The 11 Best Small Business Loans

BusinessLoans.com works with lending partners to provide a wide variety of services, including:

• Term loans
• Short-term loans
• Lines of credit
• Merchant cash advances

Rates and fees vary based on the lender and financial product you qualify to receive.

To qualify for funding through BusinessLoans.com, you must meet these requirements:

Note that even if you don’t meet the revenue or time in business requirements, BusinessLoans.com may be able to connect you with a financial product that works for your business.

Lendio offers nearly any type of funding you need for your business, including:

• Short-term loans up to $500,000
• Term loans up to $2 million
• Lines of credit  up to $500,000
• Merchant cash advances up to $200,000
• SBA loans up to $5 million
• Equipment financing up to $5 million

Lendio’s rates and fees vary based on product type and the lender you select. Lendio has low-interest options such as SBA loans, as well as more expensive funding like MCAs for borrowers with bad credit or other challenges.

Lendio works with multiple lenders, and each lender has its own set of eligibility requirements for funding. However, Lendio recommends having a credit score of at least 550 to qualify.

Additionally, the more revenue, higher credit score, and longer time in business you have, the better odds you have for qualifying for better rates and terms.

OnDeck offers term loans up to $250,000 with repayment terms of up to 24 months. OnDeck also offers lines of credit up to $100,000 with repayment terms of 12, 18, or 24 months.

For OnDeck’s term loans, APRs start at 29.9%, with most borrowers paying an average of 55.8%. An origination fee of up to 5% may apply.

OnDeck’s lines of credit APRs start at 29.9%, with the average borrower paying about 52.6%. There are no origination fees, but a $20 monthly maintenance fee will apply to most borrowers.

To qualify for an OnDeck term loan or line of credit, you must meet these requirements:

SmartBiz offers the following products through its lending partners:

• SBA loans up to $500,000
• Bank terms loans up to $350,000
• Lines of credit up to $150,000
• Custom financing up to $500,000
• ERC refunds

Interest rates for SBA loans range from 11.25% to 13.25%. Term loans have interest rates starting at 9.99%.

SmartBiz’s eligibility requirements are as follows:

If you don’t meet these requirements, SmartBiz may be able to find a custom solution for your business.

AdvancePoint Capital is a loan marketplace with lending partners that offer:

• Term loans
• SBA loans
• Short-term loans
• Business lines of credit
• Invoice financing
• Equipment financing
• Merchant cash advances
• Business cash advances

Rates and fees vary based on the products and lenders you are matched with in AdvancePoint’s network.

Low-interest, long-term options for qualified borrowers are available, while short-term, higher-cost products are available for businesses that don’t meet traditional borrowing requirements.

Borrowing requirements vary by product and lender. AdvancePoint Capital does disclose that you must have a minimum credit score of 520 to qualify for short-term loans and a score of at least 550 to qualify for business cash advances.

Some products, such as invoice financing and equipment financing, may have lower minimum requirements, while term loans and SBA loans have higher credit score, revenue, and time in business requirements.

Unfortunately, AdvancePoint is not very upfront about time in business and revenue requirements.

As a loan matchmaker, Fundera can connect businesses to multiple products, including:

• Equipment financing
• Installment loans
• Short-term loans
• Lines of credit
• SBA loans
• Invoicing financing
• Merchant cash advances

Rates and fees vary based on the funding product and lender you select.

For equipment financing, rates range from 4% to 40% with repayment terms of five to six years.

Because Fundera works with multiple lenders, there are no set eligibility requirements in terms of annual revenue, personal credit score, and time in business. However, borrowers with good credit, a longer time in business, and higher revenues may qualify for better offers.

To qualify for equipment financing specifically, you must have been in business for over two years, have over $130,000 in annual revenue,  and have a personal credit score of at least 600.

Fundbox offers business lines of credit up to $150,000.

Fundbox’s rates start at 4.66% for 12-week repayment terms and 8.99% for LOCs with 24-week repayment terms.

To qualify for a Fundbox line of credit, you must meet these requirements:

Wells Fargo offers the following services to businesses:

• BusinessLine lines of credit up to $150,000 for businesses in operations for 2+ years
• Small Business Advantage lines of credit up to $50,000 for businesses in operations for less than 2 years
• SBA 7(a) loans up to $5 million
• SBA 504 loans up to $6.5 million

Rates and fees vary by financial product. BusinessLine LOCs have rates starting at Prime + 1.75%. Small Business Advantage LOCs have rates starting at Prime + 4.5%. SBA loans may be fixed or variable and are based on the current SBA rates.

To qualify for lending through Wells Fargo, you must meet these requirements:

LoanBuilder offers short-term business loans of $5,000 to $100,000, although repeat borrowers may qualify for up to $150,000. Loans are repaid over 17 to 52 weeks.

LoanBuilder does not use a traditional interest rate. Instead, it charges a one-time fee. Though these fees are no longer disclosed, previous fee ranges disclosed were 2.9% through 18.72% of the borrowing amount.

You must meet these requirements to qualify for LoanBuilder’s short-term loans:

Accion offers small business loans from $5,000 to $250,000 for eligible borrowers.

Equipment financing of $5,000 to $250,000 is also available.

Interest rates start at 8.49%. An origination fee of 3% to 5% will also apply. Repayment terms are from one to five years.

Rates and terms are not disclosed for equipment financing.

To qualify for a loan from Accion, you must meet these requirements:

Kiva U.S. offers small business loans up to $15,000 with repayment terms up to 36 months.

Unlike other loans, Kiva U.S. small business loans have 0% interest and no additional fees.

Kiva U.S. does not have any requirements in terms of minimum credit scores, revenue, or time in business. The only requirements are that you are at least 18, have a U.S.-based business that isn’t in bankruptcy, and have friends and family willing to loan money to you.