businss loans up to 5,000,000
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.
A loan funded by participating lending institutions and backed by the Small Business Administration.
SmartBiz’s low-cost SBA loans work best for established businesses that want to finance an expansion or refinance debt.
Live Oak Bank’s SBA loans work best for established businesses looking to finance an expansion.
Upfront cash at a reduced value for your unpaid invoices or receivables.
BlueVine’s invoice factoring works best for financing larger invoices, but only if your customers reliably pay on time.
Fundbox offers invoice financing for businesses with unpaid customer invoices.
Financing specifically for purchasing equipment.
Currency is an option for business owners looking to finance the purchase of new equipment.
A loan repaid with interest over a set period of time.
BlueVine’s term loan works best for newer businesses that need short-term funding.
Credibility Capital offers low-cost business loans that work best for small-business owners with strong credit.
Funding Circle is an option for established businesses that are financing an expansion or refinancing debt.
OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.
QuarterSpot’s short-term business loans provide a financing option for borrowers with poor credit, but at high rates.
StreetShares offers a business term loan for newer businesses that need to finance an expansion.
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.
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.
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.
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.
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.
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.