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Best Small-Business Lenders of March 2024

By Randa Kriss
Last updated on March 15, 2024
Edited bySally Lauckner
Fact checked and reviewed

⏰ Estimated read time: 5 minutes

Compare different types of small-business lenders to find the best way for you to access capital.

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Small-business lenders can be traditional financial institutions, such as banks or credit unions, government agencies, nonprofit organizations or online fintech companies.
Individual lenders vary in the types of small-business loans they provide, as well as their application processes and eligibility criteria for borrowers. The best small-business lender offers the products you need, has requirements you can meet and charges affordable interest rates and fees.
Below, compare some of the top options and learn how to choose the right lender for your business.

How much do you need?

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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 21 small-business lenders

LenderNerdWallet RatingMax loan amountMin. credit scoreNext steps

SBA 7(a) loan

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Best for SBA loan lenders

$5,000,000650

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SBA Express loan

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Best for SBA loan lenders

$500,000650

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SBA CAPLines of credit

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Best for SBA loan lenders

$5,000,000650

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SBA CDC/504 loan

Best for SBA loan lenders

$5,000,000680

Bank of America Business Advantage Unsecured Term Loan

5.0/5

Best for Business bank lenders

Undisclosed700

Wells Fargo BusinessLine® Line of Credit

5.0/5

Best for Business bank lenders

$150,000680

PNC Small Business Vehicle Finance Loan

3.5/5

Best for Business bank lenders

$250,000700

Chase - Business line of credit

Best for Business bank lenders

$500,000700

TAB Bank - Term loan

Best for Business bank lenders

$300,000660

OnDeck - Online term loan

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5.0/5

Best for Online small-business lenders

$250,000625

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Fundbox - Line of credit

5.0/5

Best for Online small-business lenders

$150,000600

Bluevine - Line of credit

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5.0/5

Best for Online small-business lenders

$250,000625

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Headway Capital - Line of credit

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5.0/5

Best for Online small-business lenders

$100,000625

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American Express® Business Line of Credit

5.0/5

Best for Online small-business lenders

$250,000660

Funding Circle - Online term loan

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4.5/5

Best for Online small-business lenders

$500,000660

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Fora Financial - Online term loan

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4.5/5

Best for Online small-business lenders

$1,500,000500

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AltLINE - Invoice Factoring

4.5/5

Best for Online small-business lenders

$10,000,000300

National Funding - Equipment Financing

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4.5/5

Best for Online small-business lenders

$150,000600

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Triton Capital - Equipment financing

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4.0/5

Best for Online small-business lenders

$250,000575

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Accion Opportunity Fund - Small Business Working Capital Loan

4.0/5

Best for Microlenders

$250,000570

SBA Microloan

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Best for Microlenders

$50,000620

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Here are 21 small-business lenders

Best for SBA loan lenders

U.S. Small Business Administration

Max Amount

$5,000,000

Min. Credit Score

650

U.S. Small Business Administration

Max Amount

$500,000

Min. Credit Score

650

U.S. Small Business Administration

Max Amount

$5,000,000

Min. Credit Score

650

U.S. Small Business Administration

Max Amount

$5,000,000

Min. Credit Score

680

Best for Business bank lenders

Bank of America

Max Amount

Undisclosed

Min. Credit Score

700

Wells Fargo

Max Amount

$150,000

Min. Credit Score

680

PNC Bank

Max Amount

$250,000

Min. Credit Score

700

Chase

Max Amount

$500,000

Min. Credit Score

700

TAB Bank

Max Amount

$300,000

Min. Credit Score

660

Best for Online small-business lenders

OnDeck

Max Amount

$250,000

Min. Credit Score

625

Fundbox

Max Amount

$150,000

Min. Credit Score

600

Bluevine

Max Amount

$250,000

Min. Credit Score

625

Headway Capital

Max Amount

$100,000

Min. Credit Score

625

American Express Business Blueprint™

Max Amount

$250,000

Min. Credit Score

660

Funding Circle

Max Amount

$500,000

Min. Credit Score

660

Fora Financial

Max Amount

$1,500,000

Min. Credit Score

500

AltLINE

Max Amount

$10,000,000

Min. Credit Score

300

National Funding

Max Amount

$150,000

Min. Credit Score

600

Triton Capital

Max Amount

$250,000

Min. Credit Score

575

Best for Microlenders

Accion

Max Amount

$250,000

Min. Credit Score

570

U.S. Small Business Administration

Max Amount

$50,000

Min. Credit Score

620

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Our picks for

SBA loan lenders

SBA loans offer low interest rates and long repayment terms. These loans are issued by banks, credit unions and other participating financial institutions and partially guaranteed by the U.S. Small Business Administration.

SBA 7(a) loan

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7(a) loans are issued by private lenders and backed by the SBA. They offer long repayment terms and low interest rates.
Lowest interest rate

Max loan

$5,000,000

Min. Credit score

650

Apr range

11.50-15.00%

7(a) loans are issued by private lenders and backed by the SBA. They offer long repayment terms and low interest rates.

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SBA Express loan

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SBA Express loans are available in amounts up to $500,000 as either a term loan or line of credit. These loans typically fund faster than standard 7(a) loans.

Max loan

$500,000

Min. Credit score

650

Apr range

11.50-15.00%

SBA Express loans are available in amounts up to $500,000 as either a term loan or line of credit. These loans typically fund faster than standard 7(a) loans.

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SBA CAPLines of credit

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The SBA CAPLines program offers four lines of credit that can help businesses meet short-term and cyclical working capital needs. These credit lines have competitive interest rates and repayment terms.

Max loan

$5,000,000

Min. Credit score

650

Apr range

11.50-15.00%

The SBA CAPLines program offers four lines of credit that can help businesses meet short-term and cyclical working capital needs. These credit lines have competitive interest rates and repayment terms.

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SBA CDC/504 loan

SBA 504 loans are designed to promote business growth and job creation through the purchase or upgrade of major fixed assets.

Max loan

$5,000,000

Min. Credit score

680

Apr range

5.00-7.00%

SBA 504 loans are designed to promote business growth and job creation through the purchase or upgrade of major fixed assets.

Our picks for

Business bank lenders

Bank lenders typically offer the most competitive interest rates and repayment terms on small-business loans — but require that you meet strict criteria to qualify.

Bank of America Business Advantage Unsecured Term Loan

Bank of America’s term loan offers competitive interest rates and flexible repayment terms — with no collateral required.

Max loan

Undisclosed

Min. Credit score

700

Bank of America’s term loan offers competitive interest rates and flexible repayment terms — with no collateral required.

Wells Fargo BusinessLine® Line of Credit

This Wells Fargo line of credit offers competitive rates for businesses with at least two years in operation.

Max loan

$150,000

Min. Credit score

680

Apr range

10.25-18.25%

This Wells Fargo line of credit offers competitive rates for businesses with at least two years in operation.

PNC Small Business Vehicle Finance Loan

This PNC auto loan is a good option for established businesses who need to purchase new or used vehicles for everyday use.

Max loan

$250,000

Min. Credit score

700

This PNC auto loan is a good option for established businesses who need to purchase new or used vehicles for everyday use.

Chase - Business line of credit

Chase offers a revolving credit line that allows you to withdraw funds as needed, but you’ll typically need strong credit and at least two years in business.

Max loan

$500,000

Min. Credit score

700

Chase offers a revolving credit line that allows you to withdraw funds as needed, but you’ll typically need strong credit and at least two years in business.

TAB Bank - Term loan

TAB Bank offers competitive interest rates for business owners with strong credit — and can sometimes fund faster than an SBA loan.

Max loan

$300,000

Min. Credit score

660

Apr range

8.99-35.99%

TAB Bank offers competitive interest rates for business owners with strong credit — and can sometimes fund faster than an SBA loan.

Our picks for

Online small-business lenders

Online business lenders can offer a variety of different loan types with faster funding times and more flexible qualification requirements than bank or SBA lenders.

OnDeck - Online term loan

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

Max loan

$250,000

Min. Credit score

625

Apr range

35.40-99.90%

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

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Fundbox - Line of credit

Fundbox offers a business line of credit to fill a cash flow gap, and qualifying is easier than with other lenders.
May fund quickly

Max loan

$150,000

Min. Credit score

600

Apr range

36.00-99.00%

Fundbox offers a business line of credit to fill a cash flow gap, and qualifying is easier than with other lenders.

Bluevine - Line of credit

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Bluevine's line of credit provides fast working capital for short-term borrowing needs.
May fund quickly

Max loan

$250,000

Min. Credit score

625

Apr range

20.00-50.00%

Bluevine's line of credit provides fast working capital for short-term borrowing needs.

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Headway Capital - Line of credit

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Headway Capital offers a fast and flexible line of credit for borrowers who may not qualify for more traditional options.

Max loan

$100,000

Min. Credit score

625

Apr range

35.00-80.00%

Headway Capital offers a fast and flexible line of credit for borrowers who may not qualify for more traditional options.

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American Express® Business Line of Credit

The American Express® Business Line of Credit is a good option for business owners with fair credit who want access to working capital.

Max loan

$250,000

Min. Credit score

660

The American Express® Business Line of Credit is a good option for business owners with fair credit who want access to working capital.

Funding Circle - Online term loan

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

Max loan

$500,000

Min. Credit score

660

Apr range

15.22-45.00%

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

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Fora Financial - Online term loan

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Fora Financial can be a good fit for borrowers who may fall short of qualifying for traditional bank financing or young but established small businesses looking for speedy financing.

Max loan

$1,500,000

Min. Credit score

500

Fora Financial can be a good fit for borrowers who may fall short of qualifying for traditional bank financing or young but established small businesses looking for speedy financing.

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AltLINE - Invoice Factoring

AltLINE offers fast invoice factoring with competitive factoring rates.

Max loan

$10,000,000

Min. Credit score

300

AltLINE offers fast invoice factoring with competitive factoring rates.

National Funding - Equipment Financing

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Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.

Max loan

$150,000

Min. Credit score

600

Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.

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Triton Capital - Equipment financing

4.0
NerdWallet rating 

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Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.
4.0
NerdWallet rating 

Max loan

$250,000

Min. Credit score

575

Apr range

5.99-34.99%

Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.

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Our picks for

Microlenders

Microlenders are usually nonprofit or local organizations that focus their lending efforts on businesses in their local communities. These lenders provide smaller-sized loans and business training to borrowers who may not qualify for other options.

Accion Opportunity Fund - Small Business Working Capital Loan

Accion is a good option for businesses that haven't been able to secure traditional financing. The lender targets its funding efforts toward minority, women and low-to-moderate-income entrepreneurs.

Max loan

$250,000

Min. Credit score

570

Apr range

8.49-29.67%

Accion is a good option for businesses that haven't been able to secure traditional financing. The lender targets its funding efforts toward minority, women and low-to-moderate-income entrepreneurs.

SBA Microloan

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SBA microloans are small-sized loans funded by the U.S. Small Business Administration and issued through approved intermediaries, typically nonprofit and community lenders.

Max loan

$50,000

Min. Credit score

620

Apr range

8.00-13.00%

SBA microloans are small-sized loans funded by the U.S. Small Business Administration and issued through approved intermediaries, typically nonprofit and community lenders.

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How Much Do You Need?

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Types of small-business lenders

Typically, a business lender is a third-party entity that loans your company money under an agreement that it will be repaid. Public and private financial institutions, government agencies and nonprofit organizations can all be small-business lenders.

Government lenders

The federal government doesn’t usually lend to small-business owners directly. However, it does guarantee financing issued through the SBA loan program. SBA loans are funded by participating lenders — typically banks and credit unions — and backed by the U.S. Small Business Administration.
Many national, regional and local banks are SBA lenders, including big-name institutions like Chase and Bank of America. The SBA website also has a lender match tool to help you find the best SBA lender for you.
SBA loans offer long terms, low interest rates and can be used for a variety of purposes. To qualify for an SBA loan, you’ll need good credit and financials, as well as a few years in business.

Credit union and bank lenders

Banks and credit unions offer some of the most affordable small-business loans, but these lenders also have lengthy application processes and strict eligibility requirements.
You’ll likely need strong credit, two or more years in business and solid revenue to qualify for a loan from one of these lenders.
Small-business borrowers report higher rates of approval, as well as greater overall satisfaction, with small banks compared to large, national banks — according to a Federal Reserve survey released in 2023.
If you have an existing relationship with a local bank or credit union, you might contact a representative to find out if it offers small-business financing.

Online lenders

Online business lenders can offer a variety of financing options with a streamlined application process. Online lenders are known for their fast access to capital, with some companies offering same-day business loans with funding in as little as 24 hours.
Compared to banks and credit unions, online lenders have more flexible qualification requirements, but the cost of borrowing is often higher.

Nonprofit and microlenders

Nonprofit organizations can offer loans to small businesses in underserved communities, such as women-owned businesses or minority-owned businesses.
Many nonprofit lenders are also community development financial institutions (CDFIs), which are registered through the U.S. Treasury Department to build wealth in underserved areas through loan dollars and other resources. These organizations typically provide smaller loans — called microloans — but may be more willing to work with newer businesses or those with bad credit.
As part of the SBA microloan program, for instance, the government distributes funds directly to these types of lenders. The lenders are then able to create and manage their own programs.

How to choose a business lender

You’ll want to consider several factors when choosing a small-business lender. But ultimately, there are trade-offs between banks, online lenders and other options, depending on what’s most important to you:
  • If you want the least expensive loan: A bank will likely offer the lowest interest rates, but you’ll need to be able to meet tough financial qualifications. Banks can also offer a variety of types of business loans, as well as longer terms than some online lenders.
  • If you can’t qualify with a bank: Start with the SBA loan program. SBA loans have competitive rates and long terms, and eligibility criteria can be a little more flexible than bank requirements. However, you’ll still need good credit and strong revenue to qualify, and the application process can be complex — so online lenders are an alternative option.
  • If you need a loan fast: Online lenders will be your top option. Some online lenders can offer funding in as little as 24 hours — although speed can come at a cost of higher interest rates.
  • If customer service is a priority: Although a variety of lenders have representatives to help you through the application process, small-business borrowers report having a higher level of overall satisfaction with credit unions and community banks.
  • If you’re a new business or have bad credit: Some online lenders, as well as nonprofit lenders, may have more flexible requirements that can accommodate newer businesses or those with bad credit. These businesses may also consider alternative types of funding, such as small-business grants.

Find the right business loan

The best business loan is generally the one with the lowest rates and most ideal terms. But other factors — like time to fund and your business’s qualifications — can help determine which option you should choose. NerdWallet recommends comparing small-business loans to find the right fit for your business.
Last updated on March 15, 2024

Methodology

NerdWallet’s review process evaluates and rates small-business loan products from traditional banks and online lenders. We collect over 30 data points on each lender using company websites and public documents. We may also go through a lender’s initial application flow and reach out to company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer small-business friendly features, including: transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to business credit bureaus and responsible lending practices. We weigh these factors based on our assessment of which are the most important to small-business owners and how meaningfully they impact borrowers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodology for small-business loans and our editorial guidelines.

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.

Learn more

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