Small business loans: check your eligibility.

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Compare the best small business loans of .

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 line of credit, SBA loans, term loans, and other alternative forms of financing.
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Lendio carefully selects the lenders in its marketplace and then works with you to find the best revenue-based financing for your unique situation. Read on for stats on each lender and what each lender is best at.
Lender/Funder*
Loan Type
Loan/Financing Amount
Min. Credit Score
Time to Funds
Idea Financial
Line of credit
$10,000–$275,000
650
Same day
Headway Capital
Line of credit
$5,000–$100,000
625
Same day
OnDeck
Cash advance
$5,000–$250,000
625
Same day
BHG
Term loan
$20,000–$500,000
700
As soon as 3 days
Funding Circle
Term loan
$25,000–$500,000
660
As soon as 3 days
Cadence bank
SBA 7(a)
Up to $5 million
650
As soon as 10 days
BayFirst Financial
SBA 7(a)
Up to $5 million
650
As soon as 3 days
Ready Capital
SBA 7(a)
$350,000–$7,000,000
640
As soon as 6 days
Balboa
Equipment financing
Up to $500,000
620
Same Day
ClickLease
Equipment financing
$25,000–$750,000
660
Same day
Kapitus
Business cash advance
Up to $5 million
650
1 business day
OnDeck
Business cash advance
$5,000–$250,000
625
Same day
Gillman-Bagley
Invoice factoring
$50,000–$10,000,000
N/A
1 business day
Eagle Business Funding
Invoice factoring
Up to $5 million
N/A
As soon as 2 days

Best for line of credit.

Idea Financial - Line of Credit

Funding amount
$10k – $275k
Term
Up to 18 months
Min Credit Score
650
Time to funding
As soon as 24 hours
after approval
See loan options

Headway Capital - Line of Credit

Funding amount
$5k – $100k
Term
12, 18 & 24 Months
Min Credit Score
625
Time to funding
As soon as 24 hours
after approval
See loan options

Best for term loan.

Funding Circle – Term loan

Funding amount
$25k – $500k
Term
6 months – 7 years
Min Credit Score
660
Time to funding
As soon as 3 days
after approval
See loan options

BHG Financial  – Term loan

Funding amount
$20k – $500k
Term
3 – 12 years
Min Credit Score
700
Time to funding
As soon as 3 days
after approval
See loan options

Best for SBA 7(a).

Cadence Bank – SBA 7(a)

Funding amount
$50k – $350k
Term
7 – 25 years
Min Credit Score
650
Time to funding
As soon as 10 days
See loan options

BayFirst – SBA 7(a)

Funding amount
Up to $5 million
Term
7 – 25 years
Min Credit Score
675
Time to funding
As soon as 3 days
after approval
See loan options

Ready Capital – SBA 7(a)

Funding amount
$350k – $7 million
Term
7 – 25 years
Min Credit Score
640
Time to funding
As soon as 6 days
See loan options

Best for equipment financing.

Balboa – Equipment financing

Funding amount
Up to $500k
Term
24, 36, 48, or 60 months
Min Credit Score
620
Time to funding
As soon as same day
See loan options

ClickLease – Equipment financing

Funding amount
Up to $20k
Term
24 – 60 months
Min Credit Score
520
Time to funding
As soon as same day
See loan options

Best for business cash advance.

Kapitus – Business cash advance

Funding amount
Up to $5 million
Term
6 – 24 months
Min Credit Score
650
Time to funding
As soon as 24 hours
after approval
See loan options

OnDeck – Business cash advance

Funding amount
$5k – $250k
Term
18 – 24 months
Min Credit Score
625
Time to funding
As soon as same day
after approval
See loan options

Best for invoice factoring.

Gillman-Bagley – Invoice factoring

Funding amount
$50k – $10 million
Term
30 days
Min Credit Score
None, based on
accounts receivable
Time to funding
As soon as same day
See loan options

Eagle Business Funding – Invoice factoring

Funding amount
Up to $5 million
Term
No term, they take
on your invoices
Min Credit Score
None, based on
accounts receivable
Time to funding
As soon as 48 hours
after approval
See loan options

Options for small business financing.

Accounts receivable financing
Accounts receivable financing, often referred to as invoice factoring, works by providing your business with immediate capital in exchange for your outstanding invoices.
Business cash advance
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.
Business line of credit
A business line of credit is a flexible and reliable revolving safety net for your business that allows you to borrow exactly what you need when you need it.
SBA loan
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) loan is the most flexible, assisting small businesses with anything from short-term working capital to long-term real estate development.
Business term loan
A term loan provides a lump sum that gets repaid monthly 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.
Equipment financing
Use this loan to purchase any kind of equipment your business needs. There are financing options for nearly every industry and business equipment you need.
Commercial mortgage
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.
Microloans
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.
Business credit card
A business credit card gives you easy access to capital for everyday expenses and can build your business credit history. Plus, many business credit cards offer cashback or rewards programs that can help offset business expenses.

Other government business loans.

The government offers several other loan options for specific use cases.
USDA

Funded by the United States Department of Agriculture, these programs can support a variety of purposes, including business expansion, refinancing, and working capital.

Here is a quick overview of some of the key USDA business loan programs:

  1. Business and Industry Loan Guarantees (B&I): The B&I program helps create jobs and stimulate rural economies by financially backing rural businesses. This program helps mitigate risk for lenders, making it easier for businesses in rural areas to get the capital they need for operations, growth, or modernization.
  2. Rural Energy for America Program (REAP): REAP provides guaranteed loan financing to rural small businesses for renewable energy systems or to improve energy efficiency.
  3. Intermediary Relending Program (IRP): The IRP offers low-interest loans to local intermediaries who re-lend to businesses to improve the economy in rural communities.
SBA Disaster Loans

The Export-Import Bank of the United States (EXIM) Working Capital Loan Guarantee is a specialized financial solution designed to support U.S. businesses involved in international trade. This program aids businesses by covering their short-term working capital needs, such as inventory purchases, manufacturing costs, or even payment to suppliers.

The beauty of this program lies in its structure – instead of directly lending money to businesses, EXIM provides a guarantee to the lenders, covering up to 90% of the loan amount. This guarantee reduces risk to the lender, making it easier for businesses to secure financing.

EXIM Working Capital Loan Guarantee
The Export-Import Bank of the United States (EXIM) Working Capital Loan Guarantee is a specialized financial solution designed to support U.S. businesses involved in international trade. This program aids businesses by covering their short-term working capital needs, such as inventory purchases, manufacturing costs, or even payment to suppliers.

The beauty of this program lies in its structure – instead of directly lending money to businesses, EXIM provides a guarantee to the lenders, covering up to 90% of the loan amount. This guarantee reduces risk to the lender, making it easier for businesses to secure financing.
Farm Service Agency (FSA Loans):

FSA loans cater to farmers and ranchers, providing the necessary funding for various agricultural activities.

Common types of FSA loans include:

  1. Operating Loans: These loans are designed to assist with the cost of running a farm or ranch such as livestock, feed, seed, equipment repairs, and insurance.
  2. Farm Ownership Loans: These loans are for farmers and ranchers who want to purchase or enlarge a farm or ranch
  3. Emergency Farm Loans: These loans help farmers and ranchers recover from production and physical losses due to drought, flooding, other natural disasters, or quarantine.
Indian Loan Guarantee Program (ILGP)
The ILGP is designed to assist American Indian or Alaskan Native-owned businesses. The program provides loan guarantees to eligible borrowers, encouraging lenders to extend credit to businesses that may otherwise struggle to secure financing.

To qualify for the Indian Loan Guarantee Program (ILGP), the business must be at least 51% owned by a federally recognized American Indian tribe or Alaskan Native corporation, or an individual who is an enrolled member of such a tribe or corporation.

Minimum requirements for obtaining a small business loan.

Credit score
600+
monthly revenue
$8K+
time in business
6+ months

Steps to get a small business loan.

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:
  1. Determine your need: Before you start your loan application, it’s crucial to outline clearly why you need a loan. Whether it’s for expanding your business, purchasing equipment, or managing cash flow, having a clear purpose will guide your decision and demonstrate to lenders your commitment and planning.
  2. Choose the right type of loan: There are many different types of small business loans, each designed to cater to specific business needs. There are secured and unsecured loan options. A secured loan requires collateral. An unsecured loan doesn’t.
  3. Check your credit score: Your credit score is a key factor lenders consider when deciding whether to approve your loan. Make sure you have a strong credit score before applying. If your score isn’t high, consider taking steps to improve it before you apply.
  4. Prepare a detailed business plan: Outline your business goals, strategies, target market, and financial projections. A comprehensive business plan will show lenders you have a solid strategy in place.
  5. Gather necessary documents: This typically includes financial statements, tax returns, bank statements, and legal documents relating to your business.
  6. Apply for the loan: Once you’ve prepared, it’s time to apply. Depending on the type of loan and the lender, you may be able to apply online or may need to do so in person.
  7. Wait for approval and funds: After you’ve submitted your application, the lender will review it and make a decision. If you’re approved, the lender will then distribute the funds. This process can take anywhere from a few days to a few months, depending on the type of loan.
Quickly estimate your funding options.
Time in business
0 - 6 Months
6 - 12 Months
1 - 3 Years
3+ Years
Monthly revenue
Industry
Credit score
Business type
Legal partnership
LLC
Corporation
Sole proprietor
Congrats--it looks like you qualify.*

Based on your business information you could qualify for up to $52,000 in funding

Funding amount*

$36,000 - $52,000

*Amount is an estimate only using the information provided Businesses like yours typically receive offers like these.
Compare your funding options today.
Apply now

Many businesses don't qualify for funding for all kinds of reasons. A few factors could include:

Not enough revenue
Not enough time in business
Credit score is too low

*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.

How much can I qualify for?

Not sure what you need or what funding options are best for you? Use our simple calculator to get a rough idea of your options with no commitment, and apply when you’re ready.

How to apply for a business loan with Lendio.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

Transfer your funds

Lendio’s methodology

Wondering how we chose the best? We used the following criteria to evaluate the lenders in our network.

  • Time to fund
  • Minimum and maximum loan amounts
  • Lenders with fees comparable to other similar lenders
  • Requirements: Credit score, revenue, and time in business requirements
  • Flexible repayment options
  • External website reviews.
*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 (May 10, 2024). 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.

FAQs

How do business loans work?

Small business owners take out business loans 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 along with any associated interest and fees.

Can I get a business loan with bad credit?

It is possible to get certain types of business financing with a lower credit score. For example, some business cash advance funders will allow for a minimum credit score in the 500s. Just know that with a lower credit score, lenders typically look for a longer time in business and higher monthly revenue.

What should I do if my loan application is rejected?

If you are not approved for a small business loan, look at the reason given by the lender. Reasons can vary from too little revenue to it being too soon to qualify for a second loan. Since requirements vary significantly, consider applying with a different lender or loan product.

What credit score do I need to qualify for a business loan?

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.

Can startups get a business loan?

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 starting their business.

Ready for funding?

See what you can qualify for on the Lendio Marketplace.

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