecured LOC
10-20%
Lack of collateral adds risk, so lenders charge more.
New or small business, limited credit history
15-36%+
Often funded by online lenders at higher rates.
SBA-backed line of credit
Prime + 3% to Prime +8%, or 12-17%
Competitive APRs but require more paperwork and time.
Understanding how lenders set rates and how your business profile affects pricing could save you thousands of dollars over the life of your credit line. When you estimate the payments on a business line of credit, it’s eye opening to discover that even a two-percentage point difference in APR on a $50,000 balance could cost thousands of dollars in extra interest each year. Before you apply, review your credit, cash flow, and collateral to strengthen your borrowing profile.
Assessing offers and choosing the right business line of credit.
After you understand rate ranges for business lines of credit, it’s wise to compare financing offers beyond just the advertised APR. Look beyond the cost and evaluate other key features like repayment flexibility to make sure the credit line fully supports your business borrowing needs.
Key details to compare
When you review multiple offers, focus on the following core details.
APR and fees: Consider the full cost of borrowing, including APR and all lender fees (annual, draw, maintenance, etc.).
Repayment terms: Understand draw period length, repayment schedules, and whether your rate is fixed or variable.
Flexibility: Make sure the credit limit and repayment structure are a good match for your seasonal or ongoing borrowing needs.
Qualification criteria: Confirm minimum borrowing requirements including credit score, time in business, financial history, and other relevant risk factors.
Key questions and warning signs to consider.
Before you choose a line of credit for your business, it’s also important to ask lenders key questions to avoid surprises.
How often do you adjust variable rates, and how will you notify me about rate changes?
What happens if I want to renew or increase my credit limit in the future?
Do you charge any fees for early repayment or inactivity?
Will you charge additional fees if I draw funds frequently or in small amounts?
Also, watch for red flags like unclear fee schedules, confusing repayment terms, or high penalty charges for inactivity or early payoff. A reputable lender should provide you with a transparent breakdown of all costs and straightforward answers to your questions.
Improving your business’s eligibility for better rates.
Lenders reward borrowers who are well prepared, demonstrate creditworthiness, and financial stability. As a result, if you make an effort to strengthen your application before you apply, you may increase your chances of accessing more competitive interest rates.
Steps to improve your borrower profile
1. Improve your credit. Pay down revolving credit card debt, resolve delinquencies, and review your credit reports for errors to improve your credit score.
2. Organize your finances. Gather key documents such as financial statements, tax returns, balance sheets, and cash flow reports and have them ready for lender review.
3. Build relationships with lenders. A history with your bank, credit union, or an existing lender could work in your favor when you apply for new financing.
4. Consider collateral. If you have inventory, receivables, or equipment to pledge, those assets may help you secure a lower interest rate.
Taking the steps above can demonstrate lower risk to lenders which often translates to better pricing and terms.
Leveraging creditworthiness and financial practices.
Your financial history plays a major role in how lenders assess risk when you apply for financing (whether a business line of credit or other types of business loans). Lenders typically look at your personal and business credit scores, annual revenue trends, and overall debt figures. They also want to see a clear business plan that outlines how you’ll use the credit line and repay it.
Building a solid relationship with lenders is another long-term strategy that may strengthen your borrowing position—especially for businesses seeking long-term financial relationships. Consider providing regular updates about your financial performance, sharing growth plans, and maintaining open communication to build trust over time. When you demonstrate consistent repayment habits and strong financial practices, lenders may respond with better terms and lower rates.
Bottom line.
A business line of credit may help your company manage cash flow, cover seasonal costs, and take advantage of new opportunities. But the interest rate you secure plays an important role in how valuable that financing will be for your company over the long term. If you want to find the best financing available for your business, take the time to compare offers beyond the advertised APR. Review each lender’s full cost structure, repayment terms, and qualification criteria. And if you need to earn better terms, be sure to gather documentation, strengthen your credit profile, or offer collateral before you apply. The work you put in upfront could add up to meaningful savings over time.
Running a small business often means taking every chance to grow. One month it might be replacing a broken delivery van, another month it could be ordering extra stock before the holidays. Before long, those choices can stack up into several loans with different rates and repayment dates, leaving you spending more time on paperwork than on growing your business.
Refinancing offers a way to reset. By replacing one or more existing loans with a new one, you can lower borrowing costs, improve cash flow, and simplify repayment.
Here’s what you need to know about small business loans before making the switch.
What is small business loan refinancing?
When you refinance a small business loan, you take out a new loan to pay off your existing debt. The goal is to secure better terms, such as a lower interest rate or longer repayment period. Once the old loans are paid off, you make payments on the new loan going forward.
It’s not the same as a loan modification, where you work with your current lender to adjust terms, and it’s slightly different from loan consolidation, which typically combines multiple debts into one payment but doesn’t always reduce the cost of borrowing. Refinancing, on the other hand, is about finding a new loan that improves your interest rate, repayment period, or monthly payments.
Signs its time to refinance a business loan.
Refinancing can be a powerful tool, but timing matters. Here are a few signs it may be the right move:
Your interest rate is higher than today’s market rate. If rates have dropped since you took out your loan, refinancing can help reduce your borrowing costs.
You’re managing multiple loans. Different due dates, interest rates, and terms can make debt management a stressful process. Consolidating into one loan simplifies repayment.
You face seasonal ups and downs. If your revenue cycles with the seasons, refinancing to a loan with more flexible terms can help stabilize cash flow.
Your business has grown stronger. An improved credit score or higher revenue may help you qualify for better loan terms than when you first borrowed.
Cash flow feels tight. Extending repayment terms may lower your monthly payment and give you breathing room.
Benefits of refinancing a business loan.
Done wisely, refinancing offers clear advantages:
Room to plan ahead. A clearer repayment schedule gives you the ability to map out budgets and growth strategies with more confidence.
Improved lender relationships. Demonstrating that you can successfully refinance and manage debt may open the door to larger or more flexible funding in the future.
Access to new opportunities. With healthier cash flow, you may be able to take advantage of supplier discounts, bulk purchasing, or investments you had previously put on hold.
Better financial image. A streamlined loan structure can make your balance sheet look stronger, which can strengthen your business profile when you’re looking for investors or applying for additional financing later on.
What you should know before refinancing.
Refinancing isn’t risk-free. Before making the leap, weigh these considerations:
Prepayment penalties. Some lenders charge a fee if you pay off your loan early. So, check your current loan agreements before moving forward.
Cost of extending terms. Lower monthly payments often mean a longer repayment period. Over time, you could pay more in total interest.
Risk of re-leveraging. Freeing up cash doesn’t mean it’s wise to immediately take on more debt. Think strategically about how you’ll use the savings.
True savings vs. fees. Compare the total cost of the new loan, including origination fees, closing costs, or other charges, against your current debt.
How to refinance a business loan step by step.
Refinancing may feel intimidating, but the process is straightforward if you break it down:
Review your current loans. Make note of balances, interest rates, fees, and repayment schedules.
Evaluate your business finances. Lenders will want to see your credit score, revenue trends, and cash flow.
Shop for better terms. Compare multiple lenders in one place through Lendio’s loan marketplace.
Apply with documentation. Expect to provide financial statements, tax returns, and copies of your existing loan agreements. For a refresher, see our guide on how to get a business loan.
Close and pay off old debt. Once approved, your new lender issues funds to pay off existing loans, leaving you with a single new repayment plan.
Alternatives to refinancing.
Refinancing isn’t the only option. Depending on your circumstances, you might consider:
Loan modification. Ask your current lender if they can adjust your rate or extend your repayment schedule.
Debt consolidation. Roll multiple debts into one loan (sometimes without reducing the total cost).
Business line of credit. If your primary concern is uneven cash flow, a revolving line of credit could provide you with greater flexibility.
How Lendio helps small businesses refinance debt.
Refinancing can feel overwhelming when you already have a business to run, but it doesn’t have to be. Through the Lendio Marketplace, you can compare options from more than 75 lenders with just one simple application. Many business owners receive offers within minutes and funding in as little as 24 hours.
If you're finding that high interest rates and overlapping loans are sapping your focus and your cash, refinancing offers a chance to pause and reset. By understanding what you pay now and comparing it to what a new loan could offer, you can decide if refinancing will put your business on steadier ground.
Our mission is to make that process as transparent and quick for you as possible so that your business has the freedom to grow and thrive.
If you run a retail or ecommerce business, you're likely familiar with this scenario. Demand is high and customers are ready to purchase, yet your shelves are nearly empty.
Maybe you’re stocking up for the holidays? Or perhaps your ecommerce brand just went viral? Or you want to place a large order with a supplier to secure a better price? The opportunity is there, but your cash is tied up in inventory. While you wait for revenue to come in, you might not have the funds to restock.That’s where inventory financing comes in. Instead of stretching your budget thin and pulling money away from payroll, marketing, or day-to-day operations, a small business inventory loan gives you access to funding backed by the products you’re already selling.
What is inventory financing?
Inventory financing (also known as a product-based business loan) helps you cover the cost of the stock you plan to sell. Instead of requiring property or other assets as security, the loan is tied directly to your inventory.
Put simply, the stock sitting on your shelves or in your warehouse acts as the collateral.
Inventory financing typically comes in two forms:
A line of credit gives you flexible access to funds whenever you need them, and you only pay interest on the amount you use.
A term loan provides a lump sum up front, which you repay in regular installments over time.
This flexibility makes it easier for businesses with fluctuating demand to match their financing to their sales cycle.
How does an inventory loan work?
Here’s what the process usually looks like:
Apply through a lender. On Lendio's lending marketplace, one simple application gives you access to a network of 75+ lenders, including those that specialize in inventory financing.
Lender evaluation. The lender reviews your sales history, cash flow, and the value of your inventory to see how much you qualify for (we'll discuss this in more detail below).
Funding. If approved, you’ll receive financing tied to the value of your inventory. This could be a revolving line of credit that you draw from as needed, or a lump sum you can put to use right away.
Repayment. Like other loans, you’ll make regular payments based on the agreed terms, which include principal and interest.
As the loan is secured by your inventory, the approval process is often faster and less paperwork-heavy than traditional bank financing. In fact, some small businesses have accessed funds in as little as 24 hours, giving them the flexibility to stock up without delay.
When does inventory financing make sense?
There are times when keeping shelves stocked puts real pressure on your cash flow. That’s when inventory financing can be advantageous. Here are a few situations where this might come into play:
E-commerce brands growing fast. Online stores that experience a sudden surge in orders can often struggle with uneven cash flow.
Product-based businesses buying in bulk. Suppliers often offer discounts for large orders, but the upfront cost can be steep.
In cases like these, a small business inventory loan can bridge the gap, helping you stock up and capitalize on growth opportunities with working capital when you need it.
Still, there are trade-offs. Extra stock can park thousands of dollars on a shelf and push up storage costs. Plus, if sales are slow, you’ll be marking items down just to get rid of them, and because inventory loans include interest as well as fees, they can end up pricier than more traditional options. That's why it's imperative to build a repayment plan you can actually stick to.
However, grounding your decisions in sales data ensures that forecasts translate into practical reorder points, repayment plans align with expected sell-through, and financing focuses on items that turn quickly, thereby maintaining a healthy cash flow.
Benefits of a small business inventory loan.
With that base covered, an inventory loan can work to your advantage.
Stay in stock when demand spikes. Reliable funding helps you replenish your shelves before rush periods, resulting in fewer stockouts and, therefore, happier customers.
Keep cash free for what keeps you moving. Financing the inventory itself leaves working capital available for payroll, advertising spend, shipping, customer support, and other necessary expenses.
Order earlier and in the right quantities. Access to capital allows you to place larger purchase orders, helping you meet supplier minimums.
Improve unit economics. Bigger buys and predictable order schedules often qualify for better pricing and payment terms, which can lift gross margin per unit.
Make cash flow steadier. Regular repayments align with expected sell-through, making planning and forecasting simpler and reducing the likelihood of cash crunches.
How to qualify for inventory financing.
Every lender has its own criteria. Most will look for the following, so having these ready can speed up approval:
Credit and revenue: A solid credit profile, consistent monthly revenue, and positive cash flow will show you can service the debt.
Sales history: POS reports or invoices that demonstrate inventory turns, seasonality patterns, and reliable sell-through.
Inventory valuation: SKU-level counts, unit costs, aging and shrink reports, plus a clear description of what you’ll buy.
Supporting documents: Recent bank statements, tax returns, P&L and balance sheet, A/R and A/P aging, purchase orders, and inventory reports.
Smarter inventory financing starts here.
Inventory financing can be a shrewd way to turn demand into revenue without straining day-to-day cash needs. Used in conjunction with clear forecasts, disciplined reorder points, and repayment schedules that align with sell-through, it helps you maintain optimal stock levels.
But choosing the right loan structure matters just as much as timing. That's where Lendio helps. One application opens the door to multiple lender options, allowing you to compare offers and tailor terms to your sales cycle, so you can move forward confidently.
When you buy an existing business, you step into a living and breathing operation. There's a customer base that knows the name on the sign, a team that understands the day-to-day, and best of all, revenue already flowing in. It's the head start that many entrepreneurs dream about.
But even with those advantages in place, the cost of the initial purchase can be a massive hurdle. You either need a large amount of cash on hand or a lender who's ready to back the deal, which is where, for many buyers, small business financing becomes part of their story.
One option stands out for its flexibility: The SBA 7(a) loan. These government-backed loans under the 7(a) program make it possible to buy a business with a smaller down payment and longer repayment terms.
But to take full advantage of those benefits, you need to understand how the process works and what lenders are looking for, which is why we've created this guide. We’ll show you how an SBA loan can help you buy a business and why the 7(a) loan in particular is one of the most accessible options available.
Why use an SBA loan for business acquisition?
For first-time buyers, getting a traditional business loan can be an uphill battle. Many lenders want to see evidence that you’ve done this before, with years of experience behind you, strong financials, and collateral to back the loan.
In many cases, you only need 10% of the purchase price upfront, and repayment terms can extend up to ten years, providing more breathing room during the early months of ownership. Even first-time buyers can qualify if they show experience that relates to the business and can present a plan the lender finds realistic.
If, at this point, you think you could benefit from an SBA 7(a) loan to acquire a business, the next stage is mapping out the steps involved in securing it:
Step One: Choose a business that lenders will love.
What lenders really want is confidence that the business will continue to perform. Signs of that include reliable income, a loyal customer base, and a name that carries some weight in your niche. So, keep those factors in mind as you start evaluating opportunities.
You might come across leads through brokers, platforms like BizBuySell, or referrals from people in your network. However you find them, what matters most is how the business holds up under closer scrutiny.
So, go through at least three years of:
Tax returns
Profit and loss statements
Balance sheets
Go beyond the basics, too. Check for active leases, vendor contracts, licensing documents, and any debts the business might be carrying. These details help you and your lender understand what you’re really signing up for.
As we've already hinted at, lenders will also consider your background. So, it's worth remembering that if you’ve worked in a similar industry, that experience can help you stand out as a qualified buyer.
Step Two: Pin down the true value of the business.
Before the SBA approves your loan, the business needs to be appraised. If the deal is over $250,000 or involves a complete change of ownership, a formal valuation is typically required.
There are a few ways lenders calculate value:
Seller's discretionary earnings (SDE) × industry multiple: This method is common for small businesses with steady earnings. SDE is a measure of the business’s total financial benefit to the owner, including salary, perks, and net profit. Lenders or appraisers multiply the SDE by an industry-specific number (called a multiple) to estimate the business’s value.
Asset-based valuation: This focuses on the business’s physical assets. Things like equipment, inventory, furniture, and property. Instead of using the original purchase price, lenders want to know what those assets would sell for today. This method is typically used when a business has a large inventory of tangible assets and less predictable income, such as a manufacturer or retail shop.
Third-party appraisal: Sometimes, the lender will need a third-party appraisal, especially for larger deals. At this stage, a certified appraiser will step in to give an objective view of the business's value. That number matters a lot since SBA loans can’t go above the appraised value.
Step Three: Structure the deal.
Once you have that figure and know a lender is on board, it’s time to decide how the deal will come together financially.
Most deals include:
An SBA loan covering 70-90% of the purchase price
Buyer equity of at least 10% (this shows your commitment and is required under SBA rules)
Seller financing for the remaining balance (either as a loan or a standby debt)
Step Four: Prepare your SBA loan application.
By this stage, you’ll already have reviewed the business’s tax returns and financial statements with your lender in mind. Now it’s time to assemble the complete application package and apply for an SBA loan. This includes proof of the purchase agreement, such as a letter of intent or a signed contract, along with your business plan, two to three years of financial projections, your personal credit report, resume, and a list of assets and liabilities.
A straightforward purchase can wrap up fairly quickly, whereas more complex deals involving multiple stakeholders often take longer if the lender needs additional information along the way.
The process typically moves through stages such as underwriting and credit analysis, any required site visits from the lender or SBA, a review of your documentation with follow-up questions about how the business will operate, and finally, loan approval and disbursement.
Once approved, funds are then transferred directly to the seller, and you’ll assume operational control on the agreed-upon closing date.
The smart path to business ownership.
Buying an existing business is a big step, but with the right funding, it’s one you can take confidently. At Lendio, we connect business buyers with SBA-approved lenders every day. Check your SBA 7(a) loan eligibility now and take the first step toward owning the business you’ve been looking for.
Imagine you’re a specialty cupcake business popular for supplying graduation parties and weddings. Because July is when these busy seasons are over, you find yourself short of supplies and needing to pay payroll for employees who worked overtime in the previous months.
You could take out a business loan to restock and refresh. But, what if you had taken out the loan in April, before your busy season? You could have prepared better for the rush, resulting in possibly double the sales and profits!
This example of seasonal financing shows how the timing of business financing matters for your survival, growth, and possibly marketplace dominance. Read on to learn the “when” of borrowing, an important consideration that’s just as vital as the “why,” “how,” or “how much.”
The hidden cost of poorly timed funding.
Knowing when to get a small business loan requires you to also know your business (and the market you’re in) very well. If you time it incorrectly, you not only take on the risk of poor liquidity, but you could miss out on the chance to grow. This opportunity cost can include missing out on supplier discounts and bulk inventory, as well as not being able to fill more orders.
Poor timing can also look like taking cash before it’s truly needed. You then pay interest, which can drain cash reserves over time – adding a different sort of opportunity cost to the mix.
Both scenarios are less than ideal. Financing should always match your business strategy, balancing cash flow needs with growth opportunities.
Seasonal trends: When demand predicts capital needs.
If you don’t consider your business a seasonal one, you still have historically busier times of the year. Looking back at your sales data helps you determine when to plan for your next loan. If you’re typically busier in March (even by a small margin), you can ramp up by securing business growth funding for all kinds of expenditures.
You can use it for inventory, hiring, much-needed maintenance or repairs, marketing, or product development and testing. Any purchase that could make peak weeks more successful should be considered. A lawn care business, for example, may use loan funds to tune up all mowers and trimmers, put new tires on trucks, and take out ads promoting a new service, so they are ready when customers call. (This is also when you may learn you need to replace gear through equipment financing.)
Milestone-based timing: Growth triggers that signal it's time to borrow.
Seasonal fluctuations aren’t the only things to consider. These additional markers could mean you’re in a good position to invest through a business loan.
Consistent revenue growth: Have you increased sales and earnings month over month for a set period of time? If so, you’ve proven people love what you sell, and capital can help you sell even more.
Turning away work: Have you stopped taking orders or closed your retail location because you’re out of inventory? This, as well as outgrowing a space or using all your available equipment, could be limiting your growth.
New contract or purchase order: Did you get a big, new client or retail account? You may need a cash infusion to support ramped-up operations and expand capacity.
Additional locations: Are you expanding to new areas? You likely can’t purchase or lease additional real estate without a loan. (Renovations are also capital-intensive endeavors.)
Hiring key staff: Do you need additional or specially-trained talent to get you to the next level? A business loan may ease hiring costs and help you onboard without budget issues.
Operational signals: Internal signs you may need financing.
It’s also sometimes necessary to fix problems with cash, and a loan can often be the fastest way to ease liquidity issues and get back on track fast. Loans are especially useful in these situations:
Addressing months of poor cash flow, where a short-term loan or line of credit can shore up gaps in receivables (rather than a faulty business model).
Replacing worn-out equipment that has slowed down production and may be expensive to repair.
Fixing inventory bottlenecks from sold-out inventory due to high demand.
Declining customer service due to outdated support systems or understaffing.
Common mistakes: When business owners get the timing wrong.
What if you’ve looked at the signals and decided on a business loan? You’ll still want to be sure you start the process in plenty of time to get funds and get to work. Business owners who wait until they are desperate may not use the money as wisely; the pressure to “fix things now” often prevents them from researching and implementing solutions well.
Other errors include:
Borrowing without a plan and a clear idea of what your debt (including interest) will cost you
Not aligning your loan with the revenue cycle and having to repay it during low cash flow months
It may be helpful to consult a business advisor with small business lending experience before starting the process.
Creating a loan timing strategy.
Even if you don’t see yourself needing a loan for a long while, having a “what if” plan in place can be useful. Take these steps to help you anticipate when a loan may be useful, so you’re better prepared when the time comes.
Map out your annual business cycle, noting high and low earning months, operational peaks, and common bottlenecks (like hiring).
Forecast cash flow and expenses, paying special attention to those that may be lowered through special bulk or promotional discounts.
Define the purpose of the loan. Is it for hiring? Equipment? Restocking inventory?
Work backward from the need date to ensure you get the funds on time.
Get pre-qualified in advance, through lenders most likely to give you the rates and terms you want.
Need some extra help forecasting cash flow? Read our guide to cash flow management!
Lendio can match you with the small business loan best suited for your business's ebb and flow. Get pre-qualified now for maximum ROI later.
A business line of credit can be one of the most flexible financing tools available for small businesses. Unlike a term loan that provides a lump sum upfront, a credit line works more like a business credit card. You draw funds on an as-needed basis, repay the money you borrow, and only pay interest on the outstanding balance. That flexibility can provide a valuable safety net for cash flow gaps, unexpected expenses, or opportunities to expand your business.
Yet before a lender approves you for a business line of credit, you’ll need to meet certain eligibility requirements. Lenders carefully review your creditworthiness, time in business, financial history, and other risk factors to determine if you qualify. Understanding these requirements upfront can save you time, improve your approval odds, and help you secure more favorable borrowing rates and repayment terms.The following guide covers everything you need to know about how to qualify for a business line of credit. You’ll learn the key factors lenders review when you apply for a credit line, pitfalls to avoid, and the steps involved in the application process. We’ll also cover alternative financing options to consider if a business line isn’t the right fit for your company.
Key eligibility requirements for a business line of credit
When you apply for a business line of credit, a lender will look at several factors to assess your risk as a borrower. Specific eligibility requirements vary, but the following table provides an overview of the minimum requirements you typically need to satisfy when you apply for this type of financing.
Business line of credit eligibility checklist
Requirement
Typical Threshold
Why it matters
Credit score
600+
Your credit score predicts risk, such as the likelihood you'll pay future credit obligations on time.
Annual revenue
$100,000
Meeting a lender's minimum revenue requirements demonstrates your business generates enough cash flow to support repayment.
Time in business
6+ months
Sufficient time in business proves business stability and reduces perceived risk.
Collateral
Required for secured credit lines
Assets provide security for lenders in case of default.
Personal guarantee
Frequently required, especially for small businesses
The owner accepts personal liability for the debt and reduces the lender's risk.
Now, let’s dive deeper into the individual qualification details lenders often consider when you apply for a business line of credit.
Minimum credit score, revenue, and time in business
Your credit score is a major factor lenders rely on to determine eligibility for business lines of credit. Many online lenders require a minimum personal FICO® Score of 600 for an unsecured business line of credit. Though with certain business credit lines and business loans, the lender may consider your business credit score as well.
Credit standards tend to be tighter with traditional lenders, and minimum credit score requirements could be as high as a 700 FICO® Score. But for secured credit lines, lenders may approve borrowers with slightly lower scores.
Annual revenue also plays a critical role in your ability to access business funding. Every lender has different minimum borrowing criteria. But small businesses that generate $100,000 or more in annual revenue typically have a better chance of qualifying for revolving credit lines.
Additionally, the longer your business has been in operation, the stronger its borrowing profile. Some lenders prefer financing applicants to have at least one to two years of operational history. Yet startups with 6 months or more in business may still qualify for a new credit line depending on the lender—especially if the applicant has good credit, collateral, solid cash flow, or other compensating factors.
Minimum requirements checklist
600+
Credit score
$100,000
Annual revenue
6+ months
Time in business
Collateral and personal guarantees: What lenders expect
It’s possible to access an unsecured line of credit for your business, especially if you work with an online lender. Yet many traditional lenders prefer borrowers to put up some sort of collateral to back their business credit lines or loans. So, it’s no surprise that the Federal Reserve’s 2023 Small Business Credit Survey found that 55% of business financing applicants cited “no collateral requirement” as a main reason they chose an online lender over a bank.
Remember, with a secured line of credit you pledge business assets to back your revolving financing such as accounts receivable, equipment, or inventory as collateral. If collateral isn’t available, lenders often require a personal guarantee—a legal promise that you’ll repay the debt personally if your business cannot. This adds risk for the borrower but can increase your odds of approval.
Documentation requirements for business line of credit
Once you understand the basic eligibility requirements for a business credit line, the next step is preparing your documents. Organized records not only speed up the application process, but can also help you appear more professional to lenders.
Typical documentation for credit line application
Many lenders will request a similar set of documents when you apply for a business line of credit (though online lenders often require less documentation compared to traditional banks). To expedite the process, prepare the following documents in advance.
Prepare a recent profit and loss statement, balance sheet, and cash flow statement.
Bank statements
Collect three to six months of business and personal bank statements. If there were any periods where you were low on cash (or your balance went negative), be prepared to explain what happened.
Articles of incorporation/ partnership agreements
Share copies of any legal documents that pertain to your business structure.
Accounts receivable or accounts payable reports
If you're using accounts receivable or accounts payable funds to help secure your business credit line, prepare the appropriate reports in advance.
Collateral documentation
If you're applying for a secured line of credit, gather documents pertaining to the asset(s) you'll be pledging to secure your revolving credit line.
Having the right documents ready upfront demonstrates strong organizational skills and may increase your chances of approval.
How to apply for a business line of credit
Applying for a business line of credit involves more than simply filling out a form. Here’s a step-by-step guide to simplify the process.
Step 1: Pre-qualification: Evaluate your position
Before you apply for a business credit line, assess your financial health. Review your credit scores, cash flow, and existing debt obligations. You can request your three personal credit reports (Equifax, TransUnion, and Experian) for free from AnnualCreditReport.com. It’s also possible to request your business credit reports and scores (often for a fee) from business credit reporting agencies like:
Dun & Bradstreet
Experian
Equifax
Reviewing your personal and business credit information can help you understand potential strengths and weaknesses before you submit any financing applications. For example, if your revenue is strong but your credit scores are borderline, consider improving your credit first so you’ll be in a better position to qualify for competitive interest rates and borrowing terms.
Step 2: Compare lenders and key terms
Not all lenders are the same. Traditional banks often offer lower interest rates, but they may have stricter qualification requirements. Online lenders tend to be more flexible and faster with financing approvals, but may charge higher interest rates.
The Federal Reserve’s 2023 Small Business Credit Survey found that 71% of business financing applicants received at least a partial approval (business lines of credit, loans, or cash advances) from online lenders. But when seeking funding from large banks, approvals dropped to 68%, and credit union approvals fell to 65% during the same period. These figures highlight the importance of shopping around.
Step 3: Submit the application and manage next steps
After you choose a lender, complete the application. Provide accurate financial information and attach all required documents.
Next, most lenders will perform a hard credit inquiry which may have a slight negative impact on your credit score. According to myFICO, the addition of one hard inquiry on your credit report results in a loss of less than five points from most people’s FICO® Scores. And hard credit inquiries only factor into your FICO Score for 12 months.
After you submit your application, you can expect a response. Possibilities include:
Conditional approval
Request for more documentation
Application denial
Collateral appraisal request (if required)
A final decision often happens within days (or sometimes sooner) with online lenders. With traditional banks and credit unions, it could take weeks to hear back about a decision. If a lender approves you, be sure to review the agreement carefully before you sign the final financing agreement. Pay close attention to interest rates, repayment terms, and whether the credit line is secured or unsecured.
Common pitfalls and how to avoid them
Even strong businesses can face financing denials if they make mistakes during the application process. Below are some common pitfalls to avoid.
What not to do when applying for a business line of credit
Don’t exaggerate revenue. Lenders will verify the figures on your application and financial statements through tax returns and bank statements.
Don’t submit incomplete applications. Missing documents could delay approval or result in the outright denial of your funding application.
Don’t ignore personal credit. Many lenders review both business and personal credit scores when you apply for a business line of credit.
Don’t overapply. Too many applications can trigger multiple hard inquiries, potentially lowering your credit score in the process.
Special considerations and alternatives
Although a business line of credit represents a flexible financing solution, they aren’t the ideal borrowing vehicle for every business. Some businesses may have a more difficult time qualifying for this type of financing and, as a result, may want to consider alternative borrowing solutions.
Who qualifies more easily?
Businesses with at least two years of operations, strong cash flow, and collateral typically have the easiest path to approval for revolving credit lines. However, startups with strong personal credit and solid business plans may still qualify with online lenders.
Pros and cons of alternative financing options
If your business doesn’t meet the standard borrowing criteria for a line of credit or if you want to explore other financing solutions. Here are a few alternatives to consider, along with some basic pros and cons of each.
Alternatives to business lines of credit
SBA Loans: Backed by the government, SBA loans often feature competitive rates and longer repayment terms but can be harder to qualify for. (SBA Loan Programs)
Business Credit Cards: Easier to qualify for than credit lines, these work well for smaller, everyday purchases.
Short-Term Loans: Provide quick funding, but often come with higher interest rates.
Pros and cons of alternative financing options
Option
Pros
Cons
SBA loans
As government-backed financing, SBA loans often provide lower interest rates, longer repayment terms, and higher credit limits or loan amounts compared to other business financing solutions.
The application process for SBA loans can be lengthy, documentation requirements are extensive, and lenders often demand strong credit history and collateral from applicants.
Business credit cards
It's often easier to qualify for a business credit card than a line of credit, they may offer rewards programs, they're flexible for everyday expenses, and may help build your credit score(s).
Interest rates are often higher compared to business loans and some credit lines, plus if a business credit card shows up on your personal credit (as it sometimes does), high credit utilization could hurt your credit score.
Short-term loans
Can provide fast access to a lump sum of cash (sometimes within 24-48 hours). Useful for emergencies, or large, one-time expenses.
Often feature higher costs, shorter repayment terms, and stricter cash flow requirements.
Bottom line
Qualifying for a competitive business line of credit requires research, preparation, and an understanding of what lenders look for in a well-qualified applicant. But if you focus on your credit score, revenue, collateral, and documentation, there’s a good chance you may improve your approval odds.
If you don’t qualify today, don’t get discouraged. Strengthening your credit, improving cash flow, and building operational history is all progress in the right direction for future financing applications. Remember, each step you take improves your business’s financial foundation.
If you run a construction company, you know how challenging securing the right financing for your business can be. Whether you want to expand your business, purchase equipment, consolidate certain business debts, or supplement your cash flow, an SBA loan could be the solution.
SBA loans offer flexible, affordable funding options to help contractors grow, stay liquid, and compete for larger jobs. From equipment financing to contract management, the right loan program could set you up for long-term success.
Why SBA loans work for construction firms.
SBA loans, like the SBA 7(a) and SBA 504 programs, are ideal for industries with:
Capital-heavy operations (like vehicles or equipment)
Project-based cash flow
Long payment cycles (including delayed or staggered payment timelines)
But unlike traditional commercial construction financing options, SBA loans offer key benefits to smaller contractors, like:
Higher approval odds for newer or growing businesses
Since these loans are partially government-backed, SBA lenders are often more willing to work with contractors—even those with uneven revenue or less time in operations. Because of this, many small businesses rely on these loans to fund their construction, renovation, and refinancing needs.
Top SBA loan types for contractors.
The SBA offers three main loan programs for contractors: SBA 7(a) loans, SBA Express loans, and SBA 504 loans. These are the main benefits of each, and which types of businesses they’re geared toward.
SBA 7(a) loans are one of the most flexible options for small businesses. Construction companies can use them for working capital, equipment financing, expansion, debt refinancing, and more. Loan amounts cap out at $5 million and come with long repayment terms—up to 10 years (general use) or 25 years (real estate).
These loans are ideal for contractors with ongoing project needs, plans for future growth, and new acquisitions.
SBA Express Loans typically have a faster turnaround time than traditional business financing. However, interest rates may be higher. Loans cap out at $500,000. Collateral isn’t required for loans up to $50,000.
These are geared toward businesses seeking immediate working capital or smaller equipment purchases.
SBA 504 loans are designed for purchasing fixed assets like heavy equipment or machinery, warehouses, or commercial real estate. They may also be used to consolidate or refinance certain business debts.
These loans are structured with 10- to 25-year repayment terms, fixed interest rates, and up to a 10% down payment requirement. The maximum loan amount is $5.5 million (with exceptions).
SBA 504 loans are best for contractors investing in large, long-term assets.
What construction companies can finance with SBA loans.
SBA loans for construction companies are versatile. Business owners can use funds for things like:
Office expansion (either leasing or buying warehouses or land)
Working capital for materials, labor, or insurance while waiting on project payouts
Hiring new workers or subcontractors before project payments arrive
Bonding and licensing costs (to meet or maintain business compliance requirements)
Consolidating or refinancing eligible business debt
New business acquisition
Check with different SBA lenders—and SBA loan programs—to find the right solution for you.
Overcoming construction industry-specific financing challenges.
Dealing with complex financing challenges as a construction business? Here are some solutions:
Irregular cash flow—Use SBA funding to bridge gaps between billing milestones
Delayed payments—Get a line of credit or working capital to meet payroll and vendor obligations
Equipment depreciation—Spread out costs with fixed-rate SBA loans instead of using up all available cash
New project acquisition and onboarding—Invest in mobilization before that first payment hits
SBA eligibility requirements for construction businesses.
Business loans for contractors, even loans through the SBA, come with their share of requirements. While every SBA loan program operates a little differently, these are the main SBA loan requirements:
U.S.-based, for-profit business
Meet SBA size standards (typically under $39.5 million in annual revenue)
2+ years in operation (lenders may work with startups with considerable experience and a strong business plan)
Minimum personal credit score (usually 650+) and business credit score (usually 165+)
Proof of ability to repay loan funds (can be shown through historical revenue, cash flow projections, or project pipeline)
Collateral like commercial real estate, equipment, or accounts receivable (requirements depend on loan size)
SBA loans for construction companies may also have maximum revenue requirements. Specific lenders may have their own fees and other criteria.
How to strengthen your SBA loan application as a contractor.
Even if you don’t have the best credit or most established firm, you could still qualify for a business loan as a contractor. Here are some ways to overcome the odds:
Show project history through completed projects and success metrics
Include detailed cash flow projections (accounting for delayed payments and retainage)
Highlight equipment financing needs and explain how new equipment will increase project capacity or ROI
Provide lenders with relevant certifications and licenses illustrating business legitimacy and compliance
Ready to apply for business financing? Do these things first:
Make sure you meet both the SBA’s and the specific lender’s eligibility requirements
Consider seller financing for used equipment alongside an SBA loan
Look for lenders experienced working with construction firms
Review loan contract terms carefully
Be prepared to explain slow periods and your ability to cover loan payments during off-seasons
Be sure to apply before you need the funds so you’ll have them when needed.
SBA loans help contractors grow.
As a construction firm, you could leverage an SBA loan to manage contracts, purchase equipment, fund growth, and even refinance certain debts. These loans can provide the reliable, flexible capital your company needs to take on bigger—and better—projects, build a stronger team, and succeed against the competition.
The retail industry has always been competitive, but recent shifts have turned up the pressure. Customer expectations are high, e-commerce is expanding at record speed, and the cost of doing business continues to rise. Yet, opportunities are still available to business owners who are prepared to adapt quickly.
Success often comes down to having the right amount of capital at exactly the right moment. Whether you’re looking to upgrade your online platforms, expand into new locations, or simply stock enough inventory to keep up with peak demand, a retail business loan from the Small Business Administration (SBA) could make all the difference.
Backed by federal guarantees, SBA loans offer retailers competitive rates, flexible repayment terms, and the ability to use funds for anything from inventory to store renovations. This financial backing can give you the ability to confidently invest in growth, more effectively manage seasonal swings, and take advantage of opportunities that come your way.
How to use SBA loans to tackle your biggest retail needs.
There are several different types of SBA loans for retail business, with options designed to address different priorities, timelines, and funding amounts. Here are a few ways you can use this versatility to your advantage.
Get flexible funding with SBA 7(a) loans.
With loan amounts up to $5 million and repayment terms extending to 25 years for real estate purchases, SBA 7(a) loans allow retailers to fund a broad range of needs. This can range from working capital and equipment purchases to refinancing certain debts or even acquiring another business, offering a significant advantage to retailers balancing multiple priorities.
Speed up inventory purchases with SBA Express loans.
When you spot a hot-selling product or need to stock up quickly for an unexpected surge in demand, waiting months for loan approval isn't an option. SBA Express Loans cap at $500,000 but offer much faster processing. They’re often approved within 36 hours. While interest rates are often slightly higher than some other SBA loans, they can be an excellent option for time-sensitive financing needs.
Build your retail presence with SBA 504 loans.
If you’re looking to purchase a storefront, warehouse, or major equipment, an SBA 504 Loan may be your best option. Specifically designed for real estate and fixed asset purchases or improvement, this loan option offers low interest rates and long repayment terms. Many retailers use 504 loans to enhance their customer experience and increase operational efficiency.
Start small with SBA Microloans.
SBA Microloans are often an excellent option for retailers with smaller funding needs. They make it easy to secure up to $50,000 with more relaxed qualification requirements. These loans also come with business counseling and support, making them ideal for first-time business owners or retailers expanding into new product lines.
What SBA lenders want to see in your retail loan application.
When applying for an SBA loan, it’s important to show the lender that you understand the factors that drive your business and have a clear plan for using the funding effectively. For retailers, a strong application highlights:
Strong inventory turnover ratios: Show that your products move consistently and that you have systems in place to avoid overstock or stockouts.
Proven location performance: Include foot traffic data, nearby business activity, and demographics that show your store’s potential.
Integrated sales channels: Demonstrate how your e-commerce and in-store operations work together to reach more customers and drive year-round revenue.
Realistic financial projections: Include seasonal variations in your cash flow forecasts. Lenders appreciate applicants who acknowledge slow months rather than projecting steady growth year-round.
Solid management experience: Having a strong personal background or an experienced management team can make a big impact.
Emergency cash reserves: Show that you have a backup plan (such as a credit line or cash reserves) to cover slow periods or unexpected expenses.
You don’t need to have every item in place to qualify, but the more of these items you can present, the stronger your application will be.
Turn your SBA loan into better inventory management.
Using retail loans for inventory financing allows you to maintain optimal stock levels without tying up your cash. To optimize this, set up automatic reorders based on sales velocity and use funds to take advantage of bulk purchase discounts during off-peak seasons. Just be sure to track your inventory turnover monthly to ensure loan payments align with actual sales cycles.
Put SBA financing to work for your next expansion.
Expanding your footprint can create exciting opportunities, but many retailers underestimate the time needed to reach profitable sales levels after opening the doors. To protect your investment, secure a small business loan before signing a lease and add a 3-to-6-month payment buffer into the loan amount. This will help cover expenses during the construction and initial ramp-up periods.
Invest in e-commerce and digital growth with SBA funding.
Many retailers use SBA loans to upgrade their online presence. This may include investing in features like an updated POS system, an improved online store, or mobile payment integration. Focus on choosing tech investments that directly increase sales or reduce operational costs, and treat them as long-term assets, matching repayment schedules to the returns they’re expected to generate.
Avoid these common SBA loan mistakes.
Even savvy retailers can sometimes make mistakes with their SBA loans. These three pitfalls typically cause the most problems:
Over-leveraging during peak seasons: Don't assume holiday sales will cover excessive borrowing. Use conservative projections and keep emergency reserves for slower months.
Inadequate cash flow planning: Map out your entire year, including seasonal dips. Plan for loan payments you can cover in your lowest revenue months, not your best ones.
Inventory mismanagement: Track purchases and sales closely. Failing to maintain accurate inventory records may lead to noncompliance with SBA loan terms.
Create lasting retail success with your SBA loan.
When managed well, SBA loans can help retailers build sustainable, profitable businesses. To improve your chances of success, align the funds with a solid growth strategy, stay ahead of payment schedules, and stay compliant with program requirements.
Ready to explore SBA financing for your retail business? Lendio connects you with lenders who understand the industry and can help you find the right funding solution. Check your eligibility to get started.
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