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Best Large Business Loans and How to Get One

By Randa Kriss
Last updated on May 21, 2024
Edited bySally Lauckner
✅Fact checked and reviewed

⏰ Estimated read time: 9 minutes

Large loans can be used for major investments in your business. You may need to meet strict criteria to qualify.

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Large business loans provide funding of $500,000 or more. These small-business loans can be used for major investments in your company, including equipment purchases, real estate purchases and business acquisitions.
Although eligibility criteria vary, many large business loans require you to meet strict qualifications, such as good credit and multiple years in operation. You may also need to provide collateral to secure financing.

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 9 large business loans

LenderNerdWallet Rating▼Max loan amount▼Min. credit score▼Next steps

SBA 7(a) loan

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Best for Large government business loans

$5,000,000650

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SBA CDC/504 loan

Best for Large commercial real estate loans

$5,000,000680

Fora Financial - Online term loan

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4.5/5

Best for Large business loans for bad credit

$1,500,000570

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Funding Circle - Online term loan

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4.5/5

Best for Large long-term business loans

$500,000660

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National Funding - Online Term Loan

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4.0/5

Best for Large startup business loans

$500,000600

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JR Capital Equipment Financing

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4.0/5

Best for Large equipment loans

$10,000,000620

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AltLINE - Invoice Factoring

4.5/5

Best for Invoice factoring

$10,000,000300

Bank of America Business Advantage Unsecured Term Loan

5.0/5

Best for Large business bank loans

Undisclosed700

Chase - Business line of credit

Best for Large business lines of credit

$500,000700

Here are 9 large business loans

Best for Large government business loans

U.S. Small Business Administration

Max Amount

$5,000,000

Min. Credit Score

650

Best for Large commercial real estate loans

U.S. Small Business Administration

Max Amount

$5,000,000

Min. Credit Score

680

Best for Large business loans for bad credit

Fora Financial

Max Amount

$1,500,000

Min. Credit Score

570

Best for Large long-term business loans

Funding Circle

Max Amount

$500,000

Min. Credit Score

660

Best for Large startup business loans

National Funding

Max Amount

$500,000

Min. Credit Score

600

Best for Large equipment loans

JR Capital

Max Amount

$10,000,000

Min. Credit Score

620

Best for Invoice factoring

AltLINE

Max Amount

$10,000,000

Min. Credit Score

300

Best for Large business bank loans

Bank of America

Max Amount

Undisclosed

Min. Credit Score

700

Best for Large business lines of credit

Chase

Max Amount

$500,000

Min. Credit Score

700

I'M INTERESTED IN:

Our pick for

Large government business loans

SBA 7(a) loans can provide government-guaranteed funding up to $5 million. So far in fiscal year 2024, 19% of all 7(a) loans issued were in amounts greater than $500,000.

SBA 7(a) loan

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Max Loan Amount
$5,000,000
Min. credit score
650
Est. APR
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.
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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Our pick for

Large commercial real estate loans

SBA 504 loans are designed specifically for the purchase and upgrade of major fixed assets. Although most 504 loans are up to $5 million, small manufacturers and select projects may qualify for up to $5.5 million.

SBA CDC/504 loan

Max Loan Amount
$5,000,000
Min. credit score
680
Est. APR
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.

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 pick for

Large business loans for bad credit

Fora Financial offers working capital loans of up to $1.5 million with flexible qualification requirements. You may be able to qualify with a personal credit score of 570 or higher.

Fora Financial - Online term loan

4.5
NerdWallet rating 

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Max Loan Amount
$1,500,000
Min. credit score
570
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.
4.5
NerdWallet rating 

Max loan

$1,500,000

Min. Credit score

570

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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Our pick for

Large long-term business loans

Funding Circle provides fast financing up to $500,000. Repayment terms are available up to seven years.

Funding Circle - Online term loan

4.5
NerdWallet rating 

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Max Loan Amount
$500,000
Min. credit score
660
Est. APR
15.22-45.00%
Funding Circle is an option for established businesses that are financing an expansion or refinancing debt.
May fund quickly
4.5
NerdWallet rating 

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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Our pick for

Large startup business loans

National Funding’s unsecured business loans are available in amounts up to $500,000 for companies that have at least six months in operation.

National Funding - Online Term Loan

4.0
NerdWallet rating 

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Max Loan Amount
$500,000
Min. credit score
600
Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.
4.0
NerdWallet rating 

Max loan

$500,000

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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Our pick for

Large equipment loans

JR Capital can fund equipment loans of up to $10 million. These loans can be used for a variety of new or used equipment purchases.

JR Capital Equipment Financing

4.0
NerdWallet rating 

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Max Loan Amount
$10,000,000
Min. credit score
620
Est. APR
6.99-18.00%
JR Capital provides fast equipment loans and leases, specializing in trucks, trailers and heavy equipment.
4.0
NerdWallet rating 

Max loan

$10,000,000

Min. Credit score

620

Apr range

6.99-18.00%

JR Capital provides fast equipment loans and leases, specializing in trucks, trailers and heavy equipment.

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Our pick for

Invoice factoring

AltLINE evaluates eligibility based on the value of your invoices and creditworthiness of your customers. As a result, its factoring can be easier to qualify for than other loan options.

AltLINE - Invoice Factoring

4.5
NerdWallet rating 
Max Loan Amount
$10,000,000
Min. credit score
300
AltLINE offers fast invoice factoring with competitive factoring rates.
4.5
NerdWallet rating 

Max loan

$10,000,000

Min. Credit score

300

AltLINE offers fast invoice factoring with competitive factoring rates.

Our pick for

Large business bank loans

Bank of America’s unsecured term loan offers competitive interest rates and repayment terms. The bank doesn't set a specific maximum for funding amounts.

Bank of America Business Advantage Unsecured Term Loan

5.0
NerdWallet rating 
Max Loan Amount
Undisclosed
Min. credit score
700
Bank of America’s term loan offers competitive interest rates and flexible repayment terms — with no collateral required.
5.0
NerdWallet rating 

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.

Our pick for

Large business lines of credit

Chase’s business line of credit is available in amounts up to $500,000 with a five-year revolving term.

Chase - Business line of credit

Max Loan Amount
$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.

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.

How Much Do You Need?

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What is a large business loan?

A large business loan typically offers $500,000 or more in funding. These loans are available from traditional and online lenders.

Types of large business loans

Many different types of business loans can provide large amounts of capital. Here are some of the most common options:

SBA loans

SBA loans are partially guaranteed by the U.S. Small Business Administration and issued by participating lenders, like banks and credit unions.
The most popular type of SBA loan, the 7(a) loan, offers funding amounts up to $5 million. SBA 7(a) loans can be used for a variety of purposes, including purchasing equipment, acquiring or improving real estate, buying a business and debt refinancing.
SBA 504 loans, on the other hand, must be used for large fixed asset purchases or improvements. These loans typically have maximum funding amounts of $5 million — although specific projects and small manufacturers may qualify for up to $5.5 million.
SBA loans offer long repayment terms and competitive interest rates, but you’ll need multiple years in business, good credit and strong finances to qualify. In many cases, you’ll also need to secure a loan with physical collateral.

Business term loans

With a business term loan, you borrow a lump sum of money from a lender and repay it over a specific period, with interest. Business term loans are available from banks and online lenders. Some types of business term loans are more likely to offer large loan amounts, such as:

Invoice factoring

Invoice factoring, also referred to as accounts receivable factoring, allows you to sell your unpaid invoices to a factoring company at a discount in exchange for an advance of capital.
The factoring company typically advances a percentage of the invoice amount, potentially up to 90%. Then, the company assumes responsibility for collecting repayment on your invoices. Once the factoring company receives payment from your customers, it sends you the difference, minus the agreed-upon fees.
Because invoices serve as collateral for this type of financing, it can be easier to qualify for compared with other business loan options. Invoice factoring is a good option for business-to-business companies that have capital tied up in unpaid invoices.

Business lines of credit

A business line of credit provides access to flexible funding. You draw money from a set amount of funds and only pay interest on the money you borrow. After you’ve repaid these funds, you can continue to draw on the credit line.
Because business lines of credit are generally used for working capital and short-term expenses, maximum funding amounts are usually lower than what you might get from a business term loan. Some lenders, however, typically banks, offer lines of credit in amounts of $500,000 or more.
Certain lenders may also offer SBA lines of credit, which are available in amounts up to $5 million. Often, these products are designed for established companies with greater financing needs.

Pros and cons of large business loans

Pros

Provides funding for large business investments.

Typically have long repayment terms with monthly payment schedules.

May offer competitive interest rates.

Can be used to build business credit.

Cons

Can be harder to qualify for than smaller loans.

May need to be secured with physical collateral.

Monthly payments will be larger and you’ll likely pay more in interest over the lifecycle of the loan.

Large loans from banks and SBA lenders can be slow to fund, with lengthy application processes.

How to qualify for a large business loan

To qualify for a large business loan, you’ll often need:
  • Good credit. A credit score of 690 or higher will help you access the most competitive options.
  • Strong finances. It’s helpful to have annual revenue of $100,000 or more. Although not always required, lenders like to see profitability.
  • Multiple years in business. Many large business loans require you to have at least two years in operation.
  • Sufficient collateral. You may need to secure your loan with physical collateral, such as inventory, equipment or real estate.
Asset-based loan options — like invoice factoring or equipment financing — however, may have more flexible eligibility criteria. Because these products are inherently backed by collateral, they reduce the risk for the lender, and as a result, some lenders focus less heavily on traditional business loan requirements.

How to get a large business loan

Here are steps you can follow to get a large business loan.

1. Understand your financing needs

Determine exactly how much capital you need and why you need it. You'll also want to calculate how much debt you can afford. If you’re looking for a large amount of funding, you’ll likely have larger monthly payments. You want to make sure you have the necessary cash flow to manage payments before continuing your financing search.

2. Evaluate your qualifications

Lenders will typically use your personal credit score, annual revenue and time in business to underwrite your loan application. They may also consider how much collateral you can offer. You’ll usually need to meet strict criteria to qualify for a large business loan.
Although there are some large business loan options for startups and borrowers with bad credit, these may have higher interest rates and shorter terms, making them more difficult to repay.
By evaluating your business’s qualifications ahead of time, you’ll have a good sense of where you stand with different lenders, as well as ensure that getting a large business loan is the right decision for you.

3. Research and compare lenders

You’ll want to research and compare several different small-business lenders to find the best option for your needs. You should consider factors such as available loan types, maximum funding amount, interest rates, fees and repayment terms.
You’ll also want to think about the lender’s application process, speed, customer service and reputation.

🤓 Nerdy Tip

If you’re a mid-sized business with large financing needs, you might look for lenders that offer a commercial lending division. Commercial loans are often designed for larger, high-revenue businesses. Through PNC Bank’s commercial division, for example, established businesses can access loans from $10 million to $1 billion.

4. Complete and submit your application

The business loan application you need to complete will vary based on the lender and loan type. Because you’re asking for a large amount of funding, it’s likely that the lender will require more documentation in comparison with other business loans.
You may need to provide:
  • Basic information about you and your business.
  • Personal and business bank statements.
  • Personal and business tax returns.
  • Business financial statements.
  • Information about your collateral.
  • Existing business debt schedule, if applicable.
When applying for real estate financing, you’ll need to provide a valuation of the property you’re looking to purchase or upgrade. Similarly, equipment loans will likely require an equipment quote.

5. Review the loan agreement and get funds

It may take anywhere from a few days to several months to receive approval for a loan application. Banks and SBA lenders will have a slower underwriting and funding process compared with online lenders.
Once you receive approval, your lender will provide you with a business loan agreement to review and sign. You should read the document carefully and make sure you understand the terms and conditions, as well as the repayment process.
If you have questions or concerns, you’ll want to contact your lender for clarification before signing. After you’ve signed the agreement, your lender will transfer your funds.
» MORE: How to get a business loan

Frequently asked questions

Last updated on May 21, 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. - 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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