5 top small business loans

5 top small business loans

Whether a big or small business, having an adequate capital to start with and keep operations running is vital. Every business owner needs financing to expand and grow, buy machinery and to keep up-to-date with the latest equipment and technology. However, it is not possible for every one to have enough savings to pump into a venture. This is where small business loans come in.

5 top small business loans to avail of

Kabbage
For those looking for a small business loan to expand their business, the ones offered from Kabbage could be the right option. One can avail of loan amounts ranging from $1,000 to $150,000 if they have been in business for a year and have a minimum credit score of at least 640. Kabbage Funding was set up in 2021 by American Express and the loan terms offered here are from six to 18 months. There are no penalties or fees for prepayment and there are various types of loans being offered so one can pick the loan that best meets your requirements. With Kabbage, individuals can also apply for loans that are specific to their industry, such as loans for pawnshops, trucking, etc. The online application process is easy and the approval process is fast.

OnDeck
For a short-term small business loan, OnDeck is the perfect choice. Founded in 2006, this lending agent offers term loans and lines of credit. Loan amounts range from $5,000 to $250,000. However, you need to be in business for a year and have a minimum credit score of 600. If you are in a rush for business finance, then this service provider offers same-day funding but you need to have a minimum annual revenue of at least $100,000. It should be noted that this lender does not approve loans to for certain industries and also it does not lend to small businesses based in North or South Dakota and Nevada.

Fundbox
Offering loan amounts that range from $1000 to $150,000, you can apply for a loan from this lender if you have been in business for about six months and have a minimum credit score of 600. The terms range from 24-52 weeks. This lender uses an artificial intelligence business model, which allows the borrower to know within three minutes if their loan amount has been approved. Also, it offers fast disbursement of funds as quickly as on the next day. Small business owners that choose this lender can also make use of the Insights Advantage Program, which reviews their cash flow predictions and combined balances from all their various accounts.

National Funding
If you are looking for an amount ranging from $5,000 to $500,000, and have been in the business for 6 months, then National Funding is a lender that you should consider. You can apply for a loan with a credit score as low as 500, and the terms at which the loans are offered can range from four months up to two years. You can also avail of discounts if you pay off your loan early.

Funding Circle
A specialist in small business loans, the Funding Circle started in 2010, and offers fast loans through a simple application process. Potential borrowers can choose from the three loan options provided, which are the business term loan, SBA loan, or line of credit. Loan amounts offered ranged from $25,000 to $500,000 with repayment terms ranging from six months up to five years. To qualify for a loan from this lender, you should have been in business for a period of at least two years and have a minimum credit score of 660. Also, it should be noted that this lender has a one-time origination fee that could be 3.49% to 6.99% of the loan amount that has been approved. This lending agency operates in all states except Nevada due to state lending regulations.

Before you apply for your small business loan, ensure that you read and compare the terms of all lenders so that you get the finance you need at the terms you want.