Business Loans: Finance Growth for Your Small Business
Find the right financing solution to grow your business
Estimate Your Monthly Payments on a Business Loan
Compare Top Small Business Loan Offers from U.S. Lenders
BlueVine
Loan Amount
$5,000 - $250,000
APR Range
6.20% - 26.00%
Term Length
6 - 12 months
Min. Credit Score
600+
Best for: Short-term business needs
Funding Circle
Loan Amount
$25,000 - $500,000
APR Range
5.99% - 19.99%
Term Length
6 - 60 months
Min. Credit Score
660+
Best for: Established businesses
OnDeck
Loan Amount
$5,000 - $250,000
APR Range
11.89% - 35.90%
Term Length
3 - 24 months
Min. Credit Score
625+
Best for: Fast funding needs
Lendio
Loan Amount
$5,000 - $500,000
APR Range
6.00% - 30.00%
Term Length
1 - 300 months
Min. Credit Score
550+
Best for: Comparing multiple offers
Kabbage
Loan Amount
$2,000 - $250,000
APR Range
9.00% - 36.00%
Term Length
6 - 18 months
Min. Credit Score
640+
Best for: Flexible funding needs
Who Qualifies for a Business Loan?
Typical Eligibility Requirements for Business Loans
| Requirement | Description | Minimum | Recommended |
|---|---|---|---|
| Business History | Lenders want to see that your business has a track record of operations. | 6+ months of trading history | 2+ years in business |
| Revenue | Consistent monthly revenue demonstrates ability to repay the loan. | $5,000 monthly revenue | $10,000+ monthly revenue |
| Credit Score | Your personal credit score is often considered for business loans. | 580+ | 650+ |
| Banking | A dedicated business bank account is typically required. | Business bank account | Business bank account with consistent activity |
| Business Location | Most lenders require a US-based business. | US resident business address | Same as minimum |
* Requirements vary by lender. Meeting minimum requirements does not guarantee approval.
Should You Take Out a Business Loan? Pros & Cons
Pros of Business Loans
- Higher loan limits than personal loans
- Flexible use of funds for various business needs
- Can help build business credit history
- Tax-deductible interest in many cases
- Various loan types for different business situations
Cons of Business Loans
- Strict eligibility requirements and documentation
- May require collateral or personal guarantee
- Potentially higher interest rates for new businesses
- Application process can be lengthy
- May impact personal credit if personally guaranteed
Step-by-Step: Applying for Business Financing
How to Apply for a Business Loan
- 1
Choose the Right Type of Business Loan
Determine which loan type (term loan, SBA loan, line of credit, etc.) best fits your business needs and qualifications.
- 2
Prepare Your Documentation
Gather business tax returns, financial statements, revenue reports, business plan, and other required documents.
- 3
Submit Your Application
Complete the lender's application form with your business and personal information. Many lenders offer online applications.
- 4
Await Approval and Review Terms
After submitting your application, the lender will review your information and make a decision. If approved, carefully review the offered terms.
- 5
Sign Documents and Receive Funds
Once you accept the terms, sign the loan agreement and provide any additional information requested. Funds are typically deposited into your business account within a few days.