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Looking for financing to purchase equipment, provide working capital, or buy commercial real estate for your small business? A business loan can be the perfect solution. Compare the best business loan options below including lines of credit, SBA loans, term loans, and other alternative forms of financing.
Starting at 4.9% for 6-month repayment schedule
Up to $250,000
6 or 12 months
Min. credit score
Time to funding
As fast as 24 hours after approval
Bluevine’s line of credit is ideal because your approval is revolving and, as you pay down what you’ve drawn, you’re able to access those funds repeatedly. This means you could have the funds you need to really get your business started.
Daily interest rate minimum of 0.0658%
Up to 18 months
Another option you have for a line of credit is Idea Financial. This financer requires that business owners looking for financing have a minimum of two years in business under their belt and at least $15,000 in revenue each month. They also will not lend to sole-proprietors or non-profits, so those business entities in those categories must look elsewhere for their financing.
Starting at 40% annually
12, 18, 24 months
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
See the full list of best lines of credit
11.29% to 30.12%
$25,000 to $500,000
6 months to 7 years
As fast as 3 days after approval
For a term loan, consider applying with Funding Circle. The lender offers large loan amounts up to $500,000. However, their required 660 minimum credit score makes it more difficult to qualify for than some other online lenders might be.
Rates starting at 7.99%
Up to 12 years
Approval in as little as 24 hours, funding in as little as 3 days
If you’re looking for a much longer-term loan, Bankers Healthcare Group, also called BHG, can offer businesses loans with up to 12-year terms. Plus, the rates begin at 7.99%, which is pretty good for an online lender. The credit score requirement is just 660, making this an accessible, long-term financing option.
3% origination fee
See the full list of best term loans
Current prime rate + lender rate
Up to $5 million
7 to 25 years
5 to 10 days SBA turnaround
As far as SBA loans go, the SBA 7(a) is one of the most flexible. It allows businesses to use the funds in a number of ways and has a great interest rate. Cadence Bank is an SBA lender and can help you get Small Business Administration-backed loans for your business.
Up to $350,000
30 to 60 days SBA turnaround
For an SBA (7)a loan, you’ve got BayFirst as an option for financing. CreditBench, which is part of BayFirst, offers these loans backed by the SBA. While they offer up to $350,000, they can still be a fantastic option for small business owners that meet the SBA requirements.
$10,000 to $5 million
For a large, SBA-backed loan, look to Ready Capital. They offer loans up to the standard $5 million for business owners looking for cash for their business. But they do have some fees to look out for when comparing your options.
See the full list of best SBA lenders
Up to $500,000
4, 36, 48, or 60 months
As soon as same day
Balboa Capital offers customers up to $500,000 in equipment financing, which might not be enough for some business owners, but could be a good fit for others. They do require some form of collateral for all of their financing options, but if you use them for financing equipment of less than $350,000, you’ll need only soft collateral.
Up to $20,000
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
See the full list of best equipment financing companies
$5,000 to $250,000
6 to 36 months
As little as 24 hours, once approved
A business cash advance from Kapitus can help you get the funds you need to keep your business going. They can offer up to $750,000—a good amount of money for businesses in the market. They’re also a good option for businesses with lower credit scores because they look for a score of only 575 or higher.
As fast as same day after approval
If you’re looking for a cash advance or a line of credit to help cover costs for your business for a short amount of time, OnDeck’s product might be right for you. They can offer fast funding with no prepayment fees, but beware that missing any repayments can hurt your credit score.
2.5% on 1st loan, 1.25% on 2nd loan, 0% on 3rd loan and thereafter
See the full list of best cash advance
$50,000 to $50 million
As little as one day
For businesses looking to pass their unpaid invoices off to another company to collect on, Raistone Capital could be the solution. This allows your working relationship with your customers to stay the same, while essentially getting paid earlier through Raistone, at a discounted rate.
1% Facility 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.
No term, they take on your invoices
None, based on invoices
As little as 48 hours after approval
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
See the full list of best invoice factoring companies
Whatever your business needs, there’s a small business loan for that.
A business line of credit is like your superhero sidekick, ready to back you up when you need it most. Imagine you’ve got a cash flow hiccup, unforeseen expenses, or an unmissable opportunity for growth – this is where your line of credit steps in. It’s flexible, allowing you to borrow exactly what you need when you need it, and you only pay interest on the funds you use. Better still, once you repay what you’ve borrowed, your credit limit goes back up. It’s a reliable, revolving safety net for your business, giving you peace of mind and financial agility.
Best for: Working capital and other short-term needs.
Speed of Funds
The SBA Loan, backed by the U.S Small Business Administration, offers a variety of loans designed to cater to an array of business needs. The 7(a) plan is the most flexible, assisting small businesses with a variety of expenses, from short-term working capital to long-term real estate development. The 504 loan is specifically tailored for major fixed asset purchases, such as land or machinery. The SBA Express loan is your ticket to quick funding, with a turnaround time of 36 hours for a loan approval decision.
Each of these loans offers competitive interest rates, longer repayment terms, and lower down payments compared to traditional business loans. They are particularly beneficial for businesses that might have difficulty securing funds from other sources. With an SBA loan, you can propel your business forward while maintaining manageable debt.
Best for: Long-term business investments, purchasing machinery, real estate, or business expansion.
up to $5M
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. These loans are great for businesses that need a substantial amount of money upfront and prefer predictable payments. They are commonly used for long-term investments, such as purchasing equipment or real estate, expanding your business, or refinancing existing debt.
Best for: Long-term investments, refinancing debt, and other one-time expenses.
As soon as 24hrs
As Low as 8.49%
Use this loan to purchase any kind of equipment your business needs. There are financing options for nearly every industry and any variety of items you need. Financing agreements can be structured similarly to a term loan or be structured as a lease with varying options to purchase the equipment at the end of the lease.
Best for: Businesses needing industrial equipment.
As Low as 7.5%
Use it to buy, build, expand, remodel, or even refinance your business. A commercial mortgage is similar to a residential mortgage, but it’s specifically designed for commercial properties. These loans have fixed or variable interest rates and are secured by the property being purchased.
Best for: Long-term investment in commercial real estate.
As Low as 6.25%
Microloans are small loans typically ranging from $500 to $50,000, designed for small businesses that may not qualify for traditional loans. They are often used for working capital, inventory purchases, or start-up costs. These loans are particularly beneficial for minority-owned businesses and those in underserved communities.
Best for: Start-up businesses, minority-owned businesses, and underserved communities.
$500 – $50,000
As Low as 8%
Accounts receivable financing, often referred to as invoice factoring, works by providing your business with immediate capital in exchange for your outstanding invoices. A factoring company buys your account receivables and pays you a substantial portion of the amount upfront, typically around 80-90%. The remaining balance, minus a factoring fee, is paid to your business once your customer settles their invoice with the factoring company.
Best for: Businesses with outstanding invoices that are hindering cash flow.
Tied to receivables
as low as 3%
A business cash advance offers businesses swift access to funds in exchange for a portion of future sales. Think of it as selling a slice of your future earnings today. Payments are withdrawn daily from your business bank account based on a fixed percentage. This type of financing is particularly suitable for businesses with irregular or seasonal cash flow. Moreover, it is more accessible than traditional loans, making it a popular choice for businesses that may not qualify for other forms of financing.
Best for: Businesses that need a quick influx of cash.
As Low as 18%
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. Plus, many business credit cards offer cashback or rewards programs that can help offset business expenses.
Best for: Small, ongoing expenses and building credit history.
Up to $150K
Up to 31%
The eligibility criteria for obtaining funding may differ based on the type of loan and the lender.
Credit score requirements will vary. While some options are available for scores in the 500’s a minimum credit score of 600 will make it easier to qualify for a loan.
TIME IN BUSINESS
While some lenders may allow for 3 months and others may require 1-2 years, six months is a good rule of thumb to follow to improve your chances of qualifying for funding.
Lenders will want to see a minimum threshold of monthly revenue. Like the other requirements, the exact minimum will vary by lender and loan type.
Securing a small business loan can help entrepreneurs propel their ventures to new heights. Here are the essential steps to guide you on this journey:
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Business loans are taken out by small business owners either through banks or online lenders. Amounts and loan requirements can vary quite significantly. The business owner will repay the loan over a set period of time along with any associated interest and fees.
It is possible to get certain types of business financing with a lower credit score. Some business cash advance lenders, for example, will allow for a minimum credit score in the 500s. Just know that with a lower credit score, lenders will typically look for a longer time in business and higher monthly revenue.
There are a number of reasons your loan may be denied. Your funding manager will work with you to identify loans you are best qualified for through our network of 75+ lenders. Should you be unable to find a match, Lendio has accounting software tools that can help you improve the financial health of your business and guidance on how to boost your credit score.
The credit score required to qualify for a business loan can vary significantly depending on the type of loan and the lender. However, as a general rule, lenders often look for a credit score of 600 or higher for traditional loans. Some types of loans, like the SBA 7(a) loan, may require a higher credit score, typically around 650 or above. On the other hand, some alternative lenders may have more flexible credit requirements, with minimum scores as low as 500. It’s worth noting that while a higher credit score can increase your chances of approval and secure better terms, it’s not the only factor lenders consider. Other aspects of your business’s financial health, such as revenue and time in business, will also play a significant role.
Obtaining a business loan for a brand-new business can be quite challenging. However, startups can still get equipment financing right from the day they launch their business. Depending on their monthly revenue and credit score, they may qualify for cash advances, accounts receivable financing, or a line of credit within 3-6 months of commencing their business.
*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 26, 2022). 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.
Wondering how we chose the best? We used the following criteria to evaluate the lenders in our network.
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