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Small Business Loans
Unlocking business financing requires attention to four key factors: credibility, cash, credit, and collateral. These pillars of financing are what lenders use to make underwriting decisions. In business lending, each pillar can also secure the financing you need.
The Benefits of Business Credit
Having access to all types of business loans and business credit opens possibilities for financing for almost any type of business.
Can I get a business loan with bad credit?
Yes, it is possible to obtain a business loan with bad credit. However, the options may be limited, and the interest rates could be higher. Some alternative lenders specialize in offering loans to businesses with less-than-perfect credit.
How much money can i qualify for?
The amount you can qualify for depends on various factors, such as your credit score, business revenue, time in business, and the lender’s financial health evaluation. Each lender has different criteria, so it’s essential to research and compare your options.
What rates and fees will I pay?
Interest rates and fees vary depending on the lender, type of loan, creditworthiness, and other factors. Typical fees may include origination fees, processing fees, and prepayment penalties. It’s crucial to review the loan terms and understand the total cost of borrowing before accepting an offer.
Do I need collateral to secure a business loan?
Some types of business loans require collateral, while others do not. For example, secured loans (such as equipment financing) often require collateral, whereas unsecured loans (like lines of credit) typically do not. However, unsecured loans may have higher interest rates due to the increased risk for the lender.
What types of business loans are available?
There are various types of business loans, including term loans, lines of credit, invoice financing, equipment financing, merchant cash advances, and Small Business Administration (SBA) loans. Each loan type serves a specific purpose and has unique terms, rates, and eligibility requirements.
How do lenders evaluate a business loan application?
Lenders typically consider factors such as your credit score, time in business, annual revenue, debt-to-income ratio, and the overall financial health of your business. They may also review your business plan, industry, and cash flow projections.
Can I improve my chances of getting approved for a business loan?
To improve your chances of approval, make sure to maintain a good credit score, keep accurate financial records, develop a solid business plan, demonstrate strong cash flow, and reduce existing debt. It’s also essential to research and apply for loans that best fit your business needs and financial profile.