Home Finance Small-Business Loans: Compare Financing and Apply
Finance - Loans - December 17, 2019

Small-Business Loans: Compare Financing and Apply

Summary
Small business loans: best offers of 2019
98 %

Compare online offers of business loans for growing any businesses.

Small-business loans can be crusial to your success as a business holder, whether you’re stocking your shelves or expanding your footprint. You not must go to traditional bank to apply for funding. You have much better option: online lending.

 We recommend you compare several financing offers to find the one that best fits your financing needs.

SBA loans

A loan funded by participating lending institutions and backed by the Small Business Administration.

loans
Low-cost SBA loans

SmartBiz – SBA loan

APR: 9.28-10.52%

SmartBiz’s low-cost SBA loans work best for established businesses that want to finance an expansion or refinance debt.

Qualifications

  • Minimum credit score: 650.
  • Minimum time in business: 2 years.
  • Minimum annual revenue: $50,000.
  • No bankruptcies or foreclosures in the past 3 years.

SmartBiz

Business loans
Loans to finance an expansion

Live Oak Bank – SBA loan

APR: 5.50-8.25%

Live Oak Bank’s SBA loans work best for established businesses looking to finance an expansion.

Qualifications

  • Minimum credit score: 650.
  • Cash flow must be able to support the debt.
  • No bankruptcies or foreclosures.
  • No outstanding tax liens.

Live Oak Bank

Invoice factoring

Upfront cash at a reduced value for your unpaid invoices or receivables.

loans
Finance larger invoices

BlueVine – Invoice factoring

APR: 15.00-68.00%

BlueVine’s invoice factoring works best for financing larger invoices, but only if your customers reliably pay on time.

Qualifications

  • Minimum credit score: 530.
  • Minimum time in business: 3 months.
  • Minimum annual revenue: $100,000.

BlueVine

For unpaid invoices

Fundbox – Invoice financing

APR: 10.10-78.60%

Fundbox offers invoice financing for businesses with unpaid customer invoices.

Qualifications

  • Minimum credit score: 500.
  • Minimum annual revenue: $50,000.
  • Must use online accounting software that can link to Fundbox, such as QuickBooks, FreshBooks, Harvest, Clio, InvoiceASAP, Sage One, Kashoo or Jobber.

Fundbox

Equipment financing loan

Financing specifically for purchasing equipment.

loans for business
Business loans

Currency – Equipment financing

APR: 6.00-24.00%

Currency is an option for business owners looking to finance the purchase of new equipment.

Qualifications

  • Minimum credit score: 585.
  • Minimum time in business: 6 months.
  • Minimum annual revenue: $75,000.
  • Must have a net loss no greater than 10% over the past 12 months.

Currency

Online term loans

A loan repaid with interest over a set period of time.

business loans
Business loans best for newer businesses

BlueVine – Term loan

APR: 18.00-78.00%

BlueVine’s term loan works best for newer businesses that need short-term funding.

Qualifications

  • Minimum credit score: 600.
  • Minimum time in business: 6 months.
  • Minimum annual revenue: $100,000.

BlueVine

business loans online
Business loans for strong credit

Credibility Capital – Online term loan

APR: 10.00-25.00%

Credibility Capital offers low-cost business loans that work best for small-business owners with strong credit.

Qualifications

  • Minimum credit score: 680.
  • Minimum time in business: 2 years.
  • Minimum annual revenue: $250,000.
  • No bankruptcies in the past 5 years.

Credibility Capital

business loans
Loans for business expansion

Funding Circle – Online term loan

APR: 11.67-36.00%

Funding Circle is an option for established businesses that are financing an expansion or refinancing debt.

Qualifications

  • Minimum credit score: 620.
  • Minimum time in business: 2 years.
  • Minimum annual revenue: None.
  • No bankruptices in the past 7 years.

Funding Circle

fast business loans
Fast business loans

OnDeck – Online term loan

APR: 9.00-99.00%

OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.

Qualifications

  • Minimum credit score: 600.
  • Minimum time in business: 1 year.
  • Minimum annual revenue: $100,000.
  • No bankruptcies in the past 2 years.

OnDeck

busimess loans
Short-term business loan

QuarterSpot – Online term loan

APR: 30.00-70.00%

QuarterSpot’s short-term business loans provide a financing option for borrowers with poor credit, but at high rates.

Qualifications

  • Minimum credit score: 550.
  • Minimum time in business: 2 years.
  • Minimum annual revenue: $200,000.
  • Average at least 10 monthly revenue-producing deposits.
  • Minimum $2,000 average daily account balance.

QuarterSpot

business loans
Business expansion loans

StreetShares – Online term loan

APR: 9.14-39.99%

StreetShares offers a business term loan for newer businesses that need to finance an expansion.

Qualifications

  • Minimum credit score: 600.
  • Minimum time in business: 1 year.
  • Minimum annual revenue: $25,000.
  • No bankruptcies in the past 3 years.

StreetShares

Small-business loans

Small-business loans are typically issued only for businesses with a year or more of history and revenue. Among the financing options for entrepreneurs who qualify are U.S. Small Business Administration loans, term loans, business lines of credit and invoice factoring.

Types of loans for established small businesses

SBA loan

The government-guaranteed SBA loan program works with banks to offer low interest rates and long-term repayment. But the process is time-consuming, and the requirements are strict. Only those with good personal credit (690 or higher, although some SBA lenders may have lower score requirements), strong business finances and the flexibility to wait for funding should apply.

  • Loan amounts: $30,000 to $5 million.
  • Approximate APR range: 6% to 11%.
  • Good for large one-time and longer-term investments, purchasing real estate or equipment, buying existing businesses and refinancing debt.

Business term loan

Online lenders offer term loans of up to $500,000. For a short-term loan, the repayment period typically ranges from six to 12 months, while a long-term loan repayment can extend up to 10 years or longer in some cases. Business owners can also find financing that can be used for specific items, like equipment or inventory.

  • Loan amounts: Up to $500,000.
  • Approximate APR range: 9% to 99%.
  • Good for large one-time investments.

Business line of credit

A business line of credit provides access to flexible cash. Lenders give you access to a specific amount of credit (say, $100,000), but you don’t make payments or get charged interest until you tap into the funds.

  • Credit line range: $2,000 to $250,000.
  • APR range: 8% to 99%.
  • Good for managing cash flow, handling unexpected expenses and financing short-term business needs.

Invoice factoring and invoice financing

Invoice factoring turns business owners’ unpaid invoices into immediate cash. You sell the invoices to a factoring company, which is paid when it collects from your customers. If you prefer to maintain control over your invoices, invoice financing is an alternative to factoring.

  • Financing amounts: Up to $5 million.
  • APR range: 10% to 79%.
  • Good for managing cash flow, short-term financing.

Why online lenders?

Only about 1 in 5 businesses that apply for a loan from a big bank are approved. We help business owners by working with online lenders that simplify the loan application process and approve more small businesses. Many online lenders also offer competitive rates and faster funding than some banks.

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