Small Business Loans

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Looking for a small business loan? Find and apply to your best option based on 2020 availability.

Getting a small business loan can be much more complicated than getting a consumer loan as there are multiple types of small business loans that differ in rate, structure, term length, requirements, and more. It’s not just a monthly term loan like you may be used to with a mortgage or auto loan. 

To help your search, we’ve organized a quick comparison of the options currently available in the fall of 2020, along with what you’ll need to qualify and how to apply.

Small Business Loan Types

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Our Top Pick for Fall 2020

SBA 7(a) Loans

SBA 7(a) loans are low-interest-rate, government-guaranteed term loans that may be used for a range of business purposes. These are an option for business owners who might not qualify for a bank loan.

Compare Business Loan Options Currently Available in Fall 2020

Type Rates Speed Min. Credit Score Best For
6%+
2 weeks+
640
 Businesses with strong credit that don’t need funds immediately
7%-25%
 1 day+
600
Businesses that want access to capital in case of an emergency
~3% processing fee + ~1% factor fee per week outstanding
Variable based on the Prime Rate
600
 Businesses that invoice customers and need to stabilize cash flow
4%-40%
2 days+
600
Businesses that need financing to purchase equipment
12%+
1 day+
550
Businesses that need capital quickly
1.17+ factor rate
1 day+
460
Businesses with poor credit

Do You Qualify for a Small Business Loan?

Although eligibility requirements vary by lender and loan type, small businesses that meet the following criteria have a greater chance of qualifying for a business loan:

  • $150,000 in annual revenue
  • 600+ personal credit score
  • 1 year in business
See If You Qualify

Who Is Fundera?

Fundera connects small business owners to the best loan option for them through our online marketplace of vetted business lenders. With one simple application, you can see all the products and lenders you qualify for, and start evaluating which business loan is best for your business. It is free to see your options on Fundera (and it won’t affect your credit).

Small Business Loan FAQs

Not ready to apply? Dive deeper into your business loan options with our comprehensive guides on all things small business financing.