1. Small business loans allow business owners to borrow funds for company purchases and operating costs.
2. OnDeck provides short-term loans and lines of credit up to $250,000, with same-day funding.
3. Lendio is a marketplace for online business loans, connecting borrowers to over 75 lenders.
4. Cabbage, backed by American Express, offers lines of credit up to $250,000 with 6-18 month repayment periods.
5. BlueVine offers flexible lines of credit up to $250,000 with weekly or monthly payments and possible credit line increases.
6. National Funding provides working capital loans up to $500,000 with terms ranging from 4 months to 2 years.
7. National Funding also offers equipment financing up to $150,000 with a personal credit score requirement of 575.
8. National Funding offers early payoff discounts for small business loans.
Small business loans help business owners cover company-related expenses and can be used to start a business or expand an existing one. The best small business loans can provide the necessary capital for success. Here are five of the best small business loans available:
1. OnDeck: Best for short-term loans, with term loans ranging from $5,000 to $250,000 and repayment terms of up to 24 months.
2. Lendio: Best lender comparison site, connecting borrowers with over 75 lenders for business loans, lines of credit, SBA loans, and more.
3. Cabbage: Best for lines of credit backed by American Express, providing business owners access to a line of credit ranging from $2,000 to $250,000.
4. BlueVine: Best for flexible lines of credit, offering as-needed funds ranging from $6,000 to $250,000 and two payment options.
5. National Funding: Best for small to mid-sized businesses, providing working capital loans ranging from $5,000 to $500,000, equipment financing up to $150,000, and early payoff discounts.
Each lender has different requirements and terms, so it’s essential to research and find the best fit for your business needs.