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 9 options for you
Lender | Best for | Max loan amount | Min. credit score | Next steps |
---|---|---|---|---|
Kabbage - Line of credit on Kabbage's website | Best for Online lines of credit lenders | $250,000 | 640 | on Kabbage's website |
SBA 7(a) loan with Fundera by NerdWallet | Best for SBA loan lenders | $5,000,000 | 650 | with Fundera by NerdWallet |
SBA Express loan with Fundera by NerdWallet | Best for SBA loan lenders | $500,000 | 650 | with Fundera by NerdWallet |
Credibility Capital - Online term loan with Fundera by NerdWallet | Best for Online term loan lenders | $500,000 | 650 | with Fundera by NerdWallet |
Funding Circle - Online term loan with Fundera by NerdWallet | Best for Online term loan lenders | $500,000 | 660 | with Fundera by NerdWallet |
OnDeck - Online term loan with Fundera by NerdWallet | Best for Online term loan lenders | $250,000 | 600 | with Fundera by NerdWallet |
Bluevine - Line of credit with Fundera by NerdWallet | Best for Online lines of credit lenders | $250,000 | 600 | with Fundera by NerdWallet |
Fundbox - Line of credit with Fundera by NerdWallet | Best for Online lines of credit lenders | $150,000 | 600 | with Fundera by NerdWallet |
OnDeck - Line of credit with Fundera by NerdWallet | Best for Online lines of credit lenders | $100,000 | 600 | with Fundera by NerdWallet |
Our picks for
Online lines of credit lenders
These online lenders offer quick access to business lines of credit for borrowers who have less-than-perfect personal credit histories.
Kabbage - Line of credit
$250,000
640
9.00-36.00%
Bluevine - Line of credit
$250,000
600
15.00-78.00%
Fundbox - Line of credit
$150,000
600
10.10-79.80%
OnDeck - Line of credit
$100,000
600
11.00-61.90%
Our picks for
SBA loan lenders
Banks, credit unions and other participating financial institutions issue SBA 7(a) loans. These loans are guaranteed by the SBA.
SBA 7(a) loan
$5,000,000
650
5.50-8.00%
SBA Express loan
$500,000
650
7.75-9.75%
Our picks for
Online term loan lenders
These online lenders offer simple application processes and faster funding times than some SBA or bank lenders.
Credibility Capital - Online term loan
$500,000
650
6.99-24.99%
Funding Circle - Online term loan
$500,000
660
10.13-36.00%
OnDeck - Online term loan
$250,000
600
9.00-99.00%
How Much Do You Need?
Government lenders
Credit union and bank lenders
Online lenders
Nonprofit lenders
- If you want the least expensive loan: A bank will likely offer the lowest interest rates, but you’ll need to be able to meet tough financial qualifications. Banks can also offer a variety of types of business loans, as well as longer terms than some online lenders.
- If you can’t qualify with a bank: Start with the SBA loan program. SBA loans have competitive rates and long terms, and eligibility criteria can be a little more flexible than bank requirements. However, you’ll still need good credit and strong revenue to qualify, and the application process can be complex — so online lenders are an alternative option.
- If you need a loan fast: Online lenders will be your top option. Some online lenders can offer funding in as little as 24 hours — although speed can come at a cost of higher interest rates.
- If customer service is a priority: Although a variety of lenders have representatives to help you through the application process, small-business borrowers report having a higher level of overall satisfaction with credit unions and community banks.
- If you’re a new business or have bad credit: Some online lenders, as well as nonprofit lenders, may have more flexible requirements that can accommodate newer businesses or those with bad credit. These businesses may also consider alternative types of funding, such as small-business grants.
To recap our selections...
Small-Business Lenders: Best Options of May 2022
- Kabbage - Line of credit: Best for Online lines of credit lenders
- SBA 7(a) loan: Best for SBA loan lenders
- SBA Express loan: Best for SBA loan lenders
- Credibility Capital - Online term loan: Best for Online term loan lenders
- Funding Circle - Online term loan: Best for Online term loan lenders
- OnDeck - Online term loan: Best for Online term loan lenders
- Bluevine - Line of credit: Best for Online lines of credit lenders
- Fundbox - Line of credit: Best for Online lines of credit lenders
- OnDeck - Line of credit: Best for Online lines of credit lenders