Small Business Loans

Find the best funding options for your small business


What are Small Business Loans?

Small business loans are a category of loans and financial products a lender might provide to a small business.

Small Business Loans Options

Whatever your business needs, there’s a small business loan for that.

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How to Qualify for a Small Business Loan

Typically, small business loan decisions rely on a business’s creditworthiness, which is determined by a mix of factors including credit score, revenue, and time in business. Startup loans, a notable exception to this rule, are based on the personal credit history of the business owner. Learn more about how to apply for a small business loan.

Secured vs. Unsecured Business Loans

The difference between unsecured and secured loans comes down to one thing: collateral. Secured loans are backed by collateral while unsecured loans are not. Understanding the pros and cons of each can help you narrow down which small business loan type is right for you.

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How to Apply for a Business Loan

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.

STEP
1
Fill out the 15-minute online application.

It’s secured with bank-grade encryption and SSL technology, so you know your information is safe.

STEP
2
Receive matches.

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.

STEP
3
Get funded.

Once you’re approved, you’ll be able to access your capital in as little as 24 hours.

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Small business loan application checklist

When applying for a small business loan, you’ll need to have some materials at the ready to provide alongside your application. Those materials will differ depending on the specific type of loan you’re applying for and on the lender. Ultimately, you’ll need to provide whatever the lender requires from you.

Common documents you might need when applying for a business loan:

Your business plan, including how you plan to use the funds should you get them
Profit and loss sheet
Bank statements dating back at least three months
Business credit score

Qualifications for Applying for a Business Loan

Just like the documents necessary for applying for a loan will vary by loan product and lender, so will the qualifications for being given funding. Generally speaking, traditional bank loans and SBA loans will be the most difficult to get. These SBA loans have the most strict qualifications. Business owners with a solid business history of three years or more and good credit scores above 700 are most likely to get one of these loans.

For business owners with a shorter history or with less time in business, other funding options, either from online lenders or a different type of funding, will be best. For those businesses just starting out, a business credit card is a fantastic option. Just be sure to pay it off each month to start building your credit.

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Application Process of a small business loan

Typically the application process will be straightforward. You’ll fill out the application from the lender you’re working with and submit it along with any other materials they request. Then, you may have to wait anywhere from a day to a month depending on the lender. As you can see in the tables above, the time to funding varies quite a bit depending on the lender and the loan product.

Which Small Business Loan is Right for You?

Deciding which loan is right for you should hinge on two questions: What do you need funding for? And where are you qualified to get funds from? Each loan application you submit might come with a fee, so you should carefully consider where you’re applying before submitting applications aimlessly.

Think about what you plan to use the money for. Some loans are better suited to certain business needs, like equipment financing for buying new equipment or a line of credit for covering expansion costs. Consider these needs before choosing a loan product.

You should also think about how much funding you need. This will vary by lender and loan product too. So estimate how much you need and how much you need to borrow. Use our loan calculators to help you answer this question.

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