Compare Small-Business Lenders 2016

July 20, 2016 Small Business
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For small-business owners who need cash quickly or have a hard time getting a bank loan, online lenders can provide necessary capital. NerdWallet evaluates lenders according to the needs and qualifications of entrepreneurs.

Explore your options if you know what type of loan you’re looking for:

Some lenders have more than one product type so they are featured in multiple sections. For details on any particular lender, see our full lender reviews.

Or for faster results, below, tell us about your business and financing needs to see what options are best for you:


Term loans

If you’re looking for a lump sum of cash to repay over a fixed period of time, term loans are right for you. Because you can pay them off over a longer period, term loans are usually the better choice for larger investments and long-term growth. Generally, term loans have lower rates than lines of credit, but some may require collateral.

Funding optionsGood option for:Do you qualify?Loan Amount & APR
smartbiz



• Good personal credit

• Long-term capital

• Low rates

• SBA loans
• 600+ minimum credit score

• 2+ years in business

• $50,000+ annual revenue
• $30,000 to $350,000

• 7% to 8%
FundingCircleLogo

• Good personal credit

• Established businesses

• Franchises
• 620+ personal credit score

• 2+ years in business

• $150,000+ annual revenue
• $25,000 to $500,000

• 8% to 33%
lending_club_logo_new-249x47

• Good personal credit

• Low rates
• 600+ personal credit score

• 2+ years in business

• $75,000+ annual revenue
• $5,000 to $300,000

• 8% to 32%
Dealstruck

• Good personal credit

• Loan consolidation or refinancing
• 600+ personal credit score

• 1+ years in business

• $150,000+ annual revenue
• $50,000 to $500,000

• 10% to 28%
Fundation logo
• Good personal credit

• Expansion financing
• 600+ personal credit score

• 2+ years in business

• $100,000+ annual revenue

• 3+ employees
• $20,000 to $500,000

• 8% to 30%
StreetShares loans

• Good personal credit

• Veterans

• Newer businesses
• 600+ personal credit score

• 1+ years in business

• $25,000+ annual revenue
• $2,000 to $100,000

• 9% to 40%
OnDeckForTable
• Bad personal credit

• Retail or food service businesses

• Fast cash
• 500+ personal credit score

• 1+ years in business

• $100,000+ annual revenue
• $5,000 to $500,000

• 9% to 98%


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Lines of credit

If you’re looking for financing flexibility, a line of credit is a better option. You draw on the line — up to a specified amount — as needed and pay interest only on the money you’ve borrowed. Lines of credit are a better choice for short-term expenses. Although the APR may be slightly higher than for term loans, lines of credit provide the flexibility to take out money only when you need it.

Funding optionsGood option for: Do you qualify?Loan amount & APR
Dealstruck

• Good personal credit

• Financing inventory purchases
• 600+ personal credit score

• 1+ years in business

• $150,000+ annual revenue
• Up to $500,000

• 11% to 22% APR plus prime rate
OnDeckForTable
• Good personal credit

• Fast cash

• 600+ personal credit score

• 9+ months in business

• $75,000+ annual revenue
• Up to $100,000

• 14% to 40% APR
bluevine
• Good personal credit

• Newer businesses

• Financing smaller amounts
• 600+ personal credit score

• 6+ months in business

• $60,000+ annual revenue
• Up to $50,000

• 16% to 62% APR
StreetShares loans

• Good personal credit

• Veterans

• Newer businesses
• 600+ personal credit score

• 1+ years in business

• $25,000+ annual revenue
• $5,000 to $100,000

• 9% to 40% APR
kabbage
• Bad personal credit

• Newer businesses
• No minimum credit score

• 1+ years in business

• $50,000+ annual revenue
• $2,000 to $100,000

• 32% to 108% APR


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Invoice factoring

Invoice factoring is a way to get immediate cash by borrowing against your unpaid customer invoices, which can help you fill cash-flow gaps while you wait for customers to pay. This type of financing is only for companies that sell goods and services to other businesses and, therefore, have invoices. Typically, invoice factoring costs are higher than with term loans and lines of credit.

Funding optionsGood option for: Do you qualify?Loan amount & APR
Dealstruck

• Good personal credit

• Addressing cash-flow gaps
• 600+ personal credit score

• 1+ year in business

• $150,000+ annual revenue
• Up to $500,000

• 11% to 22% APR plus prime rate
bluevine
• Bad personal credit

• Newer businesses

• Businesses with strong-credit customers
• 530+ personal credit score

• 3+ months in business

• $120,000+ annual revenue
• $20,000 to $500,000

• 17% to 60% APR
fundbox

• Bad personal credit

• Fast cash
• No minimum personal credit score required

• No minimum annual revenue required

• Must have compatible online accounting software
• $500 to $100,000

• 13% to 68% APR

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You’re ready to get your new business off the ground and may already have discovered that finding financing can be a challenge. We’ve rounded up some strategies to help you get your company launched.

 

Because you have strong personal credit, you could qualify for a line of credit through BlueVine or OnDeck that would help you meet daily expenses and maintain inventory. If you’ve been in business at least nine months and have at least $75,000 in annual revenue, consider OnDeck, whose maximum APR is lower than BlueVine’s. If your annual revenue starts at $60,000, BlueVine is a better bet. BlueVine also offers invoice factoring, a type of financing that advances you cash based on your unpaid customer invoices.
bluevine
ondeck
Good option for:
• Businesses with steady revenue• Fast cash
Do you qualify?
• 600+ personal credit score
• $60,000+ annual revenue
• 6+ months in business
• 600+ personal credit score
• $75,000+ annual revenue
• 9+ months in business
Borrow:
$5,000 to $50,000Up to $100,000
APR:
16% to 62%14% to 40%
Get started at BlueVine
Get started at OnDeck
Microloans and personal loans are good options to finance your inventory and daily expenses if you’re an established business but make less than $25,000 in revenue. Microloans through nonprofits and the SBA usually have low APR and manageable payment terms, but you’d have to deal with stringent requirements. Personal loans are easier to access, but the APR can be higher than with microloans.

 
For personal loans:

For microloans:

With strong personal credit and an established business, you may be eligible for an SBA loan, which offers low APRs and longer terms. SmartBiz is a good option if you have at least $50,000 in annual revenue. For smaller loans (under $100,000) and less stringent requirements, StreetShares offers a line of credit, a good alternative, especially for military veterans. You need $25,000 in annual revenue to qualify for StreetShares.
smartbiz
Street Shares
Good option for:
• SBA loans
• Low rates
• Newer businesses
• U.S. military veterans
Do you qualify?
• 600+ personal credit score
• $50,000+ annual revenue
• 2+ years in business
• 600+ personal credit score
• $25,000+ annual revenue
• 1+ years in business
Borrow:
$30,000 to $350,000$5,000 to $100,000
APR:
7% to 8%9% to 40%
Get started at SmartBiz
Get started at StreetShares
For established businesses making more than $50,000 annually, SmartBiz and Fundation are solid choices. Both offer term loans with APR starting in the single digits. If you want the lowest rates and longer repayment terms, SmartBiz is the best option because it offers SBA loans. If you have more than three employees, at least $100,000 in annual sales and want funding fast, consider Fundation.
Fundation logo
smartbiz
Good option for:
• Fast funding
• Businesses with 3+ employees
• SBA loans
• Low rates
Do you qualify?
• 600+ personal credit score
• $100,000+ annual revenue
• 2+ years in business
• 600+ personal credit score
• $50,000+ annual revenue
• 2+ years in business
Borrow:
$20,000 to $500,000
$30,000 to $350,000
APR:
8% to 30%7% to 8%
Get started at Fundation
Get started at SmartBiz
For established businesses with annual sales of $150,000 or more, SmartBiz and Funding Circle offer good financing options. You’ll get lower APRs with SmartBiz, which offers SBA loans, but Funding Circle has a less rigorous and shorter application process. Funding Circle also has a higher maximum loan amount of $500,000 compared with SmartBiz’s $350,000.
fundingcircle
smartbiz
Good option for:
• Profitable businesses
• Fast funding
• SBA loans
• Low rates
Do you qualify?
• 620+ personal credit score
• $150,000+ annual revenue
• 2+ years in business
• 600+ personal credit score
• $50,000+ annual revenue
• 2+ years in business
Borrow:
$25,000 to $500,000 $30,000 to $350,000
APR:
8% to 33% 7% to 8%
Get started at Funding Circle
Get started at SmartBiz
Because you’ve been in business for at least a year and have unpaid customer invoices, Dealstruck financing is a good option for short-term cash-flow gaps. If you need cash for everyday expenses because you spend a lot of time waiting for customers to pay, Dealstruck’s invoice factoring product could be a good choice. Its asset-based line of credit provides an advance up to 85% of your unpaid invoices, up to $500,000. If you have more than $150,000 in annual sales, you have an additional alternative. For inventory, you can turn to Dealstruck’s inventory line of credit, borrow what you need to buy goods and pay interest only on that amount.
Dealstruck

Asset-based line of credit

Dealstruck

Inventory line of credit

Good option for:
• Addressing cash-flow gaps
• Businesses with a lot of unpaid customers invoices
• Inventory purchases
• Flexible financing
Do you qualify?
• 600+ personal credit score
• $150,000+ annual revenue
• 1+ years in business
• 600+ personal credit score
• $150,000+ annual revenue
• 1+ years in business
Borrow:
Up to $500,000 Up to $500,000
APR:
22% plus prime rate 22% plus prime rate
Get started at Dealstruck
Get started at Dealstruck
For young businesses that deal with a lot of customer invoices, consider taking a cash advance against those outstanding receivables. Both BlueVine and Fundbox offer the financing option commonly known as invoice factoring. If you have at least $120,000 in annual revenue, BlueVine offers up to 85% of your total invoices, up to $500,000. Fundbox does not require a minimum revenue amount, but you must have at least six months of activity with a compatible online accounting software such as QuickBooks. Fundbox advances you 100% of your total invoice but only up to $100,000.
bluevine

fundbox

Good option for:
• Businesses with strong-credit customers
• Addressing cash-flow gaps
• Businesses that need cash for short-term needs
• Financing small invoice amounts
Do you qualify?
• 530+ personal credit score
• $120,000+ annual revenue
• 3 months+ in business
• No minimum personal credit score
• No minimum revenue
• Must have online accounting software that can link to Fundbox (such as QuickBooks, FreshBooks, Harvest)
Borrow:
$20,000 to $500,000 $500 to $100,000
APR:
7% to 60% 13% to 68%
Get started at BlueVine
Get started at Fundbox
Because your personal credit score is in the 600s, you may qualify for a line of credit from BlueVine or OnDeck to help meet daily expenses and maintain inventory. OnDeck offers a higher credit limit and lower APRs than BlueVine. For businesses with at least nine months in operation and $75,000 in annual revenue, OnDeck is a good option. If you have less time in business and less revenue, consider BlueVine.
bluevine
ondeck
Good option for:
• Businesses with steady revenue• Fast cash
Do you qualify?
• 600+ personal credit score
• $60,000+ annual revenue
• 6+ months in business
• 600+ personal credit score
• $75,000+ annual revenue
• 9+ months in business
Borrow:
$5,000 to $50,000Up to $100,000
APR:
16% to 62%14% to 40%
Get started at BlueVine
Get started at OnDeck
Because you deal with a lot of unpaid customer invoices, consider BlueVine and Fundbox financing to help meet everyday expenses. They each provide a cash advance against outstanding invoices. BlueVine has a higher cash-advance cap of $500,000, compared with Fundbox’s $100,000. BlueVine is a good bet if you have at least $120,000 in annual revenue and your customers have strong credit. If you’re a young business with limited revenue, consider Fundbox, which does not require a minimum revenue or personal credit score. You must, however, have at least six months of activity in an online accounting software such as QuickBooks to qualify for Fundbox.
bluevine

fundbox

Good option for:
• Businesses with strong-credit customers
• Addressing cash-flow gaps
• Businesses that need cash for short-term needs
• Financing small invoice amounts
Do you qualify?
• 530+ personal credit score
• $120,000+ annual revenue
• 3 months+ in business
• No minimum personal credit score
• No minimum revenue
• Must have online accounting software that can link to Fundbox (such as QuickBooks, FreshBooks, Harvest)
Borrow:
$20,000 to $500,000 $500 to $100,000
APR:
7% to 60% 13% to 68%
Get started at BlueVine
Get started at Fundbox
OnDeck and Kabbage are good options when you need cash for everyday expenses and inventory but your personal credit score still needs some work. If you have at least $100,000 in annual revenue and a personal credit score of 500 or more, you may qualify for OnDeck’s term loan. For businesses with lower revenue, consider Kabbage, which also does not require a minimum personal credit score. You’ll get high APRs with both lenders. You should turn to these options mainly for short-term needs or emergencies and only if you’re sure you have the cash flow to cover the financing costs.
kabbage
ondeck
Good option for:
• Fast cash
• Short-term financing
• Fast cash
• Large purchases
Do you qualify?
• No minimum personal credit score required
• 1+ years in business
• $50,000+ annual revenue
• 500+ personal credit score
• $100,000+ annual revenue
• 1+ years in business
Borrow:
$2,000 to $100,000$5,000 to $500,000
APR:
32% to 108% 9% to 98%
Get started at Kabbage
Get started at OnDeck
Because you’re just starting out and your personal credit score is below 600, your best bet is microloans through nonprofit lenders or the U.S. Small Business Administration. The downside is these are “micro” amounts of money, usually no more than $50,000. However, many microlenders help businesses grow and establish better credit. SBA microloans generally have an APR of 8% to 8.5% and manageable repayment terms. Successfully repaying microloans will boost your credit score and make you eligible for bigger financing.

For microloans:

When you have strong personal credit and a young business with a lot of unpaid customer invoices, BlueVine and Fundbox are good financing options. Both offer invoice factoring at similar costs. Where they differ: minimum revenue and minimum credit score. With BlueVine, you need at least $120,000 in revenue and a minimum 530 personal credit score. Fundbox does not require a minimum revenue or credit score; the lender does require at least six months of activity in a compatible online accounting software.
bluevine
fundbox
Good option for:

• Businesses with strong-credit customers
• Newer businesses
• Fast cash
• Financing smaller invoices
Do you qualify?
• 530+ personal credit score
• 3+ months in business
• $120,000+ annual revenue
• No minimum credit score required
• No minimum annual revenue required
• Must use online accounting software such as QuickBooks, FreshBooks or Xero
Borrow:
$20,000 to $500,000$500 to $100,000
APR:
17% to 60%13% to 68%
Get started at BlueVine
Get started at Fundbox
As a young entrepreneur with strong personal credit, you may find it easier to qualify for a line of credit than a term loan. If you have $75,000 in annual revenue and at least nine months in business, OnDeck offers a business line of credit of up to $100,000. Personal loans and business credit cards are also decent options for startups because approval is based on personal credit score rather than business history. The amount you can finance is typically smaller than with a term loan, however, and you need good credit to qualify. Keep in mind that failure to repay can ruin your personal credit.
For personal loans:
For business credit cards:
ondeck
Good option for:
• Small investments
• Managing cash flow
• Fast cash

Do you qualify?
• 600+ personal credit score
• 9+ months in business
• $75,000+ annual revenue

Borrow:
Up to $100,000
APR:
14% to 40%
Get started at OnDeck
Because you have strong credit but your revenue doesn’t quite meet the requirements of most online lenders, consider Fundbox or a business credit card. Business credit cards are a solid option for ongoing working capital and provide quick access to cash, spending rewards and sign-up bonuses. If your business has unpaid customer invoices, you can take a cash advance against those invoices through Fundbox, although you’ll likely pay a higher APR than you would with a business credit card.

For business credit cards:

fundbox
Good option for:
• B2B companies with unpaid customer invoices
• Working capital
• Fast cash

Do you qualify?
• No minimum personal credit score required
• No minimum annual revenue required
• Must use online accounting software that can link to Fundbox (such as QuickBooks, FreshBooks, Harvest).
Borrow:
$500 to $100,000
APR:
13% to 68%
Get started at Fundbox
For young businesses building revenue, StreetShares is a good bet for financing new equipment or an expansion. Your strong personal credit and revenue of at least $25,000 qualify you for the lender, which serves a variety of borrowers but is an especially good option for U.S. military veterans.
Street Shares
Good option for:
• Fast cash
• Newer businesses
• Entrepreneurs who are military veterans
Do you qualify?
• 600+ credit score
• 1+ years in business
• $25,000+ annual revenue
Borrow:
$2,000 to $100,000
APR:
9% to 40%
Get started at StreetShares
With a strong personal credit score and at least one year in business, you can turn to StreetShares and OnDeck for equipment and expansion financing. StreetShares is better if you’re seeking a smaller amount of financing: You just need $25,000 in annual revenue to qualify for its term loan, which maxes out at $100,000. If you have at least $100,000 in revenue, OnDeck, with loans up to $500,000, is better suited for more mature businesses seeking larger amounts of financing.
Street Shares
ondeck
Good option for:

• Small investments
• Entrepreneurs who are military veterans


• Large investments
• Fast cash
Do you qualify?
• 600+ credit score
• 1+ years in business
• $25,000+ annual revenue

• 500+ personal credit score
• 1+ years in business
• $100,000+ in annual revenue

Borrow:
$2,000 to $100,000 $5,000 to $500,000
APR:
9% to 40% 9% to 98%
Get started at StreetShares
Get started at OnDeck
For businesses with strong revenue, Dealstruck and OnDeck are good options for term loans up to $500,000. If you’re looking for lower borrowing costs, consider Dealstruck, which carries an APR range of 10% to 28%. If you want financing fast, OnDeck’s application process is quick, with funding as fast as within 24 hours. Here’s another difference: At Dealstruck, term loans are repaid weekly over six months to four years; at OnDeck, term loans are repaid daily or weekly over three to 36 months.
Dealstruck
ondeck
Good option for:
• Large investments
• Refinancing debt
• Fast cash
• Large investments

Do you qualify?
• 600+ credit score
• 1+ years in business
• $150,000+ annual revenue
• 500+ personal credit score
• 1+ years in business
• $100,000+ in annual revenue
Borrow:
$50,000 to $500,000 $5,000 to $500,000
APR:
10% to 28% 9% to 98%
Get started at Dealstruck
Get started at OnDeck
Since you have strong personal credit but are still building revenue, you can turn to microloans or personal loans for financing. Microloans are designed especially to help underserved entrepreneurs launch and grow their businesses, but the loans are small and can carry APRs in the low teens. With strong credit, personal loans are another option, but funding typically tops out at $35,000.
For personal loans:
For microloans:
SmartBiz and StreetShares are good options for entrepreneurs with strong personal credit and established businesses. SmartBiz provides SBA loans with the lowest APR and longest repayment terms among online lenders. But since it’s an SBA loan, the application process will involve a lot of documents. If you want funding faster, StreetShares is an alternative. StreetShares, however, has a maximum borrowing limit of $100,000, a higher APR and shorter repayment terms than SmartBiz.
Street Shares
smartbiz
Good option for:
• Fast cash
• Newer businesses
• Entrepreneurs who are military veterans
• SBA loans
• Large investments
• Low rates
Do you qualify?
• 600+ credit score
• 1+ years in business
• $25,000+ annual revenue
• 600+ credit score
• 2+ years in business
• $50,000+ annual revenue

Borrow:
$2,000 to $100,000$30,000 to $350,000
APR:
9% to 40% 7% to 8%
Get started at StreetShares
Get started at SmartBiz
With your strong personal credit and steady revenue, Lending Club, SmartBiz and OnDeck are good choices for expansion or refinancing. If you want the lowest rates, consider SmartBiz, which provides SBA loans. For big investments, OnDeck has the highest loan limit — $500,000 — but the loans will likely cost you more. Lending Club is a middle-ground option, with lower APR than OnDeck and easier qualifications than SmartBiz.
lending_club_logo_new-249x47
smartbiz
ondeck
Good option for:
• Fast cash
• Expansion
• SBA loans
• Low rates
• Businesses that want longer repayment terms
• Fast cash
• Short-term expansion
• Large investments
Do you qualify?
• 600+ credit score
• 2+ years in business
• $75,000+ annual revenue
• 600+ credit score
• 2+ years in business
• $50,000+ annual revenue

• 500+ personal credit score
• 1+ year in business
• $100,000+ annual revenue
Borrow:
$5,000 to $300,000$30,000 to $350,000 $5,000 to $500,000
APR:
8% to 32% 7% to 8% 9% to 98%
Get started at Lending Club
Get started at SmartBiz
Get started at OnDeck
Since your business is established and your revenue is solid, Funding Circle, SmartBiz and Fundation are good financing options. SmartBiz, with loans up to $350,000, has low-rate SBA loans, but the application and funding process can take several weeks to a few months. If you want funding quicker, Funding Circle and Fundation are alternatives; plus, they provide financing up to $500,000.
fundingcircle
smartbiz
Fundation logo
Good option for:
• Profitable businesses
• Large investments
• SBA loans
• Low rates
• Long-term investments
• Large investments
• Businesses with 3+ employees
Do you qualify?
• 620+ credit score
• 2+ years in business
• $150,000+ annual revenue
• 600+ credit score
• 2+ years in business
• $50,000+ annual revenue

• 600+ personal credit score
• 2+ year in business
• $100,000+ annual revenue
Borrow:
$25,000 to $500,000$30,000 to $350,000 $5,000 to $500,000
APR:
8% to 33% 7% to 8% 8% to 30%
Get started at Funding Circle
Get started at SmartBiz
Get started at Fundation
Since you’ve been in business more than a year and have decent credit, you may qualify for funding from StreetShares or OnDeck. If you have at least $25,000 in revenue, StreetShares offers a loan or line of credit up to $100,000. If you want more funding, OnDeck has term loans of up to $500,000. OnDeck’s loans, however, can be costlier, with APRs as high as 98%; StreetShares’ funding has a maximum 40% APR.
Street Shares
ondeck
Good option for:
• Fast cash
• Entrepreneurs who are military veterans
• Newer businesses
• Fast cash
• Expansion
Do you qualify?
• 600+ credit score
• 1+ years in business
• $25,000+ annual revenue
• 500+ credit score
• 1+ years in business
• $100,000+ in annual revenue
Borrow:
$2,000 to $100,000 $5,000 to $500,000
APR:
9% to 40% 9% to 98%
Get Started at StreetShares
Get Started at OnDeck
Since you have unpaid customer invoices, you can turn to BlueVine and Fundbox for a cash advance against those receivables. BlueVine is a good choice if you have credit-strong clients and large outstanding payments up to $500,000. If you’re looking to finance a smaller amount, Fundbox covers 100% of your unpaid invoices up to $100,000. To qualify, you need at least six months of activity in a compatible online accounting software such as QuickBooks.
bluevine
fundbox
Good option for:

• Businesses with strong-credit customers
• Newer businesses
• Fast cash
• Financing smaller invoices
Do you qualify?
• 530+ personal credit score
• 3+ months in business
• $120,000+ annual revenue
• No minimum credit score required
• No minimum annual revenue required
• Must use online accounting software such as QuickBooks, FreshBooks or Xero
Borrow:
$20,000 to $500,000$500 to $100,000
APR:
17% to 60%13% to 68%
Get started at BlueVine
Get started at Fundbox
Since your new company earns less than $25,000, microloans and personal loans are good options for necessary capital. Microloans through nonprofits and the SBA usually have low APRs and manageable payment terms. If your credit is in the high 600s, you can opt for a personal loan, though they often aren’t available for more than $35,000 and tend to come with higher APRs than microloans.
For personal loans:
For microloans:
If your company is on track to make more than $25,000 in annual revenue but you’ve been open less than a year, you can turn to microloans and personal loans for financing. Microloans come in small amounts and have low APRs and manageable repayment terms. If your credit is in the high 600s, you can opt for a personal loan, though they often aren’t available for more than $35,000.
For personal loans:
For microloans:
A term loan is ideal for expansion and buying equipment, so consider StreetShares if you have at least $100,000 in revenue and six months in business. For young businesses, however, it may be easier to qualify for a line of credit. If your company makes at least $75,000 in annual sales and has been operating for at least nine months, OnDeck is a good option. For businesses that are younger and have less revenue, BlueVine is a better bet. If borrowing costs are important to you, OnDeck offers lower APRs than BlueVine.
Street Shares
ondeck
bluevine
Good option for:
• Fast cash
• Entrepreneurs who are military veterans
• Newer businesses
• Fast cash
• Managing cash flow
• Managing cash flow
• Newer businesses
Do you qualify?
• 600+ personal credit score
• 6+ months in business
• $100,000+ annual revenue
• 600+ personal credit score
• 9+ months in business
• $75,000+ in annual revenue

• 600+ personal credit score
• 6+ months in business
• $60,000+ in annual revenue

Borrow:
$2,000 to $100,000Up to $100,000$5,000 to $50,000
APR:
9% to 40% 14% to 40% 16% to 62%
Get Started at StreetShares
Get Started at OnDeck
Get Started at BlueVine
For newer businesses with steady revenue, a term loan from StreetShares and a line of credit from OnDeck are good options, depending on your sales level. If you have at least $100,000 in revenue and have been in business six months or more, you can qualify for StreetShares. On the other hand, if your business generates less revenue but has been in business for at least nine months, OnDeck is a better option.
Street Shares
ondeck
Good option for:
• Fast cash
• Entrepreneurs who are military veterans
• Newer businesses
• Fast cash
• Large investments
Do you qualify?
• 600+ credit score
• 6+ months in business
• $100,000+ annual revenue
• 600+ credit score
• 9+ months in business
• $75,000+ in annual revenue

Borrow:
$2,000 to $100,000Up to $100,000
APR:
9% to 40% 14% to 40%
Get Started at StreetShares
Get Started at OnDeck
Since your business has steady revenue and has been operating for more than a year, consider OnDeck and Kabbage. If your personal credit score is at least 500, OnDeck offers term loans up to $500,000, which is an attractive option for large expansion projects or buying expensive equipment. If you’re looking for short-term financing or need a smaller amount, consider Kabbage, which does not require a minimum credit score. Kabbage offers only six- or 12-month financing of up to $100,000 at high borrowing costs.
ondeck
kabbage
Good option for:
• Large investments
• Businesses with consistent sales
• Smaller investments
• Businesses with consistent cash flow
Do you qualify?
• 500+ credit score
• 1+ years in business
• $100,000+ annual revenue
• No minimum credit requirement
• 1+ years in business
• $50,000+ in annual revenue
Borrow:
$5,000 to $500,000 $2,000 to $100,000
APR:
9% to 98%
32% to 108% APR
Get Started at OnDeck
Get Started at Kabbage
Since you have unpaid customer invoices, you can turn to BlueVine and Fundbox for a cash advance against those receivables. If you make at least $120,000 in annual revenue, BlueVine will cover 85% of invoices up to $500,000. BlueVine is a good choice if you have credit-strong clients and large outstanding payments. If you’re looking to finance a smaller amount, Fundbox covers 100% of your unpaid invoices up to $100,000. To qualify, you need at least six months of activity in a compatible online accounting software such as QuickBooks.
bluevine
fundbox
Good option for:

• Businesses with strong-credit customers
• Newer businesses
• Fast cash
• Financing smaller invoices
Do you qualify?
• 530+ personal credit score
• 3+ months in business
• $120,000+ annual revenue
• No minimum credit score required
• No minimum annual revenue required
• Must use online accounting software such as QuickBooks, FreshBooks or Xero
Borrow:
$20,000 to $500,000$500 to $100,000
APR:
17% to 60%13% to 68%
Get started at BlueVine
Get started at Fundbox
Because you’re just starting out and your personal credit score is below 600, your best bet is microloans through nonprofit lenders or the Small Business Administration. The downside is that these are “micro” amounts of money, usually no more than $50,000. Many microlenders, however, help businesses grow and establish better credit. SBA microloans generally have APRs of 8% to 8.5% with manageable repayment terms. Successfully repaying microloans will boost your credit score and make you eligible for bigger financing.

For microloans:

Full lender reviews

SmartBiz: Faster way of applying for an SBA loan. Least expensive online financing option. Requirements are stringent.

Funding Circle: Term loans for growth. Rates are lower compared with other online lenders. Your firm must be in good shape.

Lending Club: Term loan with less stringent requirements than banks. Must be in business at least two years.

Dealstruck: Three types of financing for short- and long-term needs. Easy application. Your firm must at least be breaking even.

Fundation: Term loans for growth with competitive rates. You must have at least three employees and $100,000 in annual revenue.

Lighter Capital: Good for fast-growing tech companies. Rates are competitive and repayment based on monthly revenue.

StreetShares: Solid choice for military veterans, businesses at one-year mark. Loan amounts are limited.

BlueVine: Good for B2B businesses that deal with unpaid invoices and cash flow needs. You must have dependable customers. Also offers lines of credit.

Fundbox: Great no-credit-check option if you have unpaid invoices. Your must use a Fundbox-compatible online accounting system.

OnDeck: Quick, easy funding but rates may be high. Good if you need money fast and your personal finances aren’t stellar.

Kabbage: Line of credit for urgent working capital needs. Minimal application requirements but can be pricey.

Also: Startups under 1 year can opt for a Prosper personal loan. Loan size tops out at $35,000; APR is higher than that of banks.

This post was updated July 20, 2016. It was originally published Dec. 9, 2015.

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