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Business Loans: Compare 10 Types for Your Small Business

Nov. 27, 2018
Small Business, Small Business Loans
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We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

Knowing when your small business needs financing is easy. Understanding the type of business loan that’s right for you can be a challenge.

There isn’t a one-size-fits-all option: Terms, rates and qualifications vary by each loan type.

Here is a breakdown of the 10 main types of business loans available to small-business owners to help you find the best fit for your business.

1. Term loans

SMB-BusinessLoans_Icon_Term Loans_v1

A term loan is a common form of business financing. You get a lump sum of cash upfront, which you then repay with interest over a predetermined period.

Online lenders offer term loans with borrowing amounts up to $1 million and can provide faster funding than banks.

Pros:

  • Get cash upfront to invest in your business.
  • Typically higher borrowing amounts.
  • Fast funding if you use an online lender rather than a traditional bank; typically few days to a week versus up to several months.

Cons:

  • May require a personal guarantee or collateral — an asset such as real estate or business equipment that the lender can sell if you default.
  • Costs can vary; term loans from online lenders typically carry higher costs than those from traditional banks.

Best for:

  • Businesses looking to expand.
  • Borrowers who have good credit and a strong business and who don’t want to wait long for funding.
Funding optionsGood option for:Do you qualify?Loan amount & APR
credibilitycapitallogo

Apply now at Credibility Capital


Read our Credibility Capital review.
• Good personal credit

• Short-term financing
• 650+ personal credit score

• 18+ months in business

• $150,000+ in revenue
• $10,000 to $350,000

• 10% to 25%
Screenshot 2017-05-11 09.24.23

Apply now at Currency Capital


Read our Currency Capital review.

• Equipment financing

• Competitive rates
• 585+ personal credit score

• 6+ months in business

• $75,000+ annual revenue
• $5,000 to $2 million

• 6% to 24%
FundingCircleLogo

Apply now at Funding Circle


Read our Funding Circle review.
• Good personal credit

• Established businesses

• Franchises
• 620+ personal credit score

• 2+ years in business

• No minimum annual revenue required
• $25,000 to $500,000

• 7.4% to 36%
lending_club_logo_new-249x47

Apply now at Lending Club


Read our Lending Club review.
• Good personal credit

• Low rates for strong-credit borrowers
• 600+ personal credit score

• 1+ years in business

• $50,000+ annual revenue
• $5,000 to $300,000

• 9.8% to 35.7%
OnDeckForTable
Apply now at OnDeck


Read our OnDeck review.
• 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

• 16.7% to 99.4% as of Q1 2018



Apply now at Quarterspot


Read our QuarterSpot review.
• Bad personal credit

• Fast cash

• Short-term financing
• 550+ personal credit score

• 1+ years in business

• $200,000+ annual revenue
• $5,000 to $200,000

• 30% to 70%

StreetShares loans

Apply now at StreetShares


Read our StreetShares review.
• Good personal credit

• Veterans

• Newer businesses
• 600+ personal credit score

• 1+ years in business

• $75,000+ annual revenue
• $2,000 to $150,000

• 9% to 40%

 

2. SBA loans

SMB-BusinessLoans_Icon_SBA Loans_v1

The Small Business Administration guarantees these loans, which are offered by banks and other lenders. Repayment periods on SBA loans depend on how you plan to use the money. They range from seven years for working capital to 10 years for buying equipment and 25 years for real estate purchases.

Pros:

  • Some of the lowest rates on the market.
  • High borrowing amounts up to $5 million.
  • Long repayment terms.

Cons:

  • Hard to qualify.
  • Long and rigorous application process.

Best for:

  • Businesses looking to expand or refinance existing debts.
  • Strong-credit borrowers who can wait a long time for funding.
Funding optionsGood option for:Do you qualify?Loan amount & APR
smartbiz

Apply now at SmartBiz


Read our SmartBiz review.


• Good personal credit

• Long-term capital

• Low rates

• SBA loans
• 600+ personal credit score for loans $30,000 to $150,000

• 650+ personal credit score for loans over $150,000

• 2+ years in business

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

• 8.53% to 9.83%


Apply now at Live Oak Bank


Read our Live Oak Bank review.
• Good personal credit

• Established businesses

• 650+ personal credit score

• No bankruptcies, foreclosures or outstanding tax liens

• Cash flow to support debt repayments
• $75,000 to $5 million

• 5.5% to 7.75%

 

3. Business lines of credit

SMB-BusinessLoans_Icon_Line of Credit_v1

A business line of credit provides access to funds up to your credit limit, and you pay interest only on the money you’ve drawn. It can provide more flexibility than a term loan.

Pros:

  • Flexible way to borrow.
  • Typically unsecured, so no collateral required.

Cons:

  • May carry additional costs, such as maintenance fees and draw fees.
  • Strong revenue and credit required.

Best for:

  • Short-term financing needs, managing cash flow or handling unexpected expenses.
  • Seasonal businesses.
Funding optionsGood option for:Do you qualify?Loan amount & APR




Apply now at BlueVine


Read our BlueVine review.

• Larger credit lines

• 600+ personal credit score

• 6+ months in business

• $120,000+ annual revenue
• $5,000 to $250,000

• 15% to 78%.



Apply now at Fundbox

Read our Fundbox review.
• Fast cash

• Bad credit
• No minimum personal credit score required

• 3+ months in business

• $50,000+ annual revenue
• $1,000 to $100,000

• 10.1% to 79.8%


Apply now at Kabbage


Read our Kabbage review.
• Fast cash

• Bad credit
• 560+ personal credit score

• 1+ years in business

• $50,000+ annual revenue
• $2,000 to $250,000

• 24% to 99%
OnDeckForTable
Apply now at OnDeck


Read our OnDeck review.
• Fast cash
• 600+ personal credit score

• 1+ years in business

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

• 11% to 60.8%
StreetShares loans

Apply now at StreetShares


Read our StreetShares review.
• Good personal credit

• Larger credit lines

• 600+ personal credit score

• 1+ years in business

• $75,000+ annual revenue
• $5,000 to $250,000

• 9% to 40%

 

4. Equipment loans

SMB-BusinessLoans_Icon_Equipment Loans_v1
Equipment loans help you buy equipment for your business. The loan term typically is matched up with the expected life span of the equipment, and the equipment serves as collateral for the loan. Rates will depend on the value of the equipment and the strength of your business.

Pros:

  • You own the equipment and build equity in it.
  • You can get competitive rates if you have strong credit and business finances.

Cons:

  • You may have to come up with a down payment.
  • Equipment can become outdated more quickly than the length of your financing.

Best for:

  • Businesses that want to own equipment outright.
Funding optionsGood option for:Do you qualify?Loan amount & APR
credibilitycapitallogo

Apply now at Credibility Capital


Read our Credibility Capital review.
• Good credit• 650+ personal credit score

• 18+ months in business

• $150,000+ in revenue
• $10,000 to $350,000

• 10% to 25%
Screenshot 2017-05-11 09.24.23

Apply now at Currency Capital


Read our Currency Capital review.

• Fast funding for large equipment purchases
• 585+ personal credit score

• 6+ months in business

• $75,000+ annual revenue
• $5,000 to $2 million

• 6% to 24%
FundingCircleLogo

Apply now at Funding Circle


Read our Funding Circle review.
• Good personal credit

• Established businesses
• 620+ personal credit score

• 2+ years in business

• No minimum annual revenue required
• $25,000 to $500,000

• 7.4% to 36%
OnDeckForTable
Apply now at OnDeck


Read our OnDeck review.
• Bad personal credit

• Fast funding
• 500+ personal credit score

• 1+ years in business

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

• 16.7% to 99.4% as of Q1 2018


Apply now at SmartBiz


Read our SmartBiz review.
• Established businesses

• SBA loans
• 600+ personal credit score

• 2+ years in business

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

• 8.53% to 9.83%

StreetShares loans

Apply now at StreetShares


Read our StreetShares review.
• Good personal credit

• Small equipment purchases
• 600+ personal credit score

• 1+ years in business

• $75,000+ annual revenue
• $2,000 to $150,000

• 9% to 40%

 

5. Invoice factoring

SMB-BusinessLoans_Icon_Invoice Factoring_v1
Let’s say your business has unpaid customer invoices, which typically are paid in 60 days. If you can’t wait that long to get paid and need cash now, you can get money for those unpaid invoices through invoice factoring.

You’d sell the invoices to a factoring company, which would be responsible for collecting from the customer when the invoice is due.

Pros:

  • Fast cash for your business.
  • Easier approval than traditional funding options.

Cons:

  • Costly compared with other options.
  • You lose control over the collection of your invoices.

Best for:

  • Businesses with unpaid invoices that need fast cash.
  • Businesses with reliable customers on long payment terms (30, 60 or 90 days).

 

6. Invoice financing

SMB-BusinessLoans_Icon_Invoice Financing_v1
This is similar to invoice factoring, but instead of selling your unpaid invoices to a factoring company, you use the invoices as collateral to get a cash advance.

Pros:

  • Fast cash.
  • Your customers won’t know their invoice is being financed.

Cons:

  • Costly compared with other options.
  • You’re still responsible for collecting the invoice payment.

Best for:

  • Businesses looking to turn unpaid invoices into fast cash.
  • Businesses that want to maintain control over their invoices.
Funding optionsGood option for:Do you qualify?Loan amount & APR


Apply now at BlueVine
Read our BlueVine review.
• Financing larger invoices

• Businesses with strong-credit customers


• 530+ personal credit score

• 3+ months in business

• $100,000+ annual revenue
• $20,000 to $5 million

• 15% to 68%.



Apply now at Fundbox
Read our Fundbox review.
• Financing smaller invoices

• Bad credit
• 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, Clio, InvoiceASAP, Sage One, Kashoo or Jobber
• $1,000 to $100,000

• 10.1% to 79.8%

» MORE: Compare BlueVine vs. Fundbox 

 

7. Merchant cash advances

SMB-BusinessLoans_Icon_Merchant Cash Advance_v1
You get a lump sum of cash upfront that you can use to finance your business.

Instead of making one fixed payment each month from a bank account as you would with a term loan, you make payments on a merchant cash advance either by withholding a percentage of your credit and debit card sales daily, or by fixed daily or weekly withdrawals from a bank account.

Pros:

  • Fast cash.
  • Unsecured financing.

Cons:

  • Some of the highest borrowing costs — up to 350% in some cases.
  • Frequent repayments can create cash flow problems.

Best for:

  • Businesses that have high and consistent credit card sales and can handle frequent repayments.
  • Businesses that can’t get financing anywhere else and can’t wait for capital.

 

8. Personal loans

SMB-BusinessLoans_Icon_Personal Loans_v1
It is possible to use a personal loan for business purposes. It’s an option for startups, as banks typically don’t lend to businesses with no operating history.

Approval for these loans is based solely on your personal credit score, but you’ll need good credit to qualify.

Pros:

  • Startups and newer businesses can qualify.
  • Fast funding.

Cons:

  • High borrowing costs.
  • Small borrowing amounts of up to $50,000.
  • Failure to repay can hurt your credit.

Best for:

  • Startups and newer businesses with strong personal credit.
  • Borrowers willing to risk damaging their credit score.

 

9. Business credit cards

SMB-BusinessLoans_Icon_Business Credit Card_v1
Business credit cards are revolving lines of credit. You can draw from and repay the card as needed, as long as you make minimum monthly payments and don’t exceed the credit limit.

They are typically best used for financing ongoing expenses, such as travel, office supplies and utilities.

Pros:

  • Earn rewards on your purchases.
  • No collateral required.

Cons:

  • High cost, with a variable rate that may rise.
  • Extra fees may apply.

Best for:

  • Ongoing business expenses.

 

10. Microloans

SMB-BusinessLoans_Icon_Microloans_v1
Microloans are small loans — $50,000 or less — offered by nonprofit organizations and mission-based lenders.

These loans typically are available to startups, newer businesses and businesses in disadvantaged communities.

Pros:

  • Low cost.
  • Other services may be provided, such as consulting and training.

Cons:

  • Smaller loan amounts.
  • You may have to meet stringent eligibility requirements.

Best for:

  • Startups and businesses in disadvantaged communities.
  • Businesses seeking only a small amount of financing.

 

Compare small-business financing

We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source of startup funding because approval is typically based on your personal credit score.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Business credit card
SMB_Business_CC_t



  • You can get competitive rates and perks, such as 0% interest periods, if you have good credit.

  • NerdWallet recommends borrowing smaller amounts to be repaid quickly.


Compare credit cards with NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source of early funding because approval is typically based on your personal credit score.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Business credit card
SMB_Business_CC_t



  • A business credit card provides flexible access to cash.

  • If you have growing revenue, you can tap credit as needed and repay quickly.


Compare credit cards at NerdWallet

Microloan
SMB_Microloan_t



  • A microloan is a good option if you have limited revenue and history.

  • Microloans are typically less than $50,000.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Invoice Factoring
SMB_Invoice_Factoring_t



  • You can turn your unpaid customer invoices or receivables into upfront cash.

  • Invoice factoring is a good option to manage cash-flow gaps.


Compare lenders with NerdWallet's loan tool

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Business credit card
SMB_Business_CC_t



  • A business credit card provides flexible access to cash.

  • If you have growing revenue, you can tap credit as needed and repay quickly.


Compare credit cards at NerdWallet

Microloan
SMB_Microloan_t



  • A microloan is a good option if you have limited revenue and history.

  • Microloans are typically less than $50,000.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Term loan
SMB_Term_Loan_t



  • With a year or more in business and growing revenue, a term loan can provide a lump sum you can repay over a set period of time.


Compare lenders with NerdWallet's loan tool

Invoice Factoring
SMB_Invoice_Factoring_t



  • You can turn your unpaid customer invoices or receivables into upfront cash.

  • Invoice factoring is a good option to manage cash-flow gaps.


Compare lenders with NerdWallet's loan tool

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Business credit card
SMB_Business_CC_t



  • A business credit card provides flexible access to cash.

  • It's a good option for short-term expenses as you can tap credit as needed and repay quickly.


Compare credit cards at NerdWallet

Microloan
SMB_Microloan_t



  • Since your business is growing and you have average or better credit, a microloan is a good option if you're looking for reasonable rates.

  • Microloans are typically less than $50,000.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Term loan
SMB_Term_Loan_t



  • With a year or more in business and growing revenue, a term loan can provide a lump sum you can repay over a set period of time.


Compare lenders with NerdWallet's loan tool

Line of Credit
SMB_Line_of_Credit_t



  • With growing revenue, a line of credit offers flexible spending and higher credit limits than business credit cards.


Compare lenders with NerdWallet's loan tool

Invoice Factoring
SMB_Invoice_Factoring_t



  • You can turn your unpaid customer invoices or receivables into upfront cash.

  • Invoice factoring is a good option to manage cash-flow gaps.


Compare lenders with NerdWallet's loan tool

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Business credit card
SMB_Business_CC_t



  • A business credit card provides flexible access to cash.

  • It's a good option for short-term expenses as you can tap credit as needed and repay quickly.


Compare credit cards at NerdWallet

Microloan
SMB_Microloan_t



  • Since your business is growing and you have average or better credit, a microloan is a good option if you're looking for reasonable rates.

  • Microloans are typically less than $50,000.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Line of Credit
SMB_Line_of_Credit_t



  • With growing revenue, a line of credit offers flexible spending and higher credit limits than business credit cards.


Compare lenders with NerdWallet's loan tool

Invoice Factoring
SMB_Invoice_Factoring_t



  • You can turn your unpaid customer invoices or receivables into upfront cash.

  • Invoice factoring is a good option to manage cash-flow gaps.


Compare lenders with NerdWallet's loan tool

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Business credit card
SMB_Business_CC_t



  • A business credit card provides flexible access to cash.

  • It's a good option for short-term expenses as you can tap credit as needed and repay quickly.


Compare credit cards at NerdWallet

Microloan
SMB_Microloan_t



  • Since your business is growing and you have average or better credit, a microloan is a good option if you're looking for reasonable rates.

  • Microloans are typically less than $50,000.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Term loan
SMB_Term_Loan_t



  • With a year in business, a term loan can provide a lump sum you can repay over a set period of time.


Compare lenders with NerdWallet's loan tool

Microloan
SMB_Microloan_t



  • Since your business is growing and you have average or better credit, a microloan is a good option if you're looking for reasonable rates.

  • Microloans are typically less than $50,000.


Compare microlenders at NerdWallet

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Business credit card
SMB_Business_CC_t



  • A business credit card provides flexible access to cash.

  • It's a good option for short-term expenses as you can tap credit as needed and repay quickly.


Compare credit cards at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Term loan
SMB_Term_Loan_t



  • With a year in business, a term loan can provide a lump sum you can repay over a set period of time.


Compare lenders with NerdWallet's loan tool

Line of Credit
SMB_Line_of_Credit_t



  • With growing revenue, a line of credit offers flexible spending and higher credit limits than business credit cards.


Compare lenders with NerdWallet's loan tool

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Business credit card
SMB_Business_CC_t



  • A business credit card provides flexible access to cash.

  • It's a good option for short-term expenses as you can tap credit as needed and repay quickly.


Compare credit cards at NerdWallet

Microloan
SMB_Microloan_t



  • Since your business is growing and you have average or better credit, a microloan is a good option if you're looking for reasonable rates.

  • Microloans are typically less than $50,000.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Line of Credit
SMB_Line_of_Credit_t



  • With growing revenue, a line of credit offers flexible spending and higher credit limits than business credit cards.


Compare lenders with NerdWallet's loan tool

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Business credit card
SMB_Business_CC_t



  • A business credit card provides flexible access to cash.

  • It's a good option for short-term expenses as you can tap credit as needed and repay quickly.


Compare credit cards at NerdWallet

Microloan
SMB_Microloan_t



  • Since your business is still young and you have average or better credit, a microloan is a good option if you're looking for reasonable rates.

  • Microloans are typically less than $50,000.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score. Your credit score should be at least 579 to qualify.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score. Your rates may be higher if you have poor credit.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Microloan
SMB_Microloan_t



  • Since your business is growing, a microloan is a good option if you're looking for reasonable rates.

  • Some microlenders work with entrepreneurs who are building their personal credit and their business.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Invoice Factoring
SMB_Invoice_Factoring_t



  • You can turn your unpaid customer invoices or receivables into upfront cash. Your personal credit is not a major factor.

  • Invoice factoring is a good option to manage cash-flow gaps.


Compare lenders with NerdWallet's loan tool

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score. Your rates may be higher if you have poor credit.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Microloan
SMB_Microloan_t



  • Since your business is growing, a microloan is a good option if you're looking for reasonable rates.

  • Some microlenders work with entrepreneurs who are building their personal credit and their business.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Term loan
SMB_Term_Loan_t



  • With a year in business and growing revenue, a term loan can provide a lump sum you can repay over a set period of time.


Compare lenders with NerdWallet's loan tool

Invoice Factoring
SMB_Invoice_Factoring_t



  • You can turn your unpaid customer invoices or receivables into upfront cash. Your personal credit is not a major factor.

  • Invoice factoring is a good option to manage cash-flow gaps.


Compare lenders with NerdWallet's loan tool

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score. Your rates may be higher if you have poor credit.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Microloan
SMB_Microloan_t



  • Since your business is growing, a microloan is a good option if you're looking for reasonable rates.

  • Some microlenders work with entrepreneurs who are building their personal credit and their business.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Term loan
SMB_Term_Loan_t



  • With a year in business and growing revenue, a term loan can provide a lump sum you can repay over a set period of time.


Compare lenders with NerdWallet's loan tool

Line of Credit
SMB_Line_of_Credit_t



  • With growing revenue and a year of business, a line of credit offers flexible spending and higher credit limits than business credit cards.


Compare lenders with NerdWallet's loan tool

Invoice Factoring
SMB_Invoice_Factoring_t



  • You can turn your unpaid customer invoices or receivables into upfront cash. Your personal credit is not a major factor.

  • Invoice factoring is a good option to manage cash-flow gaps.


Compare lenders with NerdWallet's loan tool

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score. Your rates may be higher if you have poor credit.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Microloan
SMB_Microloan_t



  • Since your business is growing, a microloan is a good option if you're looking for reasonable rates.

  • Some microlenders work with entrepreneurs who are building their personal credit and their business.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Line of Credit
SMB_Line_of_Credit_t



  • With growing revenue, a line of credit offers flexible spending and higher credit limits than business credit cards.


Compare lenders with NerdWallet's loan tool

Invoice Factoring
SMB_Invoice_Factoring_t



  • You can turn your unpaid customer invoices or receivables into upfront cash. Your personal credit is not a major factor.

  • Invoice factoring is a good option to manage cash-flow gaps.


Compare lenders with NerdWallet's loan tool

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score. Your rates may be higher if you have poor credit.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Microloan
SMB_Microloan_t



  • Since your business is growing, a microloan is a good option if you're looking for reasonable rates.

  • Some microlenders work with entrepreneurs who are building their personal credit and their business.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Term loan
SMB_Term_Loan_t



  • With a year in business and growing revenue, a term loan can provide a lump sum you can repay over a set period of time.


Compare lenders with NerdWallet's loan tool

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score. Your rates may be higher if you have poor credit.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Microloan
SMB_Microloan_t



  • Since your business is growing, a microloan is a good option if you're looking for reasonable rates.

  • Some microlenders work with entrepreneurs who are building their personal credit and their business.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Term loan
SMB_Term_Loan_t



  • With a year in business and growing revenue, a term loan can provide a lump sum you can repay over a set period of time.


Compare lenders with NerdWallet's loan tool

Line of Credit
SMB_Line_of_Credit_t



  • With growing revenue, a line of credit offers flexible spending and higher credit limits than business credit cards.


Compare lenders with NerdWallet's loan tool

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score. Your rates may be higher if you have poor credit.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Microloan
SMB_Microloan_t



  • Since your business is growing, a microloan is a good option if you're looking for reasonable rates.

  • Some microlenders work with entrepreneurs who are building their personal credit and their business.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Line of Credit
SMB_Line_of_Credit_t



  • With growing revenue and a year in business, a line of credit offers flexible spending and higher credit limits than business credit cards.


Compare lenders with NerdWallet's loan tool

Personal loan
SMB_Personal_Loans_t



  • A personal loan can be a source for newer businesses because approval is typically based on your personal credit score. Your rates may be higher if you have poor credit.

  • NerdWallet recommends taking a maximum of $35,000 to fund your business.


Compare lenders with NerdWallet's loan tool

Microloan
SMB_Microloan_t



  • Since your business is growing, a microloan is a good option if you're looking for reasonable rates.

  • Some microlenders work with entrepreneurs who are building their personal credit and their business.


Compare microlenders at NerdWallet
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Invoice Factoring
SMB_Invoice_Factoring_t



  • You can turn your unpaid customer invoices or receivables into upfront cash. Your personal credit is not a major factor.

  • Invoice factoring is a good option to manage cash-flow gaps.


Compare lenders with NerdWallet's loan tool
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Term loan
SMB_Term_Loan_t



  • With a year in business and growing revenue, a term loan can provide a lump sum you can repay over a set period of time.


Compare lenders with NerdWallet's loan tool

Invoice Factoring
SMB_Invoice_Factoring_t



  • You can turn your unpaid customer invoices or receivables into upfront cash. Your personal credit is not a major factor.

  • Invoice factoring is a good option to manage cash-flow gaps.


Compare lenders with NerdWallet's loan tool
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Term loan
SMB_Term_Loan_t



  • With a year in business and growing revenue, a term loan can provide a lump sum you can repay over a set period of time.


Compare lenders with NerdWallet's loan tool

Line of Credit
SMB_Line_of_Credit_t



  • With growing revenue and a year in business, a line of credit offers flexible spending and higher credit limits than business credit cards.


Compare lenders with NerdWallet's loan tool

Invoice Factoring
SMB_Invoice_Factoring_t



  • You can turn your unpaid customer invoices or receivables into upfront cash. Your personal credit is not a major factor.

  • Invoice factoring is a good option to manage cash-flow gaps.


Compare lenders with NerdWallet's loan tool
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

SBA Loan
SMB_SBA_Loan_t



  • As an established business with growing revenue, an SBA loan is a good option if you want low rates.

  • Approval and funding can take longer than other financing sources.


Compare lenders with NerdWallet's loan tool

Term loan
SMB_Term_Loan_t



  • With two years in business and growing revenue, a term loan can offer competitive rates.

  • A term loan is an attractive choice if you want a lump sum paid over a set period of time.


Compare lenders with NerdWallet's loan tool

Line of Credit
SMB_Line_of_Credit_t



  • With growing revenue and two years in business, a line of credit offers flexible spending and higher credit limits than business credit cards.


Compare lenders with NerdWallet's loan tool

Invoice Factoring
SMB_Invoice_Factoring_t



  • You can turn your unpaid customer invoices or receivables into upfront cash.

  • Invoice factoring is a good option to manage cash-flow gaps.


Compare lenders with NerdWallet's loan tool
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Line of Credit
SMB_Line_of_Credit_t



  • With growing revenue, a line of credit offers flexible spending and higher credit limits than business credit cards.


Compare lenders with NerdWallet's loan tool

Invoice Factoring
SMB_Invoice_Factoring_t



  • You can turn your unpaid customer invoices or receivables into upfront cash.

  • Your personal credit score is not a major factor.


Compare lenders with NerdWallet's loan tool
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Term loan
SMB_Term_Loan_t



  • A term loan is an attractive choice if you want a lump sum paid over a set period of time.


Compare lenders with NerdWallet's loan tool
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Term loan
SMB_Term_Loan_t



  • Since most lenders want at least a year in business, you should wait until you reach that milestone to find eligible term loan options.


Compare lenders with NerdWallet's loan tool

Line of Credit
SMB_Line_of_Credit_t



  • With growing revenue, a line of credit offers flexible spending and higher credit limits than business credit cards.

  • We recommend you've been in business for a year to compare line of credit options.


Compare lenders with NerdWallet's loan tool
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

SBA Loan
SMB_SBA_Loan_t



  • As an established business with growing revenue, an SBA loan is a good option if you want low rates.

  • Approval and funding can take longer than other financing sources.


Compare lenders with NerdWallet's loan tool

Term loan
SMB_Term_Loan_t



  • With two years in business and growing revenue, a term loan can offer competitive rates.

  • A term loan is an attractive choice if you want a lump sum paid over a set period of time.


Compare lenders with NerdWallet's loan tool

Line of Credit
SMB_Line_of_Credit_t



  • With growing revenue and two years in business, a line of credit offers flexible spending and higher credit limits than business credit cards.


Compare lenders with NerdWallet's loan tool
We recommend the following ways to finance your business:

Funding option

Why we recommend

Find a lender

Line of Credit
SMB_Line_of_Credit_t



  • With growing revenue, a line of credit offers flexible spending and higher credit limits than business credit cards.


Compare lenders with NerdWallet's loan tool
Based on your scenario, we don't recommend any financing products for that loan amount. You may be able to find financing for loan amounts less than $50,000.

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