Mon. Sep 25th, 2023

Top 10 business loans in the USA

Small business loans enable qualified business owners to borrow money to pay for administrative and running costs. The finest small business loans can help you get the money your company needs to flourish, whether you’re just starting out or looking to expand.

There are other sources of obtaining capital to finance your business, but the reason why several business owners consider a business loan is it’s simplicity and ease of obtaining funds to fuel the business while owning 100% stake in your business’s equity. Also you never have to consider a third party’s feelings as to how you operate your venture, since you’re agreeing to pay back at a certain future time while compensating for the time value of the cash you’ve received in a form of interest/APR.

1. SmartBiz business loans

This is one of the best loans for small businesses, offering a loan amount of $30,000 to $5,000,000, APR between 6.25% to 8.50%, a minimum required credit score of 660 and a loan term of 10 to 25 years.

Additionally, it’s known to accommodate customers who like to compare regular bank and SBA loans, and also a referral and packaging fee is charged once loan has been approved.

Apply now via

2. Lendio business loans

Even borrowers with somewhat bad personal credit qualify for this loan which ranges between $500 – $5,000,000 with APR starting at 6% and a minimum credit score of 580. This loan has a term of 1 to 25 years and is open for businesses operating in the US or Canada, must have a business bank account and a minimum personal credit score of 560.

Additionally, it has a very wide network of lenders making room for several financing options, though you have to accommodate unlimited marketing materials from lenders.

Apply via

3. FundThrough Invoice Factoring and Financing

This online lending company specializes in invoice financing that can advance you up to 100% of accounts receivables worth as much as $15,000 and upto $10,000,000 for large invoice volume. It offers a discount on its 0.5% weekly invoice financing fee if you pay back the advance early and offers funds to borrowers within 24 hours.

Additionally, it offers a loan term of 1 to 3 months and requires prospective borrowers to regularly receive invoices due within 30 to 90 days.

Apply via

4. Kickpay e-commerce business loans

This loan type charges a fee of 3% to 7% of manufacturing cost, which is one of the lowest prices in the market, that’s after you’re accepted for an e-commerce business inventory financing between $20,000 – $1,000,000. To be eligible for this loan, you must be an e-commerce business, $250,000 of revenue in the past 12 months is required, use a 3rd party fulfillment center for storing and shipping inventory and at least one US location.

Apply via

5. Credibly business loans

It offers a loan amount of $5,000 – $400,000, requires a minimum credit score of 500 and offers a short to medium loan term of 3 to 18 months. It requires your business to be more than 6 months old and a minimum revenue requirement of more than $15,000 in monthly deposit as well as 500+ credit score. Yet still, this loan type offers one of the least-expensive merchant cash advances and has no applicabLe APR.

Apply via

6. BlueVine business loans

This business loan has a starting APR of 4.8% unlike banks and requires a minimum credit score of 600. Loan amount starts from $5,000 to $250,000 and funding is assured within 24 hours after the approval of the loan/ The loan term is 6 to 12 months and it requires to be in business for more than 6 months and $10,000 or more in monthly revenue.

Apply via

7. OnDeck short-term loans

As the name implies, OnDeck offers short-term business loans to businesses looking for quick funding and might not qualify for a bank loan. It focuses on alternative data like shipping numbers rather than your credit score, revenue or time in business. It offers loan amounts from $5,000 – $250,000, APR of 29.9% to 99.9%, a minimum credit score of 600, loan term of 3 to 24 months and must have an active business checking account.

Apply via

8. Kiva business loans

These interest-free microloans are ideal for new entrepreneurs or for testing a new business idea as it has no time-in business requirement. Borrowers are offered as low as $25 and up to $15,000 without any attached fees and have a 6 month grace period before payments are due.

It requires to have at least five friends and family members willing to contribute to the  loan, live in the US, be over 18 years of age, not in bankruptcy or foreclosure.

Apply now via

9. Finance Factory business loans

Being one of the only business loan providers with multiple financing options for startups, it offers a loan amount of $5,000 to $500,000, APR of 6.50% to 8.75, minimum credit score of 700 and a loan term of 2 and 5 years.

Also, requirements include a good to excellent personal credit, steady cash flow and be two years in business.

Apply for this loan via

10. Bank of America business loans

This lender offers a wide range of secured and unsecured loans and lines of credit for most business needs. But like with most big banks, it can be difficult to secure a loan, this is even worse if you aren’t already a customer at the bank. It has some exciting features such as low rates on unsecured loans, financing programs for healthcare practices and is available in all 50 states.

Apply via

What’s Next

These individual loans listed above take into consideration the loan amount, your creditworthiness and your capability of paying back at the right time as you promise to, since in perspective it’s another person’s hard earned money that’s been handed to you. So finding capital to finance your venture is not impossible as you thought, and there are always options that perfectly suit your profile..


Leave a Reply

Your email address will not be published. Required fields are marked *