Best Small Business Loans in December 2024

Compare top lenders to find the right funding for your business.

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Small Business Administration: Best for business owners who can’t qualify for traditional financing

Up to $5,000,000

10.75% to 14.25%  14.25% for loans $50,000 or less
13.75% for loans $50,001 to $250,000
12.25% for loans $250,001 to $350,000
10.75% for loans above $350,000
Some lenders may charge lower rates. Based on the current prime rate of 8.00% + a rate maximum set by the SBA.

12.75% to 15.75%  15.75% for loans $25,000 or less
14.75% for loans $25,001 to $50,000
13.75% for loans $50,001 to $250,000
12.75% for loans above $250,000
Some lenders may charge lower rates. Based on the current prime rate of 7.75% + a rate maximum set by the SBA.

Up to 300 months

Pros
  • Capped interest rates
  • Long repayment terms
  • Offers term loan, line of credit or microloan
Cons
  • May require a personal guarantee
  • Collateral required for loans over $50,000
  • Longer turnaround time than online lenders

Why we picked it

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The U.S. Small Business Administration (SBA) partners with lenders nationwide to offer financing for businesses unable to qualify for traditional funding. Since the SBA reduces lender risk by guaranteeing up to 75% to 90% of the loan, lenders can offer lower rates and extended repayment terms. Maximum interest rates are based on the current prime rate of 8.5% plus a cap set by the SBA.

The SBA 7(a) loan is the most popular SBA loan since it covers a range of general expenses like working capital, inventory, payroll, equipment and more. You can also consider the SBA CDC/504 loan for major fixed assets or the SBA microloan for smaller purchases.

Read more about the SBA loan program.

How to qualify

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In order to qualify, you’ll need to meet the SBA’s criteria of:

  • Minimum credit score: 680 (recommended)
  • Minimum time in business: 24 months (recommended)
  • Minimum annual revenue: Varies by lender

OnDeck: Best for business owners who need same-day funding

$5,000 to $250,000

27.30% Minimum APR offered to at least 5% of customers (not the lowest rate offered)

18 to 24 months

Pros
  • Fair to low credit accepted
  • Can help build business credit
  • Same-day funding available in certain states
Cons
  • Requires daily or weekly repayments
  • Higher interest rate range
  • Funding not available in North Dakota

Why we picked it

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OnDeck allows you to borrow large amounts, even with a low minimum credit score and a short business history. Depending on your location, you may be able to access your funds the same day you’re approved. Additionally, you can build your business credit by making on-time payments with an OnDeck loan.

However, OnDeck’s rates tend to run high — with an average 56.1% APR for its term loan.

Read our OnDeck review.

How to qualify

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In order to qualify, you’ll need to meet OnDeck’s criteria of:

  • Minimum credit score: 625
  • Minimum time in business: 12 months
  • Minimum annual revenue: $100,000

iBusiness Funding: Best for business owners who need long repayment windows

$25,000 to $500,000

7.49%

6 to 84 months

Pros
  • Fast funding
  • No hard credit check to get a quote (there may be a hard check if you accept the loan)
  • Low minimum revenue requirement
Cons
  • Higher credit score requirement compared to some lenders
  • Must be in operation for at least two years
  • Collateral and personal guarantee required

Why we picked it

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A long-term business loan from iBusiness Funding can provide between $25,000 and $500,000, helping you cover expenses like payroll services, inventory, equipment and more. With a streamlined application process, you can receive funds in as soon as two business days. Repayment terms go up to seven years with no fees for repaying the debt early.

iBusiness Funding also offers business lines of credit with no monthly maintenance fee and SBA loans.

Read our iBusiness Funding review.

How to qualify

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In order to qualify, you’ll need to meet iBusiness Funding’s criteria of:

  • Minimum credit score: 660
  • Minimum time in business: 24 months
  • Minimum annual revenue: $50,000

American Express Business Line of Credit: Best for business owners who need flexible funding

$2,000 to $250,000

3.00% to 27.00%  3% to 9% for 6-month terms
6% to 18% for 12-month terms
9% to 27% for 18-month terms
12% to 18% for 24-month terms

6 to 24 months

Pros
  • Quick application process
  • Only pay interest on what you use
  • No prepayment penalties
Cons
  • Requires a personal guarantee
  • Confusing fee structure
  • Must link bank account to determine eligibility

Why we picked it

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The American Express Business Line of Credit offers businesses access to revolving funds up to $250,000. With a business line of credit, you can borrow up to the credit limit as often as you like, only paying fees on the withdrawn amounts.

The streamlined application takes minutes to complete, requiring you to link your business bank account. If approved, you could receive funds within one to three business days.

Read our American Express Business Line of Credit review.

How to qualify

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In order to qualify, you’ll need to meet American Express’s criteria of:

  • Minimum credit score: 660
  • Minimum time in business: 12 months
  • Minimum annual revenue: $36,000

Credibly: Best for business owners who need to cover operating expenses

Up to $600,000

1.11 factor rate

6 to 24 months

Pros
  • Ideal for almost any type of short-term business need
  • Low minimum credit score requirement
  • Short time-in-business requirement
Cons
  • High annual revenue requirement
  • Charges a 2.50% origination fee
  • Most products provided by third-party partners

Why we picked it

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Credibly’s working capital loans can provide funding in less than 24 hours if you need cash to cover operating expenses or purchase inventory. With a minimum credit score of 500, Credibly may be willing to look past a checkered credit history if you have a healthy annual revenue.

In addition to working capital loans and merchant cash advances, Credibly partners with lenders offering merchant cash advances, business lines of credit, equipment financing, SBA loans, invoice factoring and other loans to help your business get the funding it needs.

Read our Credibly review.

How to qualify

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In order to qualify, you’ll need to meet Credibly’s criteria of:

  • Minimum credit score: 500
  • Minimum time in business: Six months
  • Minimum annual revenue: $180,000

Taycor Financial: Best for business owners who need to buy equipment

$500 to $5,000,000

7.90%

12 to 84 months

Pros
  • Offers 100% financing with no down payment
  • Startup friendly — no minimum time in business requirement
  • No prepayment penalties
Cons
  • Equipment financing rates can go as high as 28.00%
  • Includes a documentation fee
  • Stricter criteria for equipment refinancing

Why we picked it

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Taycor Financial offers equipment loans up to $5,000,000 with extended repayment terms and no prepayment penalties. Since the equipment acts as collateral to secure the loan, all business types are encouraged to apply — including startups or low-revenue companies. Additionally, Taycor Financial’s low minimum required credit score of 550 makes it a great option if you’re looking for equipment loans with bad credit.

You can also consider other funding solutions with Taycor Financial, including business lines of credit, commercial bridge loans and term loans.

Read our Taycor Financial review.

How to qualify

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In order to qualify, you’ll need to meet Taycor Financial’s criteria of:

  • Minimum credit score: 550
  • Minimum time in business: Not required
  • Minimum annual revenue: No specific minimum

Wells Fargo: Best for business owners who are well established

$10,000 to $15,000,000

Varies by product

Up to 300 months

Pros
  • Offers a range of business products and services
  • Automatic enrollment in free points-based rewards program
  • No collateral required for unsecured line of credit
Cons
  • High annual fees for unsecured line of credit
  • Personal guarantee required for some products
  • Must be in business for two years to qualify for most loans

Why we picked it

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With close to 7,000 physical branches throughout the U.S., Wells Fargo could be a good option for business owners wanting a traditional brick-and-mortar bank experience. Wells Fargo offers unsecured and secured lines of credit, SBA loans, healthcare practice loans, business bank accounts and business credit card rewards.

While bank business loans generally have lower interest rates than online lenders, it can take up to two weeks to process and fund a Wells Fargo business line of credit. Traditional banks also typically require a good credit score and at least two years in business, although the Wells Fargo Small Business Advantage line of credit is designed for businesses that have been operating for less than two years.

Read our Wells Fargo review.

How to qualify

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In order to qualify, you’ll need to meet Wells Fargo’s criteria of:

  • Minimum credit score: 680 for unsecured line of credit (not disclosed for other products)
  • Minimum time in business: 24 months for unsecured line of credit (not disclosed for other products)
  • Minimum annual revenue: Undisclosed

Fundbox: Best for business owners who run startups

Up to $150,000

4.66% to 8.99%  4.66% for 12-week terms
8.99% for 24-week terms

3 or 6 months

Pros
  • Ideal for recently established businesses
  • Unlock more discounts with Fundbox Plus
  • Available to businesses in all U.S. states
Cons
  • Only offers a business line of credit
  • Low maximum borrowing amount
  • Short repayment terms

Why we picked it

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If you need a quick startup business loan, Fundbox offers up to $150,000 with its business line of credit. New companies can qualify after three months of operation and at least $30,000 in annual revenue. Withdraw funds up to your credit limit as often as needed, only paying interest on the amount you use. If approved, funds could hit your bank account as soon as the next business day.

You can unlock additional benefits, including up to 20% off fees, by upgrading to Fundbox Plus. However, with payment terms of either three or six months, you’ll have to pay back your line of credit much sooner with Fundbox than you might with another lender.

Read our Fundbox review.

How to qualify

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In order to qualify, you’ll need to meet Fundbox’s criteria of:

  • Minimum credit score: 600
  • Minimum time in business: Three months
  • Minimum annual revenue: $30,000

Fora Financial: Best for business owners who have poor credit

Up to $1,500,000

1.15 factor rate

Up to 18 months

Pros
  • Low minimum credit score requirement
  • Early payoff discount
  • Fast funding time
Cons
  • Doesn’t help build business credit
  • High monthly revenue needed to qualify
  • Wide interest rate range

Why we picked it

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If you need a loan but have bad credit, Fora Financial considers borrowers with credit scores as low as 570 with no collateral required. Your business could access funds up to $1,500,000 that can be used for almost any type of business expense.

To qualify, your business must generate at least $20,000 a month in revenue. You can expect to receive your funds within 24 to 48 hours after approval. In addition to term loans, Fora Financial offers revenue advances where payback is based on a percentage of your daily or weekly receipts.

Read our Fora Financial review.

How to qualify

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In order to qualify, you’ll need to meet Fora Financial’s criteria of:

  • Minimum credit score: 570
  • Minimum time in business: Six months
  • Minimum annual revenue: $240,000

National Funding: Best for business owners who plan to pay their loan off early

$5,000 to $500,000

1.11 factor rate

4 to 60 months

Pros
  • Funding as soon as 24 hours
  • Early payoff discount
  • No down payment or collateral needed
Cons
  • High annual revenue needed to qualify
  • Factor rate makes it hard to compare other lenders
  • Only two products available, despite misleading website marketing

Why we picked it

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If you need fast access to capital, National Funding provides quick business loans with an approximate 24-hour turnaround. Its term loan provides up to $500,000 with no collateral required. Even better, you can get a discount for paying off your loan early, making this a solid contender for business owners who may be able to make extra payments on higher profit months. National Funding also offers equipment financing and leasing from $3,000 to $150,000.

The company also has a Guaranteed Lowest Payment program, but it only applies if you find a better rate with the exact same terms and conditions and without contingencies.

Just keep in mind you need to earn at least $250,000 a year to qualify for financing with National Funding.

Read our National Funding review.

How to qualify

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In order to qualify, you’ll need to meet National Funding’s criteria of:

  • Minimum credit score: 600
  • Minimum time in business: Six months
  • Minimum annual revenue: $250,000

Headway Capital: Best for low-revenue businesses

Up to $100,000

Not disclosed

12 to 24 months

Pros
  • Can receive funds the next business day
  • Short time-in-business requirement
  • No monthly or annual service fees
  • Annual revenue requirement of $50,000 is lower than many other lenders
Cons
  • Low maximum loan amounts
  • Weekly payments may be required
  • Not available in Arkansas, Connecticut, Michigan, Montana, Nevada, North Dakota, Rhode Island, South Dakota and Vermont.

Why we picked it

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If your business’s revenue is on the lower end, consider Headway Capital. You only need to be able to show $50,000 in annual revenue to qualify. Once approved, you can borrow up to $100,000 with a flexible line of credit for expenses like payroll, inventory, marketing or covering seasonal dips in income.

Headway Capital uses a holistic approach to evaluate your loan application, considering factors beyond your credit score. However, you still need to have been in business for 12 months to be considered.

Read our Headway Capital review.

How to qualify

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In order to qualify, you’ll need to meet Headway Capital’s criteria of:

  • Minimum credit score: Not disclosed
  • Minimum time in business: 12 months
  • Minimum annual revenue: $50,000

eCapital: Best for business owners who need a cash advance

Up to $30,000,000

1.00% to 5.00% factor rate every 30 days (discount rate)

Pros
  • Provides non-recourse invoice factoring, meaning you’re not responsible for the debt if customers don’t pay
  • Offers same-day funding
  • High funding limits
Cons
  • Can be hard to compare factoring costs with other types of business loans
  • Slightly higher fees than recourse factoring
  • High annual revenue needed to qualify

Why we picked it

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If you have significant capital tied up in unpaid invoices, eCapital provides up to $30,000,000 with fast invoice factoring. You can receive a cash advance for 80% to 90% of your outstanding invoices while eCapital collects customer payments on your behalf. eCapital will then take its factor rate (discount rate), and send you the remaining amount.

eCapital provides what’s called non-recourse invoice factoring, which allows you to keep the advance even if your customers fail to pay. Since this involves a slightly higher risk for the lender, non-recourse factoring typically costs more.

Read more about eCapital.

How to qualify

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In order to qualify, you’ll need to meet eCapital’s criteria of:

  • Minimum credit score: Not applicable
  • Minimum time in business: 12 months
  • Minimum annual revenue: $120,000

Accion Opportunity Fund: Best for business owners who are minority entrepreneurs

$5,000 to $250,000

8.49%

12 to 60 months

Pros
  • Offers business coaching and mentorship
  • Fixed monthly payments
  • Provides resources for women, people of color or low-income business owners
Cons
  • Not available in Montana, North Dakota, South Dakota, Tennessee or Vermont
  • Doesn’t list minimum credit score requirements

Why we picked it

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The Accion Opportunity Fund (AOF) is a nonprofit organization focused on helping diverse business owners get the resources and funding they need for their companies to succeed. With funds ranging from $5,000 to $250,000, AOF can be a great choice for minority entrepreneurs and those looking for small business loans for women.

AOF also offers microloans for immigrant-owned businesses, as well as grants for Black small business owners. Entrepreneurs can take advantage of AOF’s extra resources and support in English and Spanish.

Read more about the Accion Opportunity Fund.

How to qualify

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In order to qualify, you’ll need to meet Accion Opportunity Fund’s criteria of:

  • Minimum credit score: Not disclosed
  • Minimum time in business: 12 months
  • Minimum annual revenue: $50,000

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Business loan calculator

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What is a small business loan?

Small business loans help new and established companies access capital for various business needs. With business financing, you can purchase inventory, invest in new equipment, build an expansion or cover emergency expenses.

Traditional banks, credit unions, online lenders and government agencies all offer small business loans.

The best business loan for your company depends on how much you need, your business’s qualifications and how quickly you need the funds.

Types of small business loans

Loans for small businesses come in a variety of flavors, with terms as short as a few months or as long as 25 years. Here are some common types of business loans to consider:

Types of Small Business Funding

Loan TypeDefinitionMinimum Credit ScoreFunding Time
Business term loansTerm loans deliver money in a lump sum payment and offer fixed payments on both the principal and interest.500Same day to 3 months
Business lines of creditBusiness lines of credit work like credit cards, allowing you to borrow up to a set limit and only charging you interest on what you’ve borrowed.6001 to 14 business days
Equipment financingEquipment financing can be used to buy equipment and machinery for your business. The asset itself secures the loan, making it easier to qualify for than other loans.500Same day to 2 months
Commercial loansCommercial loans can be used to buy equipment or property for a business. They’re like mortgages, except they often require a higher down payment.60013 days to 3 months
SBA loansSBA loans are guaranteed by the U.S. Small Business Administration (SBA), offering long repayment terms with capped interest rates.680 (recommended)2 weeks to 3 months
MicroloansMicroloans are loans for $50,000 or less. They are often geared towards business owners who run startups and minority entrepreneurs.3002 weeks to 3 months
Working capital loansWorking capital loans and working capital lines of credit are umbrella terms for financing that covers short-term operating expenses, like payroll or cash flow gaps.570Same day to 3 months

Additional business funding options

In addition to traditional business financing, here are some other ways to fund your company.


Merchant cash advance

A merchant cash advance (MCA) gives you a lump sum of cash upfront against your future sales. You repay the merchant cash advance through a percentage of daily or weekly credit card sales.

While this type of funding can deliver cash fast, it tends to be a more costly way to borrow money for your company.


Invoice factoring

Invoice factoring allows businesses to sell unpaid invoices to a factoring company in exchange for a cash advance.

This can be a good option for cash-strapped businesses or those with poor or limited credit, but you can typically get only 70% to 90% of your invoice face value.

Invoice factoring can also get expensive, with factoring rates going as high as 8.25%.


Business credit cards

Business credit cards can help track business expenses and unlock cash back or travel rewards while monitoring employee spending.

To avoid paying a high annual percentage rate, pay off your credit card statement balance in full by the due date.


Small business grants

Federal government agencies, state governments, private corporations and foundations offer grants for small businesses.

You can narrow your search based on business type, location and demographics, such as minority business grants and business grants for women.

Because grants provide free money that typically doesn’t need to be repaid, competition can be stiff.


Crowdfunding

Business crowdfunding is when you ask family, friends and the general public for donations to kickstart your business.

This method can help you test out a business idea and generally appeals to startups or businesses struggling to get funding.

Just be aware that some crowdfunding platforms deduct a fee before your total donations.


Peer-to-peer lending

Peer-to-peer lending, or P2P lending, is a type of financing where individual and commercial investors provide the loan funds rather than a financial institution.

A P2P online platform acts as the coordinator between you and the investors, helping process and finalize your loan details.

While P2P loans typically have more lenient qualifying requirements, they can take longer to fund than other types of financing. Additionally, P2P lending might not be available in your state.


Personal loans

Personal loans for business may be easier to get if you struggle to meet the strict eligibility criteria for a business loan.

However, this type of financing relies on your personal credit and income, putting your personal credit and assets at risk.

And personal loans won’t help you build business credit, nor can you claim the loan interest as a qualified business tax deduction.


Bootstrapping

Bootstrap financing is when you use your own financial resources to fund your business.

Startup businesses may use bootstrapping to get off the ground, but you risk not recouping your investment if your business fails to thrive.

Business loan requirements

When you apply for a business loan, lenders want to know that your business and credit history are stable. Here are some common business loan requirements you may need to meet to get approved for small business financing:

  • TIME IN BUSINESS

    In general, your business will be in a stronger position to borrow if you can prove you have a track record of solid revenue over the past one to two years. This is more attractive to a lender than a company with spotty revenue over the past six months.

  • CREDIT SCORE

    Lenders use your credit score to determine your riskiness as a borrower. In most cases, you’ll need a good to excellent credit score in the mid-600s or higher to get a business loan, although certain lenders allow scores as low as 500. Your business credit score should be at least 80, although some lenders may rely on just your personal score when reviewing your loan application.

  • CASH FLOW

    A business cash-flow projection shows when money is collected, when cash goes out and what’s left. Lenders typically like to see that you understand where your business’s money is going each month.

  • COLLATERAL

    Collateral is an asset that lenders can legally seize if you can’t make payments. Common forms of collateral include real estate, equipment, money owed to your company (accounts receivable) and even cash. Some business owners use their personal assets — including their homes — as collateral on a business loan.

  • FIXED CHARGE COVERAGE RATIO

    Your business’s fixed-charge coverage ratio measures how well your company can pay its fixed expenses, including any debts and interest you have. Lenders use this metric to help determine whether or not to approve a business loan application.

  • WORKING CAPITAL

    Your working capital refers to the available money you have to fund your company’s day-to-day operations. You can calculate your working capital by subtracting the business’s debt liabilities due within a year from current assets that you can convert to cash.

View Your Small Business Loan Options

What to consider before getting a business loan

The process to get a business loan depends on the lender and the type of funding you need. Answering the following questions can help narrow down the best small business lending option for your short- and long-term needs:

Why do you need the funds?

Are you looking to buy a vehicle for your new food truck business? Are you looking for commercial real estate so you can expand to a second location across town? Or maybe you need some quick cash to fill in the gaps during the off-season.

What you can afford?

Look at your business budget to decide what you can afford. Some business loans are repaid monthly over long periods, while others require weekly or even daily repayment. Business loans are debts you must repay, so make sure your business can handle the extra payment.

How can you get the best rates?

Before you decide to apply, take the extra time to shop around. Compare offers to get the best rates. This extra bit of legwork may reduce your interest or fees in the long run. Read small business lender reviews to ensure you are working with a reputable lender.

Applying for a business loan through your bank

When looking for funding for your small business, it’s worth seeing what your current bank has to offer. Having an established relationship with a bank or credit union can often increase the likelihood of getting your business loan approved, especially if you have maintained good standing with another type of financing with them.

One benefit to sticking with your current bank is that you can access all of your accounts, like your bank account and loans, with one login, making it easier to stay on top of payments and track your finances.

Start by getting a quote with estimated interest rates, terms and fees. Some banks might run a hard credit check. But don’t worry, you generally have around 14 to 45 days to get quotes from additional lenders without any further impact to your credit score — multiple credit checks for the same type of financing are generally counted as one inquiry so you can rate shop. This means you can get a quote from your bank and from a variety of online lenders to compare interest rates and see if sticking with your bank is the best option.

Banks that offer small business loans

Banks that offer business loans include:

  • Chase
  • Wells Fargo
  • U.S. Bank
  • Capital One
  • Bank of America
  • American Express

Bank of America offers additional perks for business customers, such as business loan rate discounts, free business credit score monitoring and tips on cash flow strategies. And if you have an active American Express credit card, you can log into your account to see if you’re eligible for an American Express Business Line of Credit pre-approval offer.

Small business loan application checklist

Applying for a small business loan involves rounding up necessary documents for your loan application. The exact paperwork differs across business funding partners, but here are some documents you might need to provide:

How to compare small business loans

In order to pick the best business loan, you can compare the following loan details:

  • Interest rate: Is the business loan interest rate variable or fixed? If the lender charges a factor rate, it’s worth converting it to better compare against other offers. Also calculate how much in interest charges you’ll pay over the life of the loan.
  • Repayment term: When do payments start? Do you prefer daily, weekly or monthly payments? Is there any option to delay or pause payments during times of financial hardship?
  • Time to fund: How long does the application process take? Traditional bank and SBA loans can take two weeks to three months to approve and fund, while online lenders can typically deliver funds within one to three business days. Keep in mind that the quickest business loans aren’t always the most affordable.
  • Additional fees: Make sure to check the fine print for extra fees, such as origination fees, late charges and business loan prepayment penalties.

Key callout icon Before closing your loan

After approval, the closing process involves reviewing documentation that will determine the terms of your selected loan. A business loan agreement is a legally binding contract that dictates your interest rate and repayment schedule.

Ensure you thoroughly understand what the lender is asking of you and what the terms mean for your business’s financial future. After you sign, you’ve agreed to everything in the contract — including what happens when you make late payments or can’t repay the debt.

How we chose the best small business loans

We reviewed 20 leading small business lenders to determine the overall best 13 small business loans. To make our list, lenders must meet the following criteria:

  • Loan amounts: Funding options ranging from $500 to $15.5 million
  • Minimum time in business: No more than two years in business required.
  • Minimum credit score: Personal credit score requirements below 680.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and more flexible repayment terms.
  • Time to funding: Options for same-day loans or SBA lenders with quicker turnaround times.
  • Repayment experience: We consider each lender’s reputation and business practices, favoring lenders that report to all major credit bureaus, offer reliable customer service and provide free perks to customers, like rewards progress or business coaching.

Frequently asked questions

Business owners can take out small business loans — anywhere between $500 and $15.5 million — to finance expenses like payroll financing, inventory, equipment and other costs. Repayment terms could be as short as three months or as long as 25 years. Both traditional financial institutions and alternative online lenders offer small business loans.

Yes, bad credit business loans are available for business owners with personal credit scores as low as 500. However, these loans tend to come with higher interest rates and less flexible repayment terms.

A personal guarantee requires you as the business owner to be personally responsible for the company’s debt in case of default. A personal guarantee is fairly common on small business loans because it lowers the risk for a lender. But as the business owner, it may limit any protections your business structure offers.

Online lenders may be the best option to get a startup business loan with no money. Unlike brick-and-mortar banks that often have stricter eligibility requirements, some alternative lenders will work with you after about six months in business. If you can’t find a suitable lender providing business loans for new businesses, you can consider alternative options like crowdsourcing, self-funding or grant funding.

Each lender will have its own criteria based on the loan type. In general, you need a personal FICO Score of at least 500 to get a small business loan. But the lowest business loan interest rates are typically reserved for borrowers with higher credit scores. You can check and monitor your credit score for free with LendingTree Spring.

Most lenders look for minimum monthly or annual revenue when you apply for a loan. It’s common to expect a minimum annual revenue requirement of $50,000 or more for unsecured loans. However, you may be eligible for a business loan with a lower annual revenue if you can provide collateral.

If you were rejected for a business loan, revisit the reason why. Focus on improving your personal credit and business credit scores. If you haven’t operated in business long enough, wait a bit. In the meantime, consider a small business credit card or a personal loan to access capital for any immediate business needs.