Best Small Business Loans of May 2025

Compare personalized lending options for your business. Choose why you need funding to get started.

A closer look at our picks for the best small business loans

businesses that can’t qualify for bank loans icon

Best for businesses that can’t qualify for bank loans

SBA 7(a) loans offer favorable rates and terms. These government-guaranteed loans can be used for large and long-term funding purposes.

» MORE: NerdWallet’s guide to SBA loans
Low interest rate
SBA 7(a) loan

SBA 7(a) loan

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Max loan amount
$5,000,000
Min. credit score
650
Est. APR
10.50-14.00%

Pros

  • Large borrowing maximums.
  • Interest rates are capped.
  • Long repayment terms available.

Cons

  • Collateral is typically required.
  • Longer processing times than online lenders.

Pros

  • Large borrowing maximums.
  • Interest rates are capped.
  • Long repayment terms available.

Cons

  • Collateral is typically required.
  • Longer processing times than online lenders.

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bad credit business loans icon

Best for bad credit business loans

It can be more difficult to get a business loan with bad credit, but Fora Financial is willing to work with borrowers who have a personal credit score of 570 or higher.

» MORE: Best bad credit business loans
Fora Financial - Online term loan

Fora Financial - Online term loan

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Max loan amount
$1,500,000
Min. credit score
570

Pros

  • Cash can be available quickly.
  • Get a discount for prepaying.
  • No collateral required.
  • Low minimum credit score requirement.

Cons

  • Charges a factor rate that makes it more difficult to compare costs with other lenders.
  • Can’t build business credit.
  • Longest loan term is 18 months.
  • Charges an origination fee.

Pros

  • Cash can be available quickly.
  • Get a discount for prepaying.
  • No collateral required.
  • Low minimum credit score requirement.

Cons

  • Charges a factor rate that makes it more difficult to compare costs with other lenders.
  • Can’t build business credit.
  • Longest loan term is 18 months.
  • Charges an origination fee.

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startups icon

Best for startups

Headway Capital can provide new entrepreneurs with a flexible business line of credit. You only need a minimum of six months in business to qualify.

» MORE: Compare the best startup business loans
Headway Capital - Line of credit

Headway Capital - Line of credit

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

Pros

  • Flexible qualification requirements.
  • No prepayment penalties.
  • Funds available by next business day after approval.

Cons

  • Most borrowers are subject to a 2% draw fee.
  • Not available in all U.S. states.

Pros

  • Flexible qualification requirements.
  • No prepayment penalties.
  • Funds available by next business day after approval.

Cons

  • Most borrowers are subject to a 2% draw fee.
  • Not available in all U.S. states.

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flexible financing icon

Best for flexible financing

Bluevine’s business line of credit offers greater flexibility than a term loan — allowing you to tap into a credit line and pay interest on only the portion of money you borrow. This credit line is a good source of working capital for a wide variety of businesses.

» MORE: Guide to best business lines of credit
May fund quickly
Bluevine - Line of credit

Bluevine - Line of credit

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Max loan amount
$250,000
Min. credit score
625
Est. APR
14.00-48.00%

Pros

  • Cash can be available within 12 to 24 hours.
  • Can be used to build business credit.
  • Low minimum credit score requirement.

Cons

  • Requires weekly payments.
  • Not available in North Dakota, South Dakota or Nevada.
  • Rates can be high compared with traditional lenders.

Pros

  • Cash can be available within 12 to 24 hours.
  • Can be used to build business credit.
  • Low minimum credit score requirement.

Cons

  • Requires weekly payments.
  • Not available in North Dakota, South Dakota or Nevada.
  • Rates can be high compared with traditional lenders.

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long repayment terms icon

Best for long repayment terms

iBusiness Funding offers repayment terms up to seven years — which can give you more time to pay and lower monthly payments than shorter-term loans. This online lender can also issue funding more quickly than conventional business lenders.

» MORE: Best long-term business loans
May fund quickly
iBusiness Funding - Online term loan

iBusiness Funding - Online term loan

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Max loan amount
$500,000
Min. credit score
660
Est. APR
15.22-45.00%

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.

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.

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covering short-term expenses icon

Best for covering short-term expenses

OnDeck’s term loan is a good option for covering short-term costs, such as buying equipment or inventory, purchasing furniture and supplies and paying utilities. OnDeck also has flexible qualification requirements — making it a worthwhile choice for businesses that can’t qualify for a bank or SBA loan.

» MORE: Best short-term business loans
May fund quickly
OnDeck - Online term loan

OnDeck - Online term loan

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

Pros

  • Cash can be available within the same business day (does not apply in California or Vermont).
  • Accepts borrowers with a minimum credit score of 625.
  • Streamlined application process with minimal documentation required.
  • Can be used to build business credit.

Cons

  • Cannot fund North Dakota-based businesses.
  • Requires frequent (daily or weekly) repayments.
  • Interest rates can be high compared with traditional lenders.
  • Charges origination fee.

Pros

  • Cash can be available within the same business day (does not apply in California or Vermont).
  • Accepts borrowers with a minimum credit score of 625.
  • Streamlined application process with minimal documentation required.
  • Can be used to build business credit.

Cons

  • Cannot fund North Dakota-based businesses.
  • Requires frequent (daily or weekly) repayments.
  • Interest rates can be high compared with traditional lenders.
  • Charges origination fee.

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well-established businesses icon

Best for well-established businesses

Bank of America’s unsecured business term loan offers low interest rates and competitive repayment terms. It’s well-suited for business owners who have been in operation for a couple years and have strong personal credit.

» MORE: Best banks for small-business loans
Bank of America Business Advantage Unsecured Term Loan

Bank of America Business Advantage Unsecured Term Loan

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Max loan amount
$0
Min. credit score
700

Pros

  • Bank loan with competitive interest rates.
  • No collateral required.
  • Bank of America’s Preferred Rewards program can offer interest rate discounts and other perks.

Cons

  • Can be slow to fund.
  • Prepayment fees may apply to early repayments.
  • Must be an existing Bank of America customer to apply online.
  • Charges an origination fee.

Pros

  • Bank loan with competitive interest rates.
  • No collateral required.
  • Bank of America’s Preferred Rewards program can offer interest rate discounts and other perks.

Cons

  • Can be slow to fund.
  • Prepayment fees may apply to early repayments.
  • Must be an existing Bank of America customer to apply online.
  • Charges an origination fee.

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low-revenue businesses icon

Best for low-revenue businesses

The American Express® Business Line of Credit can offer working capital to businesses that are still growing their revenue. You may be able to qualify with an average monthly revenue of at least $3,000.

» MORE: Compare the best business loans for companies with low revenue
American Express® Business Line of Credit*

American Express® Business Line of Credit*

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Max loan amount
$250,000
Min. credit score
660

Pros

  • Streamlined application process with minimal paperwork.
  • Financing from $2,000 to $250,000 available.
  • Accepts borrowers with a minimum FICO score of at least 660 at the time of application.
  • Monthly repayment schedule (as opposed to daily or weekly).
  • No prepayment penalties, account maintenance fees or draw fees.

Cons

  • Must have online checking or PayPal account to verify cash flow.
  • Complex monthly fee structure makes it difficult to compare costs to other lenders.

Pros

  • Streamlined application process with minimal paperwork.
  • Financing from $2,000 to $250,000 available.
  • Accepts borrowers with a minimum FICO score of at least 660 at the time of application.
  • Monthly repayment schedule (as opposed to daily or weekly).
  • No prepayment penalties, account maintenance fees or draw fees.

Cons

  • Must have online checking or PayPal account to verify cash flow.
  • Complex monthly fee structure makes it difficult to compare costs to other lenders.

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low interest rates icon

Best for low interest rates

Bank business loans, like Wells Fargo’s BusinessLine® Line of Credit, typically offer the lowest interest rates and most competitive repayment terms. This bank credit line is a good option for affordable working capital for established businesses.

» MORE: Our guide to average business loan interest rates
Wells Fargo BusinessLine® Line of Credit

Wells Fargo BusinessLine® Line of Credit

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Max loan amount
$150,000
Min. credit score
680
Est. APR
9.25-17.25%

Pros

  • Bank line of credit with competitive interest rates.
  • Revolving credit line with no scheduled annual review.
  • No collateral required; no prepayment penalties.

Cons

  • Must be an established business with strong credit to qualify.
  • May take longer to fund than online lenders.
  • Annual fee and inactivity fees may apply.

Pros

  • Bank line of credit with competitive interest rates.
  • Revolving credit line with no scheduled annual review.
  • No collateral required; no prepayment penalties.

Cons

  • Must be an established business with strong credit to qualify.
  • May take longer to fund than online lenders.
  • Annual fee and inactivity fees may apply.

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fast funding icon

Best for fast funding

Fundbox offers a simple application and a streamlined underwriting process. The lender can give you a decision within minutes and provide funding in as fast as 24 hours.

» MORE: Compare the best fast business loans
May fund quickly
Fundbox - Line of credit

Fundbox - Line of credit

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Max loan amount
$150,000
Min. credit score
600
Est. APR
36.00-99.00%

Pros

  • Financing available within one business day after approval.
  • Simple application with minimal documentation required.
  • Low minimum credit score, time in business and annual revenue requirements.
  • No prepayment penalties, account maintenance fees or inactivity fees.

Cons

  • Rates are high compared with traditional banks.
  • Weekly repayments required over a short term (maximum of 24 weeks).

Pros

  • Financing available within one business day after approval.
  • Simple application with minimal documentation required.
  • Low minimum credit score, time in business and annual revenue requirements.
  • No prepayment penalties, account maintenance fees or inactivity fees.

Cons

  • Rates are high compared with traditional banks.
  • Weekly repayments required over a short term (maximum of 24 weeks).

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women- and minority-owned businesses icon

Best for women- and minority-owned businesses

Accion is a nonprofit lender that focuses on women and minority business owners, as well as low-to-moderate income entrepreneurs. In addition to business loans, Accion provides educational resources, business coaching and support networks in English and Spanish.

» MORE: NerdWallet’s guide to nonprofit and microlenders
Accion Opportunity Fund Small Business Working Capital Loan

Accion Opportunity Fund Small Business Working Capital Loan

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Max loan amount
$250,000
Min. credit score
600
Est. APR
8.49-24.99%

Pros

  • Loan amounts from $5,000 to $250,000.
  • Customized loan terms.
  • No prepayment penalty.

Cons

  • Slower processing speed compared with online lenders.
  • Charges an origination fee.
  • Not available in all U.S. states.

Pros

  • Loan amounts from $5,000 to $250,000.
  • Customized loan terms.
  • No prepayment penalty.

Cons

  • Slower processing speed compared with online lenders.
  • Charges an origination fee.
  • Not available in all U.S. states.

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equipment purchases icon

Best for equipment purchases

National Funding can help you purchase new or used equipment and machinery for your business. Since the equipment itself serves as collateral, these equipment loans can be easier to qualify for than other types of small business loans.

» MORE: Best options for equipment financing
National Funding - Equipment financing

National Funding - Equipment financing

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Max loan amount
$150,000
Min. credit score
600

Pros

  • Funding in as little as 24 hours.
  • Prepayment discounts available.
  • Offers loans to startups and borrowers with bad credit.
  • No collateral or down payment required.

Cons

  • Charges a factor rate that makes it more difficult to compare costs with other lenders.
  • Requires higher annual revenue than other online lenders.
  • Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
  • Charges an origination fee.

Pros

  • Funding in as little as 24 hours.
  • Prepayment discounts available.
  • Offers loans to startups and borrowers with bad credit.
  • No collateral or down payment required.

Cons

  • Charges a factor rate that makes it more difficult to compare costs with other lenders.
  • Requires higher annual revenue than other online lenders.
  • Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
  • Charges an origination fee.

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financing unpaid invoices icon

Best for financing unpaid invoices

Invoice factoring from AltLINE allows business-to-business companies to access capital that’s tied up in unpaid invoices. This type of fast funding can be useful for managing cash flow issues or paying short-term expenses.

» MORE: Compare the best invoice factoring companies
AltLINE - Invoice factoring

AltLINE - Invoice factoring

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Max loan amount
$5,000,000
Min. credit score
300

Pros

  • Capital available within 24 to 48 hours.
  • No collateral required.
  • Manages payment collection from your customers.
  • Accepts startups and businesses with bad credit.

Cons

  • Fees can become expensive the longer it takes your customers to pay.
  • Difficult to compare factoring costs to other types of business loans.
  • Charges an origination fee.

Pros

  • Capital available within 24 to 48 hours.
  • No collateral required.
  • Manages payment collection from your customers.
  • Accepts startups and businesses with bad credit.

Cons

  • Fees can become expensive the longer it takes your customers to pay.
  • Difficult to compare factoring costs to other types of business loans.
  • Charges an origination fee.

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What is a small business loan?

Business loans can be used to cover startup costs, purchase inventory or equipment, manage cash flow and expand your operations, among other uses. You can get a small-business loan from traditional banks, online lenders and community lending institutions.
The best business loan for you depends on why you need funding, how fast you need capital and your business’s qualifications.

Types of small business loans

Small business loan options can include SBA loans, term loans, business lines of credit and equipment financing.

Loan type

Details

Credit score minimum

Funding speed

SBA loans

SBA loans are partially guaranteed by the U.S. Small Business Administration, and issued by participating lenders, such as banks and credit unions. SBA loans offer low interest rates and long repayment terms.

650.

14 to 90 days.

Business term loans

A business term loan is a lump sum of capital that’s repaid over a specific period of time, with interest. Short-term loans’ repayment periods range from three to 24 months, while repayment for long-term loans can extend up to 10 years (or longer).

570.

Same day to 30 days.

Business lines of credit

A business line of credit provides access to flexible cash. Similar to a credit card, lenders give you access to a specific amount of credit (say, $100,000), but you don’t make payments or get charged interest until you tap into the funds.

600.

Same day to 30 days.

Equipment financing

Equipment financing is a form of asset-based financing where the equipment itself serves as collateral for the loan. You can get an equipment loan equal to up to 100% of the value of the equipment you’re looking to purchase — depending on the lender and your business’s qualifications — which you then pay back over time, with interest.

550.

Same day to 30 days.

Microloans

Microloans are small-dollar loans that typically offer up to $50,000 in business funding. These loans are designed for traditionally underserved entrepreneurs, such as startup founders, people with limited credit histories, minority groups and those located in low-income communities.

No specific minimum.

Seven to 30 days.

Commercial real estate loans

Commercial real estate loans are for the purchase or renovation of commercial properties, such as offices, storefronts or residential buildings. These loans typically function like traditional term loans that you repay over a set period of time, with interest. Commercial real estate loans are self-collateralizing — the property that you’re purchasing or renovating serves as collateral on the loan.

660.

Two to 30 days.

Business loan requirements

Lenders have different underwriting guidelines, but consider similar factors, including your personal credit score, time in business and business finances.

Some bills and a red card.
Personal credit scoreBusiness lenders use your personal credit score to assess your ability to manage and pay your debts. You can get your credit score online or check your credit score on NerdWallet for free. In general, the higher your personal credit score, the more likely you are to qualify for business funding. A strong personal credit score can also help you qualify for lower interest rates and longer repayment terms.

Sign with a "we are open" text.
Time in businessLenders use your time in business as a quick measure of success. The longer you’ve been operating, the more likely you are to have money to repay your debts. Most traditional lenders will want you to have at least two years in business. Online lenders, on the other hand, may only require a minimum of six months in operation.
Green circle with upward chart.
Cash flowLenders want to see evidence of stable cash flow to ensure that you can repay a loan. When applying for a loan, you’ll likely need to provide business bank statements, tax returns and financial statements. If you haven’t been operating for very long, it can be helpful to provide sales forecasts that illustrate the potential revenue your business will generate.
Magnifying glass over a notebook
CollateralBusiness loans can be secured or unsecured. A secured business loan requires collateral, such as property or equipment, that the lender can seize if you fail to repay the loan. Putting up collateral is risky, but it can increase the amount lenders let you borrow and get you a lower interest rate. Keep in mind, however, that although you may be able to get a loan without physical collateral, lenders might still take out a UCC filing on your business assets. This official document allows a lender to claim your assets in the case of default.

What to decide before applying for a business loan

Figure out what loan option is right for your needs. If you want to finance a large purchase or business expansion, for example, you might consider a traditional term loan, whereas if you need funds for day-to-day expenses, you might prefer a business line of credit.
Estimate what payments you can afford. Look carefully at your business’s financials — especially cash flow — and evaluate how much you can afford to apply toward loan repayments each month. Your total income should be at least 1.25 times your total expenses, including your new repayment amount.
Compare small-business lenders. The best loan for your small business is typically the one that offers you the best terms. But other factors, like funding speed or customer service, may matter to your business and different financing sources may be better in certain instances than others.

How to compare small business loans

When choosing the best business loan for your needs, you’ll want to consider factors such as:
  • Interest rates. Determine whether a lender offers fixed or variable rates. Banks tend to offer more competitive rates compared with online lenders. If a lender charges interest as a factor rate or weekly fee, calculating it into an annual percentage rate can help you better understand the total cost of the loan.
  • Additional fees. Make sure you understand any additional fees (such as origination fees, closing costs or prepayment penalties) a lender charges and ask questions if the fees are unclear.
  • Term length. Longer term lengths may mean smaller payments, whereas a shorter term could mean that you pay less in interest.
  • Repayment schedule. Small business loans may have daily, weekly or monthly repayments. Consider your budget and cash flow to determine the type of repayment you can afford.
  • Funding speed. If you need a business loan quickly, you may be able to get it from an online lender in just a few days. Although traditional lenders may take anywhere from days to weeks to provide funding, you’ll likely get a lower interest rate with these options.

Getting a business bank loan

Banks typically offer the most competitive interest rates and repayment terms on business loans. Currently, the average interest rates on business bank loans range from 6.54% to 11.7%, according to data from the Federal Reserve.
To qualify for a bank loan, you’ll need to meet strict eligibility criteria. You’ll likely need multiple years in business, good credit and strong revenue. You may also need to provide collateral.
Some banks, however, especially local or community institutions, may be more flexible with their requirements if you have an existing relationship. You might start your loan search with the bank that administers your business checking account or one that has issued you other financial services in the past.
Smaller banks also tend to have higher approval rates compared to big banks — as well as greater overall borrower satisfaction — according to the Federal Reserve’s 2025 Small Business Credit Survey.

Business loan application checklist

The documentation that you need to provide for your loan application can vary from lender to lender. Banks and SBA lenders often require more paperwork compared to online lenders. In any case, you may need to submit:
Check feedback success inside a green circle

Information about your business (e.g. name, address, employer identification number).

Check feedback success inside a green circle

Personal and business bank statements.

Check feedback success inside a green circle

Personal and business income tax returns.

Check feedback success inside a green circle

Business financial documents, such as profit and loss statements, balance sheets and cash flow statements.

Check feedback success inside a green circle

A photo of your driver’s license (or other official identification).

Check feedback success inside a green circle

Business licenses.

Check feedback success inside a green circle

Legal business formation document (e.g. articles of incorporation, articles of organization).

Check feedback success inside a green circle

Description of collateral.

Check feedback success inside a green circle

Existing debt schedule, if applicable.

Check feedback success inside a green circle

Legal contracts and agreements.

As you complete your application, double check all requirements and ensure everything is accurate. Providing incorrect or outdated information can slow down the underwriting process. It may be helpful, therefore, to have a business advisor or mentor review your application before submitting.

Additional business funding options

If you don’t think you can qualify for a traditional loan — or simply want to explore all of your options — you might consider one of these products to finance your business.

Small-business grants

Small-business grants provide a free alternative to debt funding — offering access to capital that doesn’t need to be repaid. Business grants are available from a variety of sources, including federal, state and local governments, private companies and nonprofit organizations.

Business credit cards

A business credit card offers revolving credit, making it a solid option for short-term expenses. Although credit card limits tend to be smaller than a line of credit, a business credit card may offer rewards, such as cash back or travel points.

Invoice factoring

Invoice factoring turns business owners’ unpaid invoices into immediate cash. You sell the invoices to a factoring company, which is paid when it collects from your customers. Invoice factoring is a good option for business-to-business companies that need fast access to capital.

Merchant cash advances

With a merchant cash advance (MCA), a financing company gives you an upfront sum of capital that you repay using a percentage of your debit and credit card sales, plus a fee. MCAs are typically fast to fund and easy to qualify for, but they’re one of the most expensive types of business funding, carrying APRs that can reach triple digits. You should generally consider all other business financing options before turning to a merchant cash advance.

Personal loans

A personal loan for business allows you to get funding based on your personal credit score and income instead of your business history. These loans are usually available in smaller amounts, but they can be used for a variety of purposes and fund within days.

Bootstrapping

Bootstrapping refers to entrepreneurs who use their own personal funds and resources (e.g. personal savings, retirement fund) to start a business. Bootstrapping can be a good way to finance your business in its early stages, but you also risk losing your personal assets if your company isn’t successful.

Frequently asked questions about small business loans

With most small business loans, you borrow capital from a lender and repay it, plus interest, over a predetermined period. Maximum loan amounts, interest rates and repayment terms will vary based on the type of business loan, the lender you’re working with and your business’s qualifications.
Banks often require a credit score in the 700s for a small business loan. But some online lenders fund loans for borrowers with credit scores in the low- to mid-600s. To qualify for an SBA loan, you typically need a personal credit score of at least 690, though some SBA loan programs are available to business owners with bad credit.
Many lenders require a minimum annual revenue between $50,000 to $250,000 for business loans and lines of credit. Lower-revenue businesses may consider a business credit card or SBA microloan.
It’s more difficult for startups to qualify for traditional business loans. Banks and credit unions often require that you have at least two years in business to access financing. You may be able to qualify for an online loan with three to six months in business. The SBA microloan program caters specifically to startups. Business credit cards, personal loans and grants, are also available if you can’t get a startup business loan.
Yes, bad-credit business loans are available to borrowers with personal credit scores as low as 500. These loans allow business owners to access capital despite credit challenges, but tend to have higher interest rates and shorter repayment terms.
Most small business loans require a personal guarantee — which holds you personally responsible for the debt if your business can’t pay. A personal guarantee lowers the risk for the lender, but puts your personal assets in jeopardy in the case of default.
If your business loan application is denied, the first thing you should do is ask the lender for an explanation. Based on the information the lender provides, you can improve your loan profile before applying again. For example, if your personal credit score is too low, you can work to improve it — by making debt payments more frequently, paying down or paying off debt or disputing errors on your credit report with the appropriate credit bureau.
Annual percentage rates (APRs), loan term and monthly payments are estimated based on analysis of information provided by lenders and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term and credit history. All loans are subject to credit review and approval.
🏦 Curious about SBA loans? Here’s an overview of how SBA loans work, the types of SBA loans that are available, what each loan type can be used for and how to get SBA financing for your small business.
Last updated on May 22, 2025
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Methodology

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.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodology for small business loans and our editorial guidelines.