How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Here are 6 business expansion loans
Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
---|---|---|---|---|
SBA 7(a) loan with Fundera by NerdWallet | Best for SBA business expansion loans | $5,000,000 | 650 | with Fundera by NerdWallet |
Bank of America Business Advantage Unsecured Term Loan | 5.0/5 Best for Bank business expansion loans | Undisclosed | 700 | |
Funding Circle - Online term loan with Fundera by NerdWallet | 4.5/5 Best for Online expansion loans for established businesses | $500,000 | 660 | with Fundera by NerdWallet |
OnDeck - Online term loan with Fundera by NerdWallet | 5.0/5 Best for Short-term business expansion loans | $250,000 | 625 | with Fundera by NerdWallet |
Fora Financial - Online term loan with Fundera by NerdWallet | 4.5/5 Best for Business expansion loans for bad credit | $1,500,000 | 500 | with Fundera by NerdWallet |
Accion Opportunity Fund - Small Business Working Capital Loan | 5.0/5 Best for Microloans for business expansion | $250,000 | 570 | |
Here are 6 business expansion loans
Best for SBA business expansion loans
Best for Bank business expansion loans
Max Amount
Undisclosed
Min. Credit Score
700
Best for Online expansion loans for established businesses
Best for Short-term business expansion loans
Best for Business expansion loans for bad credit
Best for Microloans for business expansion
Max Amount
$250,000
Min. Credit Score
570
I'M INTERESTED IN:
Our pick for
SBA business expansion loans
SBA 7(a) loans can be used to purchase equipment or real estate, renovate an existing building and acquire a new business, among other options. These loans are available in amounts up to $5 million with terms up to 25 years.
SBA 7(a) loan
with Fundera by NerdWallet
Max loan
$5,000,000
Min. Credit score
650
Apr range
11.50-15.00%
with Fundera by NerdWallet
Our pick for
Bank business expansion loans
Bank of America unsecured business loans don't require collateral, have repayment periods of 12 to 60 months and fixed rates that start at 7.50%.
Bank of America Business Advantage Unsecured Term Loan
Max loan
Undisclosed
Min. Credit score
700
Our pick for
Online expansion loans for established businesses
Funding Circle offers term loans of up to $500,000 to fund your expansion project. You’ll need at least two years in business to qualify, but if you’re approved, funds can be available in as little as two days.
Funding Circle - Online term loan
with Fundera by NerdWallet
Max loan
$500,000
Min. Credit score
660
Apr range
15.22-45.00%
with Fundera by NerdWallet
Our pick for
Short-term business expansion loans
OnDeck offers short-term loans from $5,000 to $250,000 that can be a good option for specific business investments. Repayment terms are available for up to 24 months.
OnDeck - Online term loan
with Fundera by NerdWallet
Max loan
$250,000
Min. Credit score
625
Apr range
27.20-99.90%
with Fundera by NerdWallet
Our pick for
Business expansion loans for bad credit
You may be able to qualify for a short-term loan from Fora Financial with a minimum credit score of 500 and six or more months in business. Loans are available in amounts up to $1.5 million and can be used for a range of growth projects.
Fora Financial - Online term loan
with Fundera by NerdWallet
Max loan
$1,500,000
Min. Credit score
500
with Fundera by NerdWallet
Our pick for
Microloans for business expansion
Accion offers smaller-sized loans to business owners who may not qualify for other funding options. This nonprofit lender also provides training and coaching to help its borrowers grow their businesses.
Accion Opportunity Fund - Small Business Working Capital Loan
Max loan
$250,000
Min. Credit score
570
Apr range
8.49-29.67%
How can I use a business expansion loan?
- Hire new employees to grow your team.
- Purchase new equipment or upgrade what you already own to improve operations.
- Renovate your existing location to accommodate added foot traffic, a new product or service, or increase efficiency.
- Open a new location to reach a larger customer base and expand your geographical footprint.
- Create and launch a new product or service to draw in additional customers or better serve your current customers.
- Expand into a new market to acquire more customers and increase revenue.
Where to get a business expansion loan
Banks and credit unions
SBA lenders
Online lenders
Nonprofit lenders
How to get a business expansion loan
1. Determine if you’re ready to expand
- Do you have a well-developed plan for expansion? Your plan should specify how you’re going to use any potential loan funds and how your growth plan is going to impact your business in the long-run.
- Do you have steady cash flow? You’ll need steady cash flow to repay any debt you take on, as well as manage regular business expenses. If your cash flow can’t support your expansion plans, it may be worth waiting until loan payments fit into your budget.
- Is your business in demand? Ideally, you’ll want to expand your business when you’ve seen an increase in sales or a growing customer base — and when you think there is an opportunity to continue this momentum.
2. Evaluate your qualifications
3. Compare lenders
4. Submit your application
- Basic information about your business, such as your business name and tax ID.
- Business and personal bank statements.
- Business and personal tax returns.
- Business financial statements, such as profit and loss statements and balance sheets.
- Basic information about the business owners, such as Social Security numbers and addresses.
Find the right business loan
Methodology
Wondering if you qualify?
It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.