$5,000 to $1,000,000
8.00% Based on the current prime rate of 7.50% + an added 0.50% from Wells Fargo, subject to a 5.00% minimum
Revolving
If you’re looking for funds you can borrow from again and again, Wells Fargo offers unsecured and secured lines of credit up to $1,000,000, allowing you to withdraw what you need, when you need it. Interest is only applied to the amounts withdrawn, although some products charge an annual fee. Wells Fargo also offers business bank accounts, credit cards and more.
It can take up to two weeks to process and fund a Wells Fargo business line of credit.
Newer businesses can consider the Wells Fargo Small Business Advantage line of credit, which is designed for companies with fewer than two years of operation and has rates starting at 12.00%. Based on the current prime rate of 7.50% + 4.50% added by Wells Fargo. More established businesses may qualify for lower rates with Wells Fargo’s BusinessLine or Prime Line of Credit.
In order to qualify, you’ll need to meet Wells Fargo’s criteria of:
In addition to secured and unsecured lines of credit, featured here, Wells Fargo offers:
Up to $500,000
Not disclosed
12 to 72 months
Businesses needing to invest in heavy or industrial equipment can borrow up to $500,000 with equipment financing through First Citizens Bank. You can receive 100% financing for new and used equipment, receiving funds in as little as one business day.
While First Citizens Bank doesn’t list its eligibility criteria, recently established businesses may be eligible to apply because the equipment acts as collateral to secure the debt.
First Citizens Bank doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Apply online or contact the bank directly to learn if your business qualifies for a loan.
In addition to equipment financing, First Citizens Bank offers:
$5,000 to $250,000
Not disclosed
Up to 84 months
For companies needing fast access to capital, U.S. Bank offers quick business loans and lines of credit up to $250,000. While many traditional banks can often take up to two weeks or longer to process and fund loans, U.S. Bank uses a streamlined online application to offer approvals in minutes and delivery funds in just a few days.
Unsecured business financing is available for those who can’t or don’t want to provide collateral. However, you can unlock the lowest rates by pledging collateral with a secured business loan. In addition to quick business financing, U.S. Bank offers SBA loans, business checking accounts, payroll services and more.
If you’ve been a U.S. Bank customer for less than 12 months, you’ll need to reside in one of the following states to qualify: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin or Wyoming.
If you live in North Carolina, South Carolina or Texas, your eligibility will depend on your ZIP code.
Eligibility will also depend on your business history, but U.S. Bank doesn’t disclose the minimum credit score, time in business and annual revenue you’ll need to qualify. Apply online or contact the lender directly to learn if your business qualifies for a loan.
In addition to quick business loans, featured here, U.S. Bank offers:
Up to $5,000,000
10.50% to 14.00%
14% for loans $50,000 or less
13.5% for loans $50,001 to $250,000
12% for loans $250,001 to $350,000
10.5% for loans above $350,000
Some borrowers may qualify for lower rates. Based on the current prime rate of 7.50% + a rate maximum set by the SBA.
12.50% to 15.50%
15.5% for loans $25,000 or less
14.5% for loans $25,001 to $50,000
13.5% for loans $50,001 to $250,000
12.5% for loans above $250,000
Some borrowers may qualify for lower rates. Based on the current prime rate of 7.50% + a rate maximum set by the SBA.
Up to 300 months
Huntington National Bank is the country’s leading SBA lender by approval rate. As an SBA Preferred lender, the bank is authorized to make lending decisions on behalf of the Small Business Administration (SBA), helping you get your money faster. SBA Preferred lenders typically process and fund loans within two weeks, compared to the average turnaround time of 30 to 90 days.
Huntington offers up to $5,000,000 with an SBA 7(a) loan, or up to $350,000 with an SBA Express loan if you need your funds sooner. You can also explore other financing options, such as term loans, lines of credit and financing for dental practices. Though branches are located in only 13 states, businesses across the country are welcome to apply.
Huntington Bank doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify for an SBA loan, but you’ll generally need at least two years in business and a credit score of 680 or higher to qualify for an SBA loan. Contact the bank directly to learn more.
In addition to SBA 7(a), 504 and Express loans, Huntington National Bank offers:
Starting at $1,000; credit line amount is equal to your cash deposit
Not disclosed
12 months (with annual review)
With a Bank of America cash-secured business line of credit, you can set money aside for business expenses while building your business credit profile. You must provide a cash deposit (minimum of $1,000) to be able to withdraw funds up to that amount as often as needed. After a year of regular payments, you may be able to switch to an unsecured line of credit.
Bank of America’s unsecured line of credit starts at $10,000 and is available to businesses that have been operating for at least two years. In addition, Bank of America has a range of small business solutions, including term loans and a loyalty program for business members.
In order to qualify, you’ll need to meet Bank of America’s criteria of:
In addition to a cash-secured line of credit, featured here, Bank of America offers:
$5,000 to $5,000,000
Not disclosed
Up to 84 months for term loans or 300 months for commercial real estate loans
If you’re looking for a one-stop shop to tackle your business’s financial needs, Chase Bank could be right for you. With a strong nationwide reach, Chase offers a wide range of small business solutions, including term loans, lines of credit, commercial real estate financing, SBA loans, checking accounts, credit cards, investing services, payment solutions and more.
Since interest rates are based on your banking relationship, it can help to establish a relationship with Chase first before applying for financing. And since Chase is an SBA-preferred lender, you can potentially receive your funds faster than the average turnaround time if you need an SBA loan.
Chase Bank doesn’t disclose its minimum credit score or annual revenue requirements, though most products require your business to be in operation for at least two years to qualify. Apply online or contact the bank directly to find out if your business qualifies for financing.
Chase Bank offers a full suite of business solutions, including:
$20,000 to $100,000
Not disclosed
24 to 60 months
If you want to avoid putting your personal and business assets at risk, you’ll want to choose an unsecured business loan from a traditional lender like PNC Bank. Loan amounts go up to $100,000 with fixed interest rates, and payments are automatically deducted from your PNC Bank checking account on a monthly basis.
Similar to other banks, PNC Bank offers a variety of small business products and services, like credit cards, merchant services and lines of credit. While you typically need to operate for at least two years to qualify for a PNC Bank business loan, other credit solutions may be available for startups.
In order to qualify, you’ll need to meet PNC Bank’s criteria of:
In addition to unsecured business loans, featured here, PNC Bank offers:
$10,000 to $5,000,000
Not disclosed
Up to 240 months
As a top-10 bank in the U.S., Capital One has a solid track record of providing flexible options to help small businesses acquire, improve or refinance commercial property. You can borrow up to $5,000,000 with terms lasting up to 240 months.
If you want to streamline your business finances, Capital One offers additional products like checking and savings accounts, credit cards, equipment loans and more. Note that you must have a business checking account and apply in person at a branch to get a loan.
Capital One requires businesses to be in operation for a minimum of two years to qualify for most products, though there is no time-in-business requirement for SBA loans. Minimum credit score and annual revenue requirements are not disclosed, so you’ll need to apply to find out if your business qualifies for financing.
In addition to commercial real estate loans, Capital One offers:
Up to $250,000
Not disclosed
12 to 84 months
Truist works with each company on an individual level, assessing their overall growth and potential. Because of this, there are no standard business history or annual revenue requirements, making Truist a good option for startup financing. But keep in mind that it may still be more difficult to qualify for financing if you’re a new business, and your credit score and revenue will likely affect your ability to get funding.
Options include term loans, lines of credit, commercial auto loans, equipment financing and real estate loans.
While Truist only advertises loans up to $250,000, there are other loan products with higher borrowing amounts available if your business earns $2,000,000 or more in annual revenue.
In order to qualify, you’ll need to meet Truist’s criteria of:
In addition to the products and services detailed above, Truist offers:
| Pros | Cons |
|---|---|
Generous loan amounts: You can often get funding in the millions, especially if working with an SBA lender. Competitive rates: Business loan interest rates average around 7.40% with traditional banks as of Q4 2024, while rates with online lenders may be higher. Longer repayment terms: Terms can range from 12 to 300 months, giving you more breathing room to handle repayments. Borrower incentives: Some banks offer loyalty reward programs for business members. In-person support and networking opportunities: Your local bank may provide educational classes or offer in-person support to take your business to the next level. | Strict eligibility requirements: Traditional lenders typically like to see a good to excellent credit score, along with a steady income, at least one to two years in business, assets and more. Extra paperwork: Some banks require you to apply in person with a paper application. You may also need to provide additional paperwork during the underwriting process. Slower turnaround times: Traditional banks typically take anywhere between several days to three months to process your application, though some have a shorter or longer timeline. |
Traditional banks typically take between two weeks to several months to process and fund business loans, while SBA loans can take up to 90 days to process.
In general, traditional banks have a longer timeline than online lenders since they need to thoroughly review your paperwork, business plan, credit criteria, collateral details and more. In contrast, online lenders utilize the latest software to assess your company’s overall financial health, delivering funds as quickly as the same day.
A no-doc business loan is a loan that requires minimal paperwork during the underwriting process, such as only needing your credit score and bank account statements. No-doc loans may be unsecured or they may require collateral.
While no-doc loans are generally offered by online lenders, some traditional banks offer unsecured business loans with minimal documentation required.
Some traditional banks offer financing for early-stage startups, such as Wells Fargo and Truist. However, many traditional banks want a business to operate for at least two years before extending credit.
If you run a startup, there are other ways to raise funds to jumpstart your entrepreneurial ideas. For example, you can apply for startup business grants, ask relatives to contribute toward a family loan or save up your income to bootstrap your startup.
