A secured business loan requires borrowers to pledge an asset that the lender can sell if the loan is not repaid. In return, these loans tend to have lower interest rates and better terms. Term loans, lines of credit and equipment loans are common types of small-business loans that can be secured by assets such as inventory, vehicles and property.
Senior Writer & Content Strategist | Small business, business banking, business loans
Randa Kriss is a senior writer and NerdWallet authority on small business. She has nearly a decade of experience in digital content. Prior to joining NerdWallet in 2020, Randa worked as a writer at Fundera, covering a wide variety of small-business topics and specializing in the lending and banking spaces. Her work has been featured by The Washington Post, The Associated Press and Nasdaq, among others. Randa earned a bachelor's degree in English and Spanish at Iona University (formerly Iona College).
Rosalie Murphy covers small business topics for NerdWallet. Previously, she led editorial strategy for a local news startup and covered business at The Desert Sun. She holds a journalism degree from the University of Southern California and is currently pursuing an MBA.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
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Senior Writer & Content Strategist | Small business, business banking, business loans
Randa Kriss is a senior writer and NerdWallet authority on small business. She has nearly a decade of experience in digital content. Prior to joining NerdWallet in 2020, Randa worked as a writer at Fundera, covering a wide variety of small-business topics and specializing in the lending and banking spaces. Her work has been featured by The Washington Post, The Associated Press and Nasdaq, among others. Randa earned a bachelor's degree in English and Spanish at Iona University (formerly Iona College).
Rosalie Murphy covers small business topics for NerdWallet. Previously, she led editorial strategy for a local news startup and covered business at The Desert Sun. She holds a journalism degree from the University of Southern California and is currently pursuing an MBA.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
NerdWallet's content is
fact-checked for accuracy, timeliness, and relevance by humans.
It undergoes a thorough review process involving writers and editors to ensure
the information is as clear and complete as possible. Learn more by checking
our
Editorial Guidelines.
Content was accurate at the time of publication.
Why trust NerdWallet
250+ small-business products reviewed and rated by our team of experts.
80+ years of combined experience covering small business and personal finance.
50+ categories of the best business loan selections.
NerdWallet's small-business loans content, including ratings, recommendations and reviews, is overseen by a team of writers and editors who specialize in business lending. Their work has appeared in The Associated Press, The Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity to ensure accuracy and fairness in our coverage.
Advertiser disclosure
You’re our first priority.
Every time.
We believe everyone should be able to make financial decisions with
confidence. And while our site doesn’t feature every company or
financial product available on the market, we’re proud that the guidance
we offer, the information we provide and the tools we create are
objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence
which products we review and write about (and where those products
appear on the site), but it in no way affects our recommendations or
advice, which are grounded in thousands of hours of research. Our
partners cannot pay us to guarantee favorable reviews of their products
or services. Here is a list of our partners .
U.S. Small Business Administration: Best for large loan amounts
The SBA 7(a) loan offers funding up to $5 million for working capital, business expansion and more. You’ll typically need to provide collateral for loans greater than $50,000.
SBA 7(a) loans stand out as an affordable option for businesses that can’t qualify for bank financing, but still have good credit and finances. 7(a) loans offer low interest rates, long repayment terms and large funding amounts. These loans can also be used for a variety of purposes, including working capital, business expansions or purchasing equipment and supplies.
For-profit U.S. business.
Unable to access credit on reasonable terms from nongovernment sources.
Financial qualifications determined by individual lender.
Pros
Large borrowing maximums.
Interest rates are capped.
Long repayment terms available.
Cons
Collateral is typically required.
Longer processing times than online lenders.
SBA 7(a) loans stand out as an affordable option for businesses that can’t qualify for bank financing, but still have good credit and finances. 7(a) loans offer low interest rates, long repayment terms and large funding amounts. These loans can also be used for a variety of purposes, including working capital, business expansions or purchasing equipment and supplies.
For-profit U.S. business.
Unable to access credit on reasonable terms from nongovernment sources.
Financial qualifications determined by individual lender.
U.S. Small Business Administration: Best for bad-credit borrowers
Although requirements vary based on the lender, many SBA microloan intermediaries will require you to provide some form of collateral. You may be able to qualify, however, with a credit score of 620 or higher.
Designed to finance traditionally underserved businesses.
Startups and business owners with bad credit may be able to qualify.
Competitive interest rates, low fees and long repayment terms.
Intermediaries typically offer business training and educational resources.
Cons
Loan amounts max out at $50,000.
Can’t be used to pay existing debt or purchase real estate.
Collateral is likely required.
Slow funding timeline.
SBA microloans are funded by the U.S. Small Business Administration and issued through approved intermediaries, typically nonprofit and community lenders. Microloans stand out as a choice for traditionally underserved businesses, such as startups, women-owned companies and businesses located in low-income communities. Although SBA microloans only provide up to $50,000, they offer competitive interest rates and repayment terms. They also have flexible eligibility requirements — making them a good option for borrowers who can’t qualify for other business loans.
Be a U.S. business.
Show your ability to repay the loan.
Personal guarantee and collateral likely required.
Specific financial qualifications determined by individual lender.
Pros
Can be used for a variety of funding purposes.
Designed to finance traditionally underserved businesses.
Startups and business owners with bad credit may be able to qualify.
Competitive interest rates, low fees and long repayment terms.
Intermediaries typically offer business training and educational resources.
Cons
Loan amounts max out at $50,000.
Can’t be used to pay existing debt or purchase real estate.
Collateral is likely required.
Slow funding timeline.
SBA microloans are funded by the U.S. Small Business Administration and issued through approved intermediaries, typically nonprofit and community lenders. Microloans stand out as a choice for traditionally underserved businesses, such as startups, women-owned companies and businesses located in low-income communities. Although SBA microloans only provide up to $50,000, they offer competitive interest rates and repayment terms. They also have flexible eligibility requirements — making them a good option for borrowers who can’t qualify for other business loans.
Be a U.S. business.
Show your ability to repay the loan.
Personal guarantee and collateral likely required.
Specific financial qualifications determined by individual lender.
Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
Charges an origination fee.
Triton Capital stands out as an online equipment lender for borrowers with lower credit scores. Triton Capital can finance new or used equipment in a variety of industries. The lender offers competitive interest rates, long repayment terms and flexible payment options. You may be able to get approved and receive funding in as fast as one business day.
Minimum credit score: 580.
Minimum time in business: 24 months.
Minimum annual revenue: $150,000.
Pros
Can fund within one to two business days.
No prepayment penalty.
Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
Charges an origination fee.
Triton Capital stands out as an online equipment lender for borrowers with lower credit scores. Triton Capital can finance new or used equipment in a variety of industries. The lender offers competitive interest rates, long repayment terms and flexible payment options. You may be able to get approved and receive funding in as fast as one business day.
iBusiness Funding also offers SBA loans up to $5 million.
Cons
Charges an origination fee.
Must be in business for a minimum of 24 months.
Minimum credit score is higher than some other lenders.
iBusiness Funding is a good option for qualified business owners who don’t want to wait for bank financing. The lender offers competitive interest rates and long repayment terms, but can fund much more quickly than traditional lenders. And with a large maximum funding amount, this loan can be used for a variety of long-term expansion projects, as well as refinancing existing debt.
Minimum credit score: 660.
Minimum time in business: 24 months.
Minimum annual revenue: $50,000.
No bankruptcies in the past seven years.
Pros
Cash can be available within two business days.
Competitive rates among online lenders.
Terms up to seven years.
iBusiness Funding also offers SBA loans up to $5 million.
Cons
Charges an origination fee.
Must be in business for a minimum of 24 months.
Minimum credit score is higher than some other lenders.
iBusiness Funding is a good option for qualified business owners who don’t want to wait for bank financing. The lender offers competitive interest rates and long repayment terms, but can fund much more quickly than traditional lenders. And with a large maximum funding amount, this loan can be used for a variety of long-term expansion projects, as well as refinancing existing debt.
This Wells Fargo line of credit is a good option for small-business owners with established companies who want the ability to cover emergency expenses, seize business opportunities and more. You must secure your credit line with business assets.
Origination fee charged at opening and annual renewal.
Wells Fargo’s secured line of credit is a good option for well-established businesses that want access to large amounts of working capital. This line of credit offers low interest rates and a one-year repayment term that can be renewed annually.
Minimum time in business: 24 months.
Minimum annual revenue: Typically for businesses with $2 million to $10 million in annual sales.
Rates as low as the prime rate + 0.5%, subject to a minimum floor rate of 5%.
Pros
High maximum credit line amount.
Competitive interest rates and repayment terms.
Cons
Can’t apply online.
Origination fee charged at opening and annual renewal.
Wells Fargo’s secured line of credit is a good option for well-established businesses that want access to large amounts of working capital. This line of credit offers low interest rates and a one-year repayment term that can be renewed annually.
Minimum time in business: 24 months.
Minimum annual revenue: Typically for businesses with $2 million to $10 million in annual sales.
Rates as low as the prime rate + 0.5%, subject to a minimum floor rate of 5%.
Bank of America offers secured business loans with competitive rates and terms. You can secure your loan with business assets or certificates of deposit.
Bank of America Business Advantage Secured Term Loan
Bank of America’s Preferred Rewards program can offer interest rate discounts and other perks.
Fee discounts available for veteran-owned businesses.
Cons
Strong eligibility criteria required.
Can be slow to fund.
Application cannot be completed online.
Charges an origination fee.
Prepayment fees may apply to early repayments.
Bank of America’s secured term loan offers competitive interest rates and long repayment terms. It gives you the option to secure your loan using business assets or certificates of deposit. This loan also stands out as a choice for veteran-owned businesses — which can access a 25% discount on loan administration or origination fees.
Minimum time in business: 24 months.
Minimum annual revenue: $250,000.
Pros
Competitive interest rates.
Bank of America’s Preferred Rewards program can offer interest rate discounts and other perks.
Fee discounts available for veteran-owned businesses.
Cons
Strong eligibility criteria required.
Can be slow to fund.
Application cannot be completed online.
Charges an origination fee.
Prepayment fees may apply to early repayments.
Bank of America’s secured term loan offers competitive interest rates and long repayment terms. It gives you the option to secure your loan using business assets or certificates of deposit. This loan also stands out as a choice for veteran-owned businesses — which can access a 25% discount on loan administration or origination fees.
A secured business loan is backed by some form of collateral, usually tangible business assets, like inventory, property or equipment. If you fail to repay and your business loan goes into default, the lender can claim the collateral to recover its losses.
Because providing collateral reduces risk for the lender, securing a small-business loan can help improve your chances of approval, as well as help you access the most competitive interest rates and repayment terms.
You can secure a business loan in different ways, using any or several of the following:
Property. This can include business and personal assets, such as real estate, office or manufacturing equipment, cars or your home.
Equipment. Equipment you already own can be used as collateral. However, you can also get self-securing financing, in which the equipment you’re looking to buy serves as collateral on the loan. This is known as equipment financing.
Inventory. Similar to equipment, inventory can be used to secure a loan in two ways. You can use existing inventory as collateral, or you can get inventory financing, in which you use a loan to buy new inventory and that inventory then serves as collateral on the loan.
Invoices. You can use your outstanding customer invoices as collateral to get a cash advance from a lender. Also known as invoice factoring, lenders advance you a percentage of your unpaid invoice amount, and when your customer pays the invoice, you receive the remaining percentage minus the company’s fees.
Savings. You can use the cash in your bank account to secure a business loan. Some lenders may prefer cash because it’s the most liquid type of collateral.
Personal guarantee. A personal guarantee is a legal agreement that holds you personally responsible for your business’s debt and allows the lender to claim your personal assets to cover the debt if your business can’t pay. Sometimes, adding a second person to guarantee the loan, or a business cosigner, can also serve as a way to secure a business loan.
Uniform Commercial Code lien. A UCC lien gives a lender the right to seize your business’s assets if you can’t repay your loan. A UCC lien is an official document, typically filed with the applicable secretary of state’s office after you’ve signed your loan agreement. Lenders may file a UCC lien on specific business assets such as equipment, or they’ll file a blanket lien, which covers all assets.
It’s important to note that some secured business loans are backed by physical assets as well as personal guarantees and/or UCC liens. For example, SBA 7(a) loans often require collateral on amounts over $50,000 — all loans also require a personal guarantee
Any type of business loan can be secured, if backed with physical collateral. Here are some common types of loans, however, that may require collateral:
SBA loans
SBA loans are issued by banks and credit unions and partially guaranteed by the U.S. Small Business Administration. These loans offer low interest rates and long repayment terms, and can be used for a wide variety of purposes.
7(a) loans are the most popular type of SBA loan, and typically require collateral for financing amounts over $50,000
U.S. Small Business Administration. Types of 7(a) loans. Accessed Feb 12, 2025.
. SBA 504 loans, on the other hand, can only be used to finance large, fixed-asset purchases. For these loans, the property or equipment you’re purchasing serves as collateral.
Business term loans
A business term loan is a lump sum of capital that you borrow from a lender and repay over a specific period of time, with interest. Although some online lenders issue secured term loans, you’re more likely to find these options from banks and credit unions.
Secured term loans often have longer repayment terms and lower interest rates than their unsecured counterparts.
Business line of credit
A business line of credit allows you to borrow up to a certain amount and only pay interest on the funds you borrow. You then repay the funds and can continue to pull from your credit line. Like term loans, secured business lines of credit are more prevalent among traditional lenders.
Secured business lines of credit may offer larger credit limits and lower interest rates. You may also find certain secured credit lines designed to help newer businesses build credit and establish a positive account history.
Equipment financing
Equipment financing is a loan that’s used specifically to buy machinery or equipment for your business. With this type of loan, the equipment you purchase serves as collateral on the loan.
Because the equipment itself serves as collateral, you may not need to rely as heavily on other standard business loan requirements, such as personal credit or time in business to qualify.
Commercial real estate loans
Commercial real estate loans are used to purchase or renovate commercial properties. Similar to the way equipment financing works, these loans are secured by the commercial property that you’re purchasing or renovating.
To qualify for a commercial real estate loan, however, you’ll likely need multiple years in business and strong credit. You may also need to provide a down payment on the loan.
Secured vs. unsecured business loans
Unlike secured business loans, unsecured business loans don’t require you to provide physical collateral. They might, however, still require a personal guarantee or UCC lien.
As a result, here are the key differences between secured and unsecured business loans:
Secured business loans
Unsecured business loans
Collateral requirements
Typically require physical or financial collateral and may also require a UCC lien or personal guarantee.
Typically require a UCC lien or personal guarantee.
Loan terms
Tend to be longer because your collateral reduces the lender’s risk.
Tend to be shorter so the lender can be repaid quickly.
Interest rates
May be lower than unsecured business loans, depending on the lender and your overall qualifications.
May be higher than secured business loans, depending on the lender and your overall qualifications.
Follow these six steps to get a secured business loan.
1. Determine your funding needs
First, you should determine how much and what type of funding you need. If you’re looking to buy real estate or equipment, for example, a specialized type of financing might be the best fit. On the other hand, if you need working capital or want to fund an expansion, a business term loan might be a better suited choice.
You should also consider how much debt you can afford. It can be helpful to use a business loan calculator to estimate interest costs and potential payment amounts.
2. Evaluate your qualifications
Although collateral will be crucial to your application, it’s important to understand other business loan requirements as well. Most lenders will consider your personal credit score, time in business and annual revenue in their decision making process.
Banks, credit unions and SBA lenders will typically have stricter requirements compared to online lenders — even if you’re securing a loan. Online loans tend to have higher business loan rates, however.
3. Identify and assess the value of your collateral
You should consider which of your business assets can be used as collateral. Real estate, equipment, inventory and invoices are among potential options.
Once you’ve determined the type of collateral you’re going to use, you’ll want to assess its value. Although your lender may request a separate valuation, performing your own assessment ahead of time can help you better understand your potential borrowing power.
For example, a bank might lend you up to 85% of the value of a secured piece of real estate. If that property was assessed at $500,000, then the maximum amount you could borrow is $425,000.
4. Compare secured business lenders
You should research several options to find the best options for your needs:
Banks and credit unions
In general, banks and credit unions can offer loans with the most competitive rates and terms but will have the strictest qualifications. To qualify for secured bank financing, you’ll likely need several years in business, strong credit and excellent financials, in addition to collateral to back up the loan. Compared with online lenders, banks and credit unions are typically slower to fund, and appraisals on collateral can further delay the process.
SBA lenders
SBA loans are issued by banks and credit unions, but can be a little easier to qualify for than traditional bank loans. To qualify for an SBA loan, you’ll typically need solid financials, a few years in business and good credit. You'll likely need collateral for 7(a) loans over $50,000. Like bank loans, SBA loans can be slow to fund, unless you opt for the expedited SBA Express loan, which does not require approval from the SBA once a lender has reviewed the application.
Online lenders
If you can’t qualify for a bank or SBA loan — or need faster financing — online lenders generally have more flexible eligibility criteria and can sometimes fund loans within 24 hours. Some online lenders are willing to work with new businesses or those who are facing credit challenges. Although pledging collateral can help you access better interest rates and terms, loans from online lenders will typically be more expensive than those from traditional lenders.
5. Gather your documentation and apply
The documents you’ll need to complete your business loan application will vary by lender. In general, however, you’ll be asked to provide some, if not all, of the following:
If you apply with a bank or credit union, you may need to visit a branch to complete and submit your application. Online or private business loans, on the other hand, offer a streamlined, digital application experience.
6. Review your loan agreement
Once you receive approval, your lender will send you a business loan agreement. You’ll want to review the agreement thoroughly and make sure you understand all of the terms and conditions. Since you’re securing your loan with collateral, you should also verify that all of your collateral information is accurate.
If you have any questions or concerns about the document, you can reach out to your lender for clarification before signing.
Alternatives to secured business loans
If a secured business loan isn’t right for your business, consider these other types of financing:
Unsecured business loans . If you lack existing collateral, unsecured business loans may be a worthwhile option. These loans aren’t secured with physical assets, but they will typically require a personal guarantee and/or UCC lien. Remember that some funding — like equipment loans or commercial real estate loans — can be secured with the property you’re financing. You don’t necessarily need collateral before you apply to get these kinds of secured loans.
Accounts receivable factoring . Accounts receivable factoring is a type of funding in which you sell your company’s unpaid invoices to a factoring company. This type of financing can be a good option for borrowers with bad or limited credit histories. Because you’re selling your unpaid invoices, factoring companies tend to rely more heavily on your customers’ credit and payment histories when evaluating your application.
Business credit cards . Business credit cards offer flexible financing to businesses of all ages. In particular, startups can use business credit cards to pay for everyday purchases, as approval is based on your personal credit history.To avoid accruing expensive interest, however, you’ll want to make sure you can pay off your balance every month. Like online business loans, business credit cards usually require you to sign a personal guarantee.
Small-business grants. If you want to avoid debt altogether, you might consider applying for small-business grants. Grants offer free access to funds that don’t need to be repaid. Although grant applications can be time-consuming and competitive, the process will be worth it if you can get funding. Business grants can be a particularly good option for companies involved in research and technology — as they may be able to qualify for federal grant programs.
Frequently asked questions
Can a business get a secured loan?
Yes, if you have collateral and can meet the necessary qualification requirements, your business can get a secured loan. Secured business loans can be a good option if you’re looking for affordable, long-term financing.
What is needed for a secured business loan?
To get a secured business loan, you’ll need an asset to serve as collateral. This is something that the lender can recover in the event of a default. Loans are usually secured by a physical asset, like a vehicle, piece of property, cash on hand, UCC lien or personal guarantee.
Which banks offer secured business loans?
Many of the largest banks, like Bank of America, Chase, Wells Fargo and PNC Bank, offer secured business loans. Regional and local banks that issue business financing will also typically provide a secured option.
What is the best collateral for a business loan?
The best collateral for a business loan is an asset that a lender can liquidate quickly. For this reason, lenders may consider cash, savings accounts or certificates of deposit as top collateral options.
Last updated on February 12, 2025
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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.
