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Small Business Loans

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Understanding Small Business Loans

The term “small business loans” is used to broadly define a group of loans and financial products a lender might provide to a small business.

It encompasses products like business lines of credit, SBA loans, short term loans, business term loans, merchant cash advances, equipment financing, commercial mortgages, A/R financing, startup loans, business acquisition loans, and small business credit cards.

Getting 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 where 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.

Learn about small business loans

Types of Small Business Loans

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

Fast loans: Small business financing in months

  • SBA loan: A government-backed loan with A-list name recognition. SBA loans are beloved for their enviable rates and loan terms.
  • Business term loan: A classic. The loan most people think about when they say “small business loan.”
  • Commercial mortgage: Financing for your office, storefront, restaurant, or other commercial property. Use it to buy, build, expand, remodel, or refinance.
  • Business acquisition loan: Need capital to purchase an existing business or franchise? Look no further.

Faster loans: Small business financing in weeks

  • Business line of credit: The capital you need, when you need it. Only pay interest on what you use.
  • Equipment financing: Specifically designed to finance equipment, this loan can help you purchase the commercial fridge, tractor, or computer equipment you need.
  • Startup loan: Financing based on personal credit to help accelerate business growth.

Fastest loans: Small business financing in days

 

Faster small business loan options

Benefits of an Online Lending Marketplace

With 75+ lenders in our marketplace, Lendio has no shortage of financing options. We pair an abundance of options with a faster, easier loan application process. Our simple, online application takes 15 minutes, and borrowers can receive financing as little as 24–72 hours after being funded.

Learn How It Works

How to Apply for a Business Loan

Sure, you can go the bank route with a 29-hour application process and 80% rejection rate. If you’re looking for financing in this lifetime, Lendio offers a faster, easier application process.

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

How to Decide Which Small Business Loan is Right for You

These 3 questions can help you narrow down your financing options:

  1. How much financing can you afford?
  2. How do you plan to use your loan?
  3. How much will the loan cost you?

And you don’t have to go through the funding process alone. Our team of personal funding managers can help you determine what you need, explain different loan options, walk you through submitting any required documentation, and assist you in the decision-making process.

Choose a small business loan

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