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10 of the Best Loans for Small Businesses
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Debt can be scary, but it's also a fact of life when you run your own business. Small loans provide the capital that new businesses need to invest in their own success. Figuring out which loans are best, however, isn't always easy.
Fortunately, we've gathered up some of the best places for small businesses to get loans from. These banks and other organizations offer competitive rates that can help you get started on that dream renovation or new service idea that you need to take your business to the next level.
LendingClub
LendingClub is a technology company that pairs borrowers with the lenders they need to succeed. Loans range from $5,000 to $500,000 with interest rates starting at a 4.99 annual percentage rate (APR). You can have fixed monthly payments over a one to five year period with no prepayment penalties. LendingClub also offers a dedicated Client Advisor service to help new business owners navigate the process.
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OnDeck
OnDeck has an A+ rating with the Better Business Bureau and offers both lines of credit and loans. The latter range from $5,000 to $500,000 with repayment terms up to 12 months. While the customizability of OnDeck's loans can potentially be good for anyone, where the company really shines is repeat borrowers. If you already have a loan and take out another one, OnDeck will waive your original loan's interest, which can be a good deal for a business that plans for rapid expansion. On top of that, OnDeck uses soft credit checks, meaning applying won't hurt your credit.
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Chase Bank
As one of the four largest banks in the United States, Chase Bank is a major player in the financial industry, and borrowing from them has some serious perks. While it can be harder to qualify for a loan from Chase, the terms are likely to be very agreeable. Services offered include business term loans, lines of credit, Small Business Administration (SBA) loans, trade financing and commercial real estate financing. Business loans range from $10,000 to $500,000 over a term of one to two years, with commercial loans exceeding that range.
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Wells Fargo
Wells Fargo is unusually open about the terms of its loans, with everything from the minimum credit score needed for a business loan (670) to the APR range you can expect (6.25 to 22.99 percent) freely available on the bank's website. lets you borrow from $10,000 to $100,000 with fixed interest rates of 6.5 to 22.99 percent. The main downside of Wells Fargo is that it's better if you already use the bank for other services — there's a $150 service fee otherwise.
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Bank of America
Like many large banks, Bank of America offers good rates on business loans, but with the catch that the requirements to qualify are fairly high. Your business needs to have been in operation for two years and earn an annual revenue of at least $100,000. You also may be required to provide collateral if you don't meet certain standards. What you get in exchange, however, is access to a range of financial products spanning from lines of credit to business loans, with the latter having an estimated APR of 6.25 to 17 percent and a range of $10,000 to $100,000 dollars. Bank of America also offers a customer rewards program, making it another good choice for business owners who expect to be doing a lot of business with a bank beyond just deposits.
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Smartbiz
Like LendingClub, Smartbiz helps small business owners find the best loans for them, particularly SBA loans. As with all such loans, you'll need a fair amount of paperwork to meet government requirements. Additionally, you'll need to have been in business for two years or more and have a personal credit score of 650 or greater and business credit score of at least 150. As a reward for all that hassle, however, you get access to some of the best loans on the market.
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Lendio
Lendio is another online service that can help you find a loan. While it usually requires six months in business to qualify and two years for the best prices and offers, it also offers ten different loan types and low credit score requirements. Finding a loan is as simple as filling in your information in a process that can take as little as fifteen minutes and then waiting for Lendio to find the best deals for you. The company also pairs each client with a personal funding manager, which can be helpful for new business owners.
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Source: https://www.bloglines.com/article/10-of-the-best-loans-for-small-businesses?utm_content=params%3Ao%3D740010%26ad%3DdirN%26qo%3DserpIndex