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 12 LLC loans
Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
---|---|---|---|---|
SBA 7(a) loan with Fundera by NerdWallet | Best for SBA loans for LLCs | $5,000,000 | 650 | with Fundera by NerdWallet |
Bank of America Business Advantage Unsecured Term Loan | 5.0/5 Best for LLC bank loans | Undisclosed | 700 | |
OnDeck - Online term loan with Fundera by NerdWallet | 5.0/5 Best for Short-term LLC loans | $250,000 | 625 | with Fundera by NerdWallet |
Bluevine - Line of credit with Fundera by NerdWallet | 5.0/5 Best for Fast LLC loans | $250,000 | 625 | with Fundera by NerdWallet |
Wells Fargo Small Business Advantage® Line of Credit | 5.0/5 Best for LLC lines of credit | $50,000 | 680 | |
Funding Circle - Online term loan with Fundera by NerdWallet | 4.5/5 Best for Online loans for established LLCs | $500,000 | 660 | with Fundera by NerdWallet |
Fora Financial - Online term loan with Fundera by NerdWallet | 4.5/5 Best for LLC loans for bad credit | $1,500,000 | 570 | with Fundera by NerdWallet |
Triton Capital - Equipment financing with Fundera by NerdWallet | 4.0/5 Best for LLC equipment loans | $250,000 | 575 | with Fundera by NerdWallet |
SBA CDC/504 loan | Best for LLC real estate loans | $5,000,000 | 680 | |
Fundbox - Line of credit | 5.0/5 Best for LLC startup loans | $150,000 | 600 | |
Accion Opportunity Fund - Small Business Working Capital Loan | 5.0/5 Best for LLC business loans for women and minority entrepreneurs | $250,000 | 570 | |
PNC Small Business Vehicle Finance Loan | 3.5/5 Best for LLC business vehicle loans | $250,000 | 700 | |
Here are 12 LLC loans
Best for SBA loans for LLCs
Best for LLC bank loans
Max Amount
Undisclosed
Min. Credit Score
700
Best for Short-term LLC loans
Best for Fast LLC loans
Best for LLC lines of credit
Max Amount
$50,000
Min. Credit Score
680
Best for Online loans for established LLCs
Best for LLC loans for bad credit
Best for LLC equipment loans
Best for LLC real estate loans
Max Amount
$5,000,000
Min. Credit Score
680
Best for LLC startup loans
Max Amount
$150,000
Min. Credit Score
600
Best for LLC business loans for women and minority entrepreneurs
Max Amount
$250,000
Min. Credit Score
570
Best for LLC business vehicle loans
Max Amount
$250,000
Min. Credit Score
700
I'M INTERESTED IN:
Our pick for
SBA loans for LLCs
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 a few weeks to a few months.
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
LLC bank loans
Bank of America’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.
Bank of America Business Advantage Unsecured Term Loan
Max loan
Undisclosed
Min. Credit score
700
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
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
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
with Fundera by NerdWallet
Max loan
$250,000
Min. Credit score
625
Apr range
20.00-50.00%
with Fundera by NerdWallet
Our pick for
LLC lines of credit
Wells Fargo offers lines of credit from $5,000 to $50,000 that are repaid on a monthly basis. You may be able to qualify with less than two years in business.
Wells Fargo Small Business Advantage® Line of Credit
Max loan
$50,000
Min. Credit score
680
Apr range
13.00-15.00%
Our pick for
Online loans for established LLCs
Funding Circle offers competitive interest rates and can approve and fund applications in as little as two business days. To qualify, you’ll need at least two years in business.
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
LLC loans for bad credit
You may be able to qualify for a term loan from Fora Financial with a minimum credit score of 570. 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
with Fundera by NerdWallet
Max loan
$1,500,000
Min. Credit score
570
with Fundera by NerdWallet
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
with Fundera by NerdWallet
Max loan
$250,000
Min. Credit score
575
Apr range
5.99-34.99%
with Fundera by NerdWallet
Our pick for
LLC real estate loans
SBA 504 loans offer competitive rates and long repayment terms to fund commercial real estate projects. To get a loan, you’ll need to work with a bank and a certified development company (CDC).
SBA CDC/504 loan
Max loan
$5,000,000
Min. Credit score
680
Apr range
5.00-7.00%
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
Max loan
$150,000
Min. Credit score
600
Apr range
36.00-99.00%
Our pick for
LLC business loans for women and minority entrepreneurs
Accion is a nonprofit lender serving minority, women and low-to-moderate income entrepreneurs. Loan amounts range from $5,000 to $250,000 with adjustable term lengths of 12 to 60 months.
Accion Opportunity Fund - Small Business Working Capital Loan
Max loan
$250,000
Min. Credit score
570
Apr range
8.49-24.99%
Our pick for
LLC business vehicle loans
PNC offers business auto loans with fixed interest rates that can be used to purchase new or used cars, vans and trucks for your business.
PNC Small Business Vehicle Finance Loan
Max loan
$250,000
Min. Credit score
700
What is an LLC loan?
🤓 Nerdy Tip
With LLCs, owners — known as members — are not personally responsible for the business’s liabilities and risks, and they are taxed on business profits through their personal tax returns.How to get an LLC business loan
1. Review LLC loan requirements
- 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. You can get a free personal credit score with NerdWallet and review your business credit score through Equifax, Experian and Dun & Bradstreet.
- Time in business. Banks and SBA lenders usually lend to businesses that have been around for at least two years. Online lenders offer more flexibility to newer LLCs. For example, OnDeck’s term loan requires12months in business, while Fundbox’s business line of credit is available to businesses that have been in operation for just6months.
- 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 instead of business revenue, like a personal loan for business or business credit card.
2. Determine the right LLC loan option
3. Compare LLC loan lenders
4. Gather necessary LLC loan documentation
- Personal information about you and any other members of your LLC.
- Basic business information and paperwork, such as your employer identification number, LLC articles of organization and business license.
- Personal and business bank statements.
- Personal and business tax returns.
- Business financial statements (e.g., profit and loss statement, balance sheet).
- Collateral information, if applicable.
5. Apply for your LLC loan
6. Review your LLC loan agreement and receive funds
Types of LLC loans
SBA loans
Term loans
Business lines of credit
Equipment financing
Microloans
Commercial real estate
Pros and cons of LLC loans
Can offer low-cost, flexible financing to help your business grow, depending on loan type and lender.
Can help your business build credit, which can open other financing opportunities in the future.
Personal guarantees are typically required.
Borrowing costs are dependent on length of time in business and personal creditworthiness.
Where to get LLC loans
- Banks and credit unions usually offer the best rates and terms, but come with more stringent qualification requirements such as high personal credit scores, high annual revenue and a minimum of two years in business. If you think your LLC might qualify, you can start by talking to someone at your business’s bank.
- Online lenders are usually faster to fund than banks or credit unions and are more relaxed on time in business and credit score requirements. However, they usually come with higher borrowing costs than banks, especially if you have low credit.
- Community development financial institutions (CDFIs) can be credit unions or non depository lending companies that aim to serve specific groups of borrowers, typically those who can’t qualify for traditional financing. CDFIs may have more lenient requirements, but also maintain lower borrowing costs than online lenders. For example, Accion is a CDFI that offers small-business loans up to $250,000 with rates as low as 7.49% and a minimum 570 credit score requirement.
Alternatives to LLC loans
- Personal loans. New LLCs or single-member LLCs with strong credit may consider a personal loan for their business. These flexible loans can offer affordable rates, but will put your personal credit at risk if you can’t pay.
- Business credit cards. Although you never want to exclusively rely on a business credit card for financing, these products can be useful for funding everyday purchases. Credit cards with a 0% intro APR period can be a particularly good option for startups, as long as you don’t build up too much debt that you can’t repay.
- Family and friends loans. Business loans from family and friends can be an alternative to an LLC loan. While there’s no formal loan application process for this type of loan, you still want to put the loan details in writing so there are no misunderstandings in the future.
- Small-business grants. Grants offer a free form of financing that doesn’t need to be repaid. Although it can be time-consuming to search and apply for small-business grants, they can be an ideal option if you can secure them.
- Crowdfunding. Similar to a business grant, crowdfunding can be used to raise money for your business without taking on additional debt. Crowdfunding can also be a way to promote your business and build a loyal customer base.
- Invoice factoring. Invoice factoring is ideal for businesses whose customers are other businesses because it involves the sale of unpaid customer invoices. Instead of a loan, you sell outstanding invoices to a factoring company at a reduced price — discounts often range from 1% to 6% — in return for upfront cash.
- Merchant cash advance (MCA). With a merchant cash advance, an MCA company gives you an upfront sum of capital — or advance — that you repay using a percentage of your credit card sales, plus a fee. MCAs tend to fund quickly and have flexible qualification requirements, but they’re also one of the most expensive types of LLC financing. You’ll want to look at all of your other options before considering an MCA.
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.