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Best Small Business Loans February 2024

We help small business owners decide on the right financing option and source for them. Browse our list of small business loan providers below to learn more about financing for your specific needs. Whether it's new equipment you want to purchase, additional cash flow, lines of credit, invoice factoring, and more.

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Most Recommended
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Key Facts

  • Credit Score: 550
  • Age of business: 12+ months
  • Monthly revenue: Varies
  • US citizenship: Required for all owners
  • Term length: Varies

Pros

pros iconMultiple financing options designed to help businesses grow and succeed

pros iconConvenient shop and comparison tool

pros iconFree service

pros iconMatched with experienced Funding Advisor who helps every step of the way

Cons

cons iconLoan terms and conditions not disclosed until after completing an application

cons iconOnce deciding upon a product, you’ll work with the lender instead of Fundera

cons iconMust have been in business for at least 1 to 4 years to qualify for funding

cons iconPotentially high interest rates and eligibility requirements

  • $5K-$5M Loan Amount
  • 550 Min Credit
  • $11K Monthly Revenue
  • 12+ Months Time in Business
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Key Facts

  • Eligibility: Businesses with less than 500 employees
  • Max loan amount: $10 million
  • Interest rate: 0.5%
  • Loan forgiveness for: payroll, mortgage interest, rent, utilities

Pros

pros iconFlexible on credit score. Getting approved is based more on strong balances and revenue.

pros iconVariety of loan types available

pros iconSoft credit check for the initial application

pros iconSave time with offers from multiple lenders

Cons

cons iconApplication process is a bit long for a marketplace because it requires 3 bank statements

cons iconSince Lendio is not a direct lender, the terms only become clear after applying for a loan

  • $1K-$5M Loan Amount
  • 500 Min Credit
  • $8K Monthly Revenue
  • 6+ Months Time in Business
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Key Facts

  • Credit Score: 650
  • Age of business: 1 Year
  • Monthly revenue: $25,000
  • Origination fee: 0-2%

Pros

pros iconQuick approval time

pros iconFast time to funding

pros iconGood track record

pros iconFlexible repayment options

Cons

cons iconNo transparency on rates

cons iconAdditional fees sometimes necessary

  • $10K-$500K Loan Amount
  • 650 Min Credit
  • $21K Monthly Revenue
  • 12+ Months Time in Business
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Key Facts

  • Credit score: depends on lender
  • Age of business: min. 12 months
  • US citizenship: required
  • Repayment terms: depends on lender
  • Term length: varies

Pros

pros iconMultiple business financing options available, ranging from small business loans to commercial real estate loans to lines of credit

pros iconStreamlined, intuitive application process with lender comparison option

pros iconTime to funding could be within 24 hours

pros iconTop-notch customer service team of finance professionals

Cons

cons iconAs a marketplace, specific terms, rates, and fees are not indicated until you apply with a partner lender

  • $1K-$1M Loan Amount
  • 500 Min Credit
  • $20K Monthly Revenue
  • 12+ Months Time in Business
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Key Facts

  • Discounts of up to 6% available for early repayments
  • An easy and quick application process
  • Approved applications receive funds within 2 days

Pros

pros iconQuick funding available

pros iconEasy application process

pros iconEarly repayment discounts

pros iconLimited restrictions on the use of funds

Cons

cons iconNo website visibility on fees or loan terms until after the hard credit pull

cons iconOrigination fee charged

cons iconThe $250,000 annual revenue requirement will exclude many small businesses

  • $10K-$500K Loan Amount
  • 600 Min Credit
  • $21K Monthly Revenue
  • 6+ Months Time in Business

Standout option

February 2024

Trusted Partner
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Key Facts

  • Credit Score: 550
  • Age of business: 12+ months
  • Monthly revenue: Varies
  • US citizenship: Required for all owners
  • Term length: Varies

Pros

pros iconMultiple financing options designed to help businesses grow and succeed

pros iconConvenient shop and comparison tool

pros iconFree service

pros iconMatched with experienced Funding Advisor who helps every step of the way

Cons

cons iconLoan terms and conditions not disclosed until after completing an application

cons iconOnce deciding upon a product, you’ll work with the lender instead of Fundera

cons iconMust have been in business for at least 1 to 4 years to qualify for funding

cons iconPotentially high interest rates and eligibility requirements

  • $5K-$5M Loan Amount
  • 550 Min Credit
  • $130K Annual Revenue
  • 12+ Months Time in Business

Tired of your tax debt? Resolve it today

February 2024

Editor's Choice
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Key Facts

  • Pragmatic & personal approach to help clients manage their tax delinquency
  • A+ rating with the Better Business Bureau & licensed in all 50 states
  • 14-day 100% money-back guarantee

Pros

pros iconMultiple positive reviews from current and past customer on multiple online platforms

pros iconMultiple accreditations

pros iconNo upfront fees to get information about IRS relief program qualifications

pros iconQuick quiz on website lets you know if you qualify for assistance

Cons

cons iconNeed at least $12,000 in tax delinquency to work with them

  • check mark Federal & State tax relief
  • check mark A+ on BBB for individuals & businesses
  • check mark 100% money-back guarantee
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Key Facts

  • Incorporates principles of trust, service, honesty, integrity, & education in their services
  • Operates remotely and licensed in all 50 states with 30+ years of experience
  • Pursues the best options for taxpayers depending on their personal situations

Pros

pros iconFully licensed and accredited staff in all 50 states

pros iconFull service tax company

pros iconA money-back guarantee is in place

pros iconA+ rating with the BBB

pros iconFree consultation

pros iconLow minimum tax required

Cons

cons iconPrices and fees not available on their website

  • check mark 100% money-back guarantee
  • check mark Save up to 99% on unpaid taxes
  • check mark 10+ years of tax resolution experience

Small Business Loans Explained

One of the barriers to many small businesses is having access to funds that allow them to expand. Other companies will need a loan to keep them going through tough times, while others might require that additional funding in order to get off the ground.

Many great lenders allow you to get a small business loan these days. This guide will showcase all of the aspects of getting a small business loan and will assist you in figuring out the best type of option for you.

What is a Small Business Loan?

A small business loan is a way for a small business owner to get their hands on some financing. This type of loan allows them to get funding without giving up equity in their business.

Many of the leading lenders in the country will offer small business loans. These will usually be products that are particularly conducive for those who own more minor types of businesses.

There are also a few different types of small business loans that you can get. A lender will look at various aspects of a business before approving a loan. The terms and requirements can vary depending on your circumstances.

Top 3 Online Small Business Loan Lenders

Are There Different Types of Small Business Loans?

There are various types of small business loans that a business owner can get. These will each have their own specific focuses. Here is a look at the most popular types of small business loans:

SBA Loans

Small Business Administration (SBA) loans see the lender taking on less risk as the government guarantees a part of the loan. This also, in turn means that the borrower can often get better terms.

The size of SBA loans often starts at $5,000 and goes as high as $5 million. The payment periods can vary widely and can take a bit longer than other types of loans to get your hands on the funds.

Cash Advance Loans

These types of business loans see. Lender giving you a cash advance in return for getting a cut of future sales. This means that payments will tend to be lower when there are low sales and vice versa. These loans can range between $5,000 and $250,000.

Business Line of Credit Loans

Many small businesses like getting. Aline of credit as it provides a great level of flexibility. You will have the ability to borrow up to a certain level, but you only have to pay interest on the money that you end up actually borrowing.

The rates are usually lower than credit cards, and the total sums available to borrow will be more significant. A line of credit can typically start at $1,000 and go up to $1 million.

Business Term Loan

This is when a small business owner gets a lump sum from a lender that has monthly repayments. The interest rate will be fixed, and the term will typically be one to five years. This type of loan will have limited personal liability in the case of default. In many ways, they are similar to a personal loan.

Invoice Factoring

Invoice financing allows a business owner to generate improved cash flow. This is achievable by borrowing funds against the amounts that clients currently owe the business. It is a short-term type of borrowing where the lender effectively buys the unpaid invoices of a company up to a certain proportion.

Recommended Business Loan Companies

Fundera Logo
  • Reputable marketplace with solid customer service
  • A lender network of over 30 lenders and partners
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lendio_logo
  • Flexible loan terms and amounts
  • Get approved in minutes and funded in 24 hours
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National Funding
  • Offers discounts for early repayments
  • Quick approval time
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Most Important Requirements for Small Business Loans

Lenders will require plenty of information when considering a small business loan application. They want to avoid risky situations whereby they hand out loans to a business that might be failing and not likely be able to ultimately pay back the loan. Most lenders will look at some or all of the following information:

  • Length of time in business
  • Business and personal credit score
  • Yearly revenue
  • Bank statements
  • Business and personal tax returns
  • Reason for the loan
  • Personal background
  • Business plan
  • Collateral
  • Relevant legal business documents

Depending on your information, you will likely have access to different types of rates and loans. If a lender deems a small business to have a low risk of defaulting on their loan obligations, you can often get better rates than you otherwise might.

How to Apply for a Small Business Loan

Many great lenders offer various types of small business loans. You can find a very reliable option for your specific needs. The main difference will be the traditional types of lenders with physical branches and the modern lenders that operate in an online environment. You can figure out which of these options will be best for you.

We have reviewed each of the leading lenders, so you don’t have to. Once you choose a particular option, you can begin the process of getting a small business loan.

You will have to provide an array of documents relating to your business. This includes bank statements, company revenue figures for the past few years, and detailing how you will use the funds.

The lender will assess all of the provided information and decide what terms to offer you. The time it takes to get approval for a small business loan or access the funds will depend on the specific lender.

Conclusion

Small business owners have never had a better range of options to finance their business. You can now determine which type of loan is best for your needs and find a top-quality lender that can cater to your needs. This can all be done in a fast and efficient manner.

*The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.
**All businesses are unique and are subject to approval and review.