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Best LLC Business Loans of 2023

By Marianne Hayes, Randa Kriss, Edited by Sally Lauckner | Last updated on January 3, 2023
The right business loan for your LLC will depend on your funding needs and qualifications, among other factors.

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If you operate a limited liability company, a range of business financing can offer the capital you need. LLC loans can help you fund startup costs, inventory and equipment purchases, business expansion and more.
Although these loans may be referred to as LLC loans — since they’re financing your LLC — they’re actually the same as any other small-business loans.
The right LLC loan for your business depends on factors such as your funding needs and qualifications.
Compare some of the best loan options below and learn more about how to get LLC 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 LLC loans

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Make selection

Lender
NerdWallet Rating
Max loan amount
Min. credit score
Next steps

SBA 7(a) loan

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Best for LLC SBA loans

$5,000,000650

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TAB Bank - Term loan

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Best for LLC bank loans

$200,000650

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Credibility Capital - Online term loan

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4.5/5

Best for Online loans for established LLCs

$500,000650

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American Express Business Blueprint™ - Line of credit

on American Express Business Blueprint™'s website

4.5/5

Best for LLC lines of credit

$250,000640

on American Express Business Blueprint™'s website

Bluevine - Line of credit

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5.0/5

Best for Fast LLC loans

$250,000625

with Fundera by NerdWallet

OnDeck - Online term loan

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5.0/5

Best for Short-term LLC loans

$250,000625

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Fundbox - Line of credit

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5.0/5

Best for LLC startup loans

$150,000600

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Triton Capital - Equipment financing

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4.0/5

Best for LLC equipment loans

$250,000600

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Fora Financial - Online term loan

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4.5/5

Best for LLC loans for bad credit

$1,400,000500

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Here are 9 LLC loans

Best for LLC SBA loans

U.S. Small Business Administration

Max Amount

$5,000,000

Min. Credit Score

650

Best for LLC bank loans

TAB Bank

Max Amount

$200,000

Min. Credit Score

650

Best for Online loans for established LLCs

Credibility Capital

Max Amount

$500,000

Min. Credit Score

650

Best for LLC lines of credit

American Express Business Blueprint™

Max Amount

$250,000

Min. Credit Score

640

Best for Fast LLC loans

Bluevine

Max Amount

$250,000

Min. Credit Score

625

Best for Short-term LLC loans

OnDeck

Max Amount

$250,000

Min. Credit Score

625

Best for LLC startup loans

Fundbox

Max Amount

$150,000

Min. Credit Score

600

Best for LLC equipment loans

Triton Capital

Max Amount

$250,000

Min. Credit Score

600

Best for LLC loans for bad credit

Fora Financial

Max Amount

$1,400,000

Min. Credit Score

500

Our pick for

LLC SBA loans

SBA 7(a) loans have low interest rates, long repayment terms and high borrowing maximums. But getting approved and receiving funding can take anywhere from 30 days to a few months.

SBA 7(a) loan

Read Review

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Max Loan Amount
$5,000,000
Min. credit score
650
Est. APR
10.25-12.75%
7(a) program participants include specialized lenders like Live Oak Bank and big-name traditional banks like Wells Fargo.
Lowest interest rate

Max loan

$5,000,000

Min. Credit score

650

Apr range

10.25-12.75%

7(a) program participants include specialized lenders like Live Oak Bank and big-name traditional banks like Wells Fargo.
Read Review

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Our pick for

LLC bank loans

TAB Bank’s term loan can be used for a variety of purposes. These loans have competitive interest rates, but you’ll need to be an established LLC with strong credit to qualify.

TAB Bank - Term loan

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Max Loan Amount
$200,000
Min. credit score
650
Est. APR
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.

Max loan

$200,000

Min. Credit score

650

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.

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Our pick for

Online loans for established LLCs

Credibility Capital offers competitive interest rates and can approve and fund applications in as little as three to five business days. To qualify, you’ll need at least two years in business.

Credibility Capital - Online term loan

4.5
NerdWallet rating 
Read Review

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Max Loan Amount
$500,000
Min. credit score
650
Est. APR
9.49-15.49%
Credibility Capital offers low-cost business loans that work best for small-business owners with strong credit.
4.5
NerdWallet rating 

Max loan

$500,000

Min. Credit score

650

Apr range

9.49-15.49%

Credibility Capital offers low-cost business loans that work best for small-business owners with strong credit.
Read Review

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Our pick for

LLC lines of credit

American Express offers lines of credit from $2,000 to $250,000 that are repaid on a monthly basis. These lines of credit can be a good option for working capital needs.

American Express Business Blueprint™ - Line of credit

4.5
NerdWallet rating 
Read Review

on American Express Business Blueprint™'s website

Max Loan Amount
$250,000
Min. credit score
640
American Express Business Blueprint™ loans are a good option for business owners with fair credit who want access to working capital.
4.5
NerdWallet rating 

Max loan

$250,000

Min. Credit score

640

American Express Business Blueprint™ loans are a good option for business owners with fair credit who want access to working capital.
Read Review

on American Express Business Blueprint™'s website

Our pick for

Fast LLC loans

Bluevine can approve and fund applications as fast as the same day. This line of credit can be a good option for working capital needs.

Bluevine - Line of credit

5.0
NerdWallet rating 
Read Review

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Max Loan Amount
$250,000
Min. credit score
625
Est. APR
20.00-50.00%
Bluevine's line of credit provides fast working capital for short-term borrowing needs.
May fund quickly
5.0
NerdWallet rating 

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.
Read Review

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Our pick for

Short-term LLC loans

OnDeck offers short-term loans of up to $250,000 with repayment terms up to 24 months. These loans are well-suited for one-time investments in your business, such as opening a new location or renovating your space.

OnDeck - Online term loan

5.0
NerdWallet rating 
Read Review

with Fundera by NerdWallet

Max Loan Amount
$250,000
Min. credit score
625
Est. APR
29.90-97.30%
OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.
May fund quickly
5.0
NerdWallet rating 

Max loan

$250,000

Min. Credit score

625

Apr range

29.90-97.30%

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

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Our pick for

LLC startup loans

Fundbox offers a flexible line of credit that is a good option for startups. You may be able to qualify for a line of credit with just six months in business.

Fundbox - Line of credit

5.0
NerdWallet rating 
Read Review

with Fundera by NerdWallet

Max Loan Amount
$150,000
Min. credit score
600
Est. APR
10.10-79.80%
Fundbox offers a business line of credit to fill a cash-flow gap, and qualifying is easier than with other lenders.
May fund quickly
5.0
NerdWallet rating 

Max loan

$150,000

Min. Credit score

600

Apr range

10.10-79.80%

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

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Our pick for

LLC equipment loans

Triton Capital can finance equipment loans up to $250,000 in a range of industries. The lender can approve and fund applications in as little as one to two business days.

Triton Capital - Equipment financing

4.0
NerdWallet rating 

with Fundera by NerdWallet

Max Loan Amount
$250,000
Min. credit score
600
Est. APR
5.99-35.00%
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

600

Apr range

5.99-35.00%

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

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Our pick for

LLC loans for bad credit

You may be able to qualify for a term loan from Fora Financial with a minimum credit score of 500. These loans can be used for a variety of needs, such as buying inventory, managing cash flow or expanding your business.

Fora Financial - Online term loan

4.5
NerdWallet rating 
Read Review

with Fundera by NerdWallet

Max Loan Amount
$1,400,000
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.
4.5
NerdWallet rating 

Max loan

$1,400,000

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.
Read Review

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How Much Do You Need?

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General Qualifications

This is a common profile for our borrowers but we have a wide number of options for many business owners.

Credit Score

550 or higher

Annual Revenue

at least $50k

Time in Business

6 months or more

Can you get a business loan with an LLC?

Your business’s legal structure typically shouldn’t impact your ability to get a loan. LLCs can get a business loan as long as they’ve formed their company before submitting a loan application — and provided they meet the lender’s requirements.
Specific qualifications will vary based on your lender and type of LLC loan you’re seeking. In general, small-business lenders will consider the following:
  • Personal credit score. You’ll likely need a personal credit score of at least 690 to qualify for business loans with the most competitive rates and terms. Bad credit business loans may be available if your personal credit is spotty but your business finances are strong.
  • Time in business. Banks and SBA lenders usually won’t fund businesses that haven’t been around for at least two years. Online lenders offer more flexibility to newer LLCs. For example, OnDeck’s term loan requires a year in business, while BlueVine’s business line of credit is available to businesses that have been around for six months.
  • Annual revenue. Lenders might require you to meet a minimum annual revenue threshold to show the strength of your business finances. Banks will likely ask you to meet higher minimums, whereas online lenders may be more flexible. If you are a new LLC that doesn’t have established finances, you may need to opt for financing options that rely on your personal credit, like a personal loan for business or business credit card.
It’s important to note that while you may have formed an LLC to limit your personal liability, most business loans require you to sign a personal guarantee. This agreement means you’ll be held personally responsible for repaying the loan if your business is unable to do so.

Types of LLC loans

There are many types of business loans. Options that might make sense for an LLC include:
  • SBA loans. SBA loans for LLCs take many forms. The SBA 7(a) loan is perhaps the most well-known as it provides working capital and can also fund equipment purchases and expansion. Meanwhile, an SBA 504 loan is reserved for businesses that need to buy long-term, fixed assets such as facilities or machinery. One downside is that getting approved and receiving funding can take a while. However, SBA Express loans offer faster funding, but smaller loan amounts — up to $500,000.
  • Term loans. These loans are lump sums of money that you repay monthly (with interest) over a fixed repayment timeline. Eligible business owners can typically borrow anywhere from $2,000 to $5 million with a small-business term loan. Funding generally comes through quickly, sometimes in a matter of days, if you go through an online lender. But their loans will also likely be more expensive than SBA options or those from a traditional bank.
  • Business lines of credit. A business line of credit can be a flexible alternative to a traditional business loan. Instead of a lump sum of money, business owners receive a credit line that they can draw on as needed. Lines of credit typically range from $1,000 to $250,000. You’ll pay interest on the amount you borrow only, and smaller credit lines may not require collateral. You may also be able to qualify with a lower credit score.
  • Invoice factoring. This type of business financing leverages unpaid invoices to cover short-term needs. The business owner sells their outstanding invoices to a factoring company for a reduced price — discounts often range from 1% to 5% — in return for upfront cash. Invoice factoring is ideal for businesses whose customers are other businesses.

How to get a business loan for an LLC

  1. Check your credit scores. Knowing your personal and business credit scores can give you a solid idea of the types of financing that will likely be available to your LLC. You can get a free personal credit score with NerdWallet and review your business credit score through Equifax, Experian and Dun & Bradstreet.
  2. Determine the right financing option. Every business’s needs are different. If you don’t have the time in business, collateral or annual revenue to qualify for an SBA loan, then a term loan, business line of credit or invoice factoring arrangement could be your next best bet.
  3. Compare lenders. Once you have an understanding of your funding needs and qualifications, you can research different small-business lenders. You should compare several options — considering interest rates, repayment terms, funding speed and loan amounts, among other factors — to decide which lenders are best for your LLC.
  4. Apply for your loan. The application process will vary based on the lender you choose. Online lenders typically offer a streamlined process with minimal documentation. Bank and SBA loans will require a more in-depth application process. You may have to visit a bank branch to apply in person. Regardless of where you apply, however, you'll generally need to provide business and personal tax returns, business and personal bank statements, as well as business financial statements, such as a profit and loss statement or balance sheet.
  5. Receive your funds. Some online lenders may be able to approve and fund your application in as little as 24 hours. Bank and SBA loans, on the other hand, may take anywhere from a few weeks to a few months to fund. In any case, before signing a business loan agreement, make sure you review the terms and conditions and reach out to your lender if you have any questions or concerns.

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 January 3, 2023

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