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Best Small-Business Lenders of June 2024

By Randa Kriss
Last updated on May 1, 2024
Edited byChristine Aebischer
Fact checked and reviewed

⏰ Estimated read time: 7 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 17 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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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

Chase - Business line of credit

Best for Business bank lenders

$500,000700

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

$1,500,000570

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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

5.0/5

Best for Microlenders

$250,000570

SBA Microloan

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Best for Microlenders

$50,000620

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Here are 17 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

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

Chase

Max Amount

$500,000

Min. Credit Score

700

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

570

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

I'M INTERESTED IN:

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 loan products can be used for working capital, construction, commercial real estate and more, and are available as microloans, lines of credit and term loans.

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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SBA Express loan

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Max Loan Amount
$500,000
Min. credit score
650
Est. APR
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.

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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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 lenders can offer various types of business loans, including term loans, lines of credit and equipment financing.

Bank of America Business Advantage Unsecured Term Loan

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.

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

Max Loan Amount
$150,000
Min. credit score
680
Est. APR
10.25-18.25%
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.

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.

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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Max Loan Amount
$250,000
Min. credit score
625
Est. APR
27.20-99.90%
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

27.20-99.90%

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

Max Loan Amount
$150,000
Min. credit score
600
Est. APR
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.
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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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

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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Max Loan Amount
$100,000
Min. credit score
625
Est. APR
35.00-80.00%
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

Max Loan Amount
$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.

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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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

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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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.

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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AltLINE - Invoice Factoring

Max Loan Amount
$10,000,000
Min. credit score
300
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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Max Loan Amount
$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.

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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Max Loan Amount
$250,000
Min. credit score
575
Est. APR
5.99-34.99%
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

Max Loan Amount
$250,000
Min. credit score
570
Est. APR
8.49-24.99%
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

8.49-24.99%

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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Max Loan Amount
$50,000
Min. credit score
620
Est. APR
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.

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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