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You’ve got the startup, now get the funding.
The type of financing available to your startup will vary depending on how long you’ve been in business, your credit score, and your annual revenue. The following lenders we work with offer a shorter minimum time in business for the business just getting started.
12, 18, 24 months
Min. credit score
Time to funding
As fast as 24 hours after approval
Headway Capital offers a true revolving line of credit. Their monthly payments and ongoing access
to capital make it a great product for those who want to be able to access funds at any time. With
their fast and easy application and funding process you can have funds in your account within one
Up to $20,000
As soon as same day
If you need a new piece of equipment, then equipment financing is a fantastic way to finance that. You can go with a company like ClickLease to help you buy the item you need and pay it back over time. ClickLease has flexible terms and rates for a variety of business owners.
One-time documentation fee
As little as 48 hours after approval
Credibly works with financially healthy businesses to provide fast financing based on receivables, and the minimum time in business is just six months. However, there is a monthly administrative fee to be aware of when comparing your options.
2.5% set up fee, plus $50 monthly administrative fee
$50,000 to $10 million
None, based on your accounts receivable
Gillman-Bagley offers invoice factoring, meaning you could sell them your unpaid invoices and they would pay a percentage of what those are worth. In this scenario, collection is then out of your hands, and Gillman-Bagley goes on to handle the collection of those invoices. Your customers know another company was working to get your invoices paid. Result: you accelerate your cash flow and spend less time and resources tracking down clients for payment.
Up to $5 million
No term, they take on your invoices
None, based on invoices
Invoice factoring allows you to sell your outstanding invoices to a company for a lump sum of cash. They, of course, take a percent of those invoices, but then they handle the collection. Eagle Business Funding can do exactly that for your business if you decide to pass your invoices along to a third party.
No additional fees
Transforming your business from an idea into reality can be expensive, but a startup business loan might be exactly what you need to make it happen. Fortunately, we’re here to help you find the perfect one and easily apply.
The majority of financing options available will require that you have an operating business with regular monthly revenue. The chart below provides an overview of the types of funding typically available based on how long you’ve been in business. Actual approval will also depend on your credit score and revenue.
In the first three months, most business owners rely on personal investment and friends & family for funding.
Time In Business
Minimum Credit Score
Minimum Monthly Revenue
Utilizing crowdfunding platforms such as Kickstarter and Indiegogo can be advantageous for entrepreneurs who aim to collect small amounts of funds from a wide range of individuals.
Sell your outstanding invoices to get cash flowing now. This is a great option for businesses with large accounts receivable.
Finance your purchase of business equipment, vehicles, and electronics. Pay your loan back in regular monthly payments over a set term plus interest.
$0 – $8,333
A business credit card helps you track expenses, build a strong business credit history, and increase your working capital so you can reap the literal rewards.
Get an advance on your future sales earnings to get fast financing, and pay it back with a fixed daily percentage.
Get a revolving amount of funds to borrow from when you need to and pay back later. Great for working capital and regular short-term expenses.
A term loan provides a lump sum that gets repaid in regular intervals over a set amount of time, also known as the loan term.
Invest in longer-term small business growth or even refinance existing debt with a loan that is partially government-backed. An SBA loan has stricter requirements and is usually paid back over a longer term with lower rates than other loans.
Sure, you can go the bank route with a long application process and 75% rejection rate. But if you’re looking for financing in this lifetime, Lendio offers a faster, easier application process.
It’s secured with bank-grade encryption and SSL technology, so you know your information is safe.
We pair you with loan options from our network of 75+ lenders. Our dedicated funding managers can help you weigh the pros and cons of each option.
Once you’re approved, you’ll be able to access your capital in as little as 24 hours.
Borrowing only what you know you can repay is always a good idea, but it’s especially important when you’re starting a business. Before signing on the dotted line, make sure you’ve calculated how much financing your small business can afford.In addition to your loan amount, startup loans are determined by your interest rate, term, and collateral. These factors can vary substantially depending on the type of startup loan you choose. You can use our startup loan calculator to estimate your monthly payments.
If your business doesn’t match any of the qualifiers below, you may not be able to receive funding from our lending partners.
AVG. MONTHLY REVENUE
TIME IN BUSINESS
Lendio’s mobile app can help get your business ready for financing. Open a business bank account, get cash flow insights and stay connected to get updated when you have offers available.
Step 1: Create a business plan.
Financiers will want to see what you plan to do with the funds and projections for growth. Learn more about writing a business plan for funding.
Step 2: Decide what type of financing you need.
There are multiple types of business financing options. Evaluate which type of financing is best suited to your needs and that you are likely to qualify for based on your time-in-business, monthly revenue and credit score.
Step 3: Gather documentation.
Typical documentation you will need to apply for a startup loan include three months of business bank statements, your driver’s license, proof of business ownership, and your social security number.
Step 4: Compare lenders.
There are many different types of lenders from banks and credit unions to online lenders. Lendio makes it easy to compare lenders through a single application.
Step 5: Finalize the loan.
After you’ve selected an offer from a lender, you’ll sign a final loan agreement and the funds will be dispersed.
To qualify for a startup business loan, business owners will want to focus on both building financial health and establishing clear financial documentation.
Increase Your Credit Score: Most lenders will look at your credit score along with your business’s credit score. If your credit score is below 700, work on improving your credit by paying bills on time, consolidating and refinancing current debt, and using a credit card for regular expenses to build a credit history.
Manage Cash Flow: The amount of cash coming into your business plays a huge role in your ability to pay your bills and pay back a lender. Follow this guide to learn effective cash flow management strategies.
Set up a business bank account: Creating a separate bank account for your business will allow you to better track income and expenses and predict cash flow.
Establish bookkeeping records: Lenders will want to review your business’s key financial statements, so having good bookkeeping practices in place will make it easier to compile the documentation you need when you apply for the loan. Dive into bookkeeping best practices here.
Businesses should evaluate multiple factors when considering a business loan including the overall cost and unique position of the business. Reviewing the following factors can help you narrow down which lenders are right for you.
Minimum Requirements: Each lender will have its own set of minimum requirements to qualify for a loan. Check to see if you meet basic requirements for time in business, monthly revenue, and credit score. Consider if it may be worth waiting for a longer time in business or repairing your credit score, so you can qualify for a loan type with better terms.
Business Need: Certain loan products, such as equipment financing, can only be used for a specific use case. Others will have a longer application process. Consider your use case for the funds, and how quickly you need access to them before selecting a vendor.
Industry: Some lenders restrict working with certain industries while others specialize in industries such as healthcare or eCommerce. Check to see if a lender works with your industry to improve your chances of approval.
funded through us
lenders in our network
Sterling HannemannCo-Owner of Seven Brothers
Chloria ChandlerOwner of Bobbee O’s BBQ
A startup loan empowers you to invest in your own business. Instead of giving up equity to investors, a startup loan lets you keep it while providing access to the working capital your startup needs. That means you’ll have the freedom to move into a larger office space or order the inventory you need to fulfill those massive purchase orders that keep rolling in.
Startup loans are awarded based on the business owner’s personal credit history. That’s one of the aspects that makes startup business loans such an accessible financing option for new businesses.
If you have a poor credit history, you may still qualify. Before you commit to a startup loan, you’ll want to consider what’s affected your credit history in the past. If you have a history of late payments, it’s in your best interest to consider whether you can afford the loan and if you can meet the payment schedule. For those looking to build credit, a business credit card can be an excellent fit because it provides access to financing and an opportunity to build credit for your business—and you’re not required to use the capital.
The process to get a startup loan or something exciting like an SBA or government loan can be a stressful venture. Fortunately, rather than spending days or weeks hunting for the right loan, you can easily apply through Lendio, and we’ll help you choose the best startup solution for your unique situation.
Loan types and amounts vary depending on your situation. Through Lendio, you can find loan options that offer up to $2,000,000. With that chunk of change, you could build the business of your dreams, but the first step is to apply.
While some loans may require some money upfront, you likely won’t need to worry about that with many of your startup lending solutions. That said, the best way to know for sure is to get your free application in and speak to one of our loan experts.
Crowdfunding on websites like Kickstarter and Indiegogo are helpful when an entrepreneur focuses on raising small amounts of money from a large number of people. This can result in a large influx to the financing aspirations of a small business.
Both these sites and many others allow businesses to pool small investments from a number of investors instead of forcing companies to look for a single investment. There are many different ways to crowdfund as this method of financing is typically available to any type of startup business. Some rely on the strength of their campaign, some offer rewards and incentives to their supporters, and others provide shares of their business.
A startup business loan can be used for working capital, equipment, or other expenses of a new business. The structure of the loan will depend on the loan type. In general, businesses with a longer time in business will qualify for more loan offerings than those just getting started.
Yes, it can be difficult to get a business loan to start a business. While a handful of lenders will work with businesses from day one, the majority want to see a business with a history of at least 6 months along with a steady stream of monthly revenue. The owner’s credit score also impacts eligibility.
The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (July 13, 2023). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.
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