A great small business loan changes the future and fortunes of a business for the better. There are times in the initiation, development and expansion of a business where additional funds are needed to move forward with an applicable mission statement and business plan. A great small business loan helps achieve those goals.
There are many viable small business loans available on today’s market. There are also multiple types of small business loans available from the best of lenders. Read ahead for advice about the top 10 best small business loans and how to apply.
Different Types of Small Business Loans
There are at least seven different types of small business loans available. The U.S. Small Business Administration (SBA) provides information and guidance pertaining to your options as a small business owner. Thoroughly researching your options to determine the best type of small business loan for your situation is crucial to discovering the best fit for your business and its success. Seven of the different types of small business loans available include:
• Term loans.
• Invoice financing.
• Loans based on real estate.
• Merchant cash advances.
• Franchise loans.
• Lines of Credit.
• Equipment loans.
Top 10 Small Business Loans and How to Apply
There are many lenders offering a multitude of small business loans today. The best ones suit your needs and the needs of your business, making the financial future of both more secure. The top 10 small business loans available through the best lenders today are:
8. Rapid Finance.
9. SBG Funding.
10. Noble Funding.
Bizz2Credit is one of the newer small business lenders on the market. The company is a little over two years old at the time of this writing, and funds small business loans ranging from $10,000 to $4,000,000. Online applications for small business loans via the Bizz2Credit website are initiated HERE.
Lendio helps small business owners find and compare loan types and options. While not a lender itself, the Lendio mission statement includes fueling the American dream and helping small U.S. business owners receive the funds they need via a convenient application process, which takes approximately fifteen minutes to complete. Lendio has funded over ten billion dollars worth of small business loans to-date, some of which include COVID-19-based funding relief.
Kabbage offers loan options including business loans, equipment loans/leases, commercial mortgages and cash advances against credit card income. Lines of credit are available at a maximum of $250,000. In lieu of interest rates, fees ranging from one to ten percent per month are charged. Applications are initiated by creating a Kabbage account.
BlueVine is great for larger sized loans and lower credit scores. Invoice factoring, credit lines and term loans area all available, while the BlueVine invoice factoring loan program specifically is one of the best on the current market. While mostly funding B2B businesses, $5,000,000 is potentially available to a variety of borrowers. Processing for BlueVine small business loans begins HERE.
OnDeck is great for repeat borrowers looking for numerous short-term loans over an extended period of time. Repeat customers are given low rates/fees not necessarily available to first-time borrowers with the company. Application requirements are a bit stricter with BlueVine than with other more lenient lenders, and only businesses with a verifiable and significant revenue history are generally accepted. OnDeck has a strong reputation and review history with an impressively high number of its borrowers, however, making it a great lender for established small businesses looking for long-term borrowing incentives.
Small business owners are able to begin the application process for loans from Fundera by initiating a personalized application questionnaire. Fundera, like Lendio, is a lending marketplace allowing borrowers to compare many options. A typical business line of credit ranges from $10,000 to $1,000,000 at a lowest APR of seven percent.
StreetShares is best suited for younger or even struggling businesses with a minimum of $25,000 in revenue. Rates are offered at approximately seven percent, pending qualifying credit. Loan applications are processed online or initiated on the phone by calling 1-800-560-1435.
8. Rapid Finance
Rapid Finance offers small business loans from $5,000 through $250,000. This alternative lender offers some of the best merchant cash advance programs on the market today. Quotes and applications are available through the Rapid Finance website.
9. SBG Funding
SBG Funding is known for providing adequate working capital for small businesses looking to maintain and/or expand. Interest rates range from five to thirty-five percent. Repayment plans range from six months up to five years in length. SBG also does not charge hidden or additional fees. Applications for SBG Funding small business loans are available HERE.
10. Noble Funding
Noble Funding offers flexible funding for invoice factoring loans. This alternative lender also provides small business loans for A/R LOCs (Lines of Credit). Unsecured loans and cash advances are also available. Applications are initiated through an Instant Quote portal HERE.
General Advice About Small Business Loans
Before applying for a small business loan it is advisable to know what type of funding is both needed and best suited for your short and long-term business plans. Once this is determined, do plenty of comparison-shopping between lenders. While some specialize is a particular type of loan, many provide various lending services and loan types. Doing the proper amount of research might help save your business money and further propel its success in the end.