Small business loans: check your eligibility.
Quality you can trust — over 400,000 loans funded
Why trust Lendio?
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 at¹.
Best for line of credit.
QuickBooks - Line of Credit*
*QuickBooks Line of Credit loans are issued by WebBank.
**Loans are typically deposited within 1-2 business days. Actual funding time can vary depending on third party processing time.
Idea Financial - Line of Credit
after approval
Headway Capital - Line of Credit
after approval
Best for term loan.
QuickBooks – Term loan*
*QuickBooks Term Loan is issued by WebBank.
**Loans are typically deposited within 1-2 business days. Actual funding time can vary depending on third party processing time.
Funding Circle – Term loan
after approval
BHG Financial – Term loan
after approval
Best for SBA 7(a).
Cadence Bank – SBA 7(a)
BayFirst – SBA 7(a)
after approval
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Ready Capital – SBA 7(a)
Best for equipment financing.
Balboa – Equipment financing
ClickLease – Equipment financing
Best for business cash advance.
Kapitus – Business cash advance
after approval
OnDeck – Business cash advance
after approval
Best for invoice factoring.
Gillman-Bagley – Invoice factoring
accounts receivable
Eagle Business Funding – Invoice factoring
on your invoices
accounts receivable
after approval
Options for small business financing.
Accounts receivable financing
Business cash advance
Business line of credit
SBA loan
Business term loan
Equipment financing
Commercial mortgage
Microloans
Business credit card
Other government business loans.
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:
- 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.
- Rural Energy for America Program (REAP): REAP provides guaranteed loan financing to rural small businesses for renewable energy systems or to improve energy efficiency.
- 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 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:
- 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.
- Farm Ownership Loans: These loans are for farmers and ranchers who want to purchase or enlarge a farm or ranch
- 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)
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.
Steps to get a small business loan.
- 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.
- 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.
- 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.
- 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.
- Gather necessary documents: This typically includes financial statements, tax returns, bank statements, and legal documents relating to your business.
- 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.
- 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.
*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.
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.
²Advertising Disclosure: Lendio may provide compensation to the entity who referred you for financing products and services listed on our site. This compensation may impact how and where certain products and services are offered to you. We may not list all financing products and services available to you. The information provided by Lendio is intended for general informational purposes only and should not be construed as professional tax advice. Lendio is not a tax preparer, law firm, accountant, or financial advisor. Lendio makes no guarantees as to the completeness, accuracy, or reliability of the information provided. We strongly recommend that you consult with a qualified tax professional before making any decisions. Reliance on any information provided by Lendio is solely at your own risk, and Lendio is not liable for any damages that may result from the use or reliance on the information provided.
FAQs
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.
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.
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.
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.
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.