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How Your Startup Loan Payments Are Calculated

Startup business loan payments are determined by 3 main factors: loan amount, interest rate, and term.

Startup Loan Amounts

Startup loans typically range from $9,000 to $20,000. You can be funded for as little as $500 or for as much as $750,000 (though you’ll need a large personal income for a loan that size).

Startup loan decisions are made differently from other forms of business financing. Instead of basing funding on revenue, time in business, and your business’s credit history, lenders will look at factors like the type of business you’re starting, the related experience you have, and your personal credit score, among other factors.

Startup Loan Interest Rates

Interest rates for true startup loans typically range from 10% to 28%. For qualified borrowers, that rate can drop to 7%.
These rates may be slightly higher than other forms of business financing, but startup loans make financing more accessible to companies that may not yet qualify for a business loan. You know what they say—10% in the hand is worth 30% in the bush.

Startup Loan Terms

Since there are several startup business loan options available, term lengths differ. For example, you can expect to pay off a term loan over 1–5 years or opt for a credit card that will provide revolving access to cash.

Other Factors That Influence Your Payments

Fees. We’re talking about fees.

Application Fees

Applying for and reviewing your loan options through Lendio is always free—however, many lenders will charge application fees. It’s a good rule of thumb to ask about potential application fees before starting the process with a lender.

Origination Fees

Lenders sometimes charge up-front origination fees when a loan is funded to cover the cost of putting a loan in place. Ask if your lender charges an origination fee and how it’s paid to determine the full cost of your startup loan (and when payments are due).

How to Reduce Startup Loan Costs

Take a few steps to avoid surprises in the loan repayment process.

  • Make your minimum payment each month. That’s the easiest way to keep your costs under control. This practice helps you avoid late fees and boost your credit score, which is especially important if you’re working toward qualifying for a different form of business financing in the future.
  • Calendar your due dates. Set up automatic payments. Do whatever you need to do to “set it and forget it” so those startup loan payments are always on time.
  • Find out where your lender stands on early payment. Some lenders will offer you a modest discount for paying off your loan early, while others may implement prepayment penalties. Before you rush to make advance payments, ask your lender about any potential penalties and discounts that apply to your startup loan.

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