![]() ![]() The best small business loans depend on a prospective borrower’s unique needs. To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology. Where appropriate, we awarded partial points depending on how well a lender met each criterion. ![]() Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process-like online applications, prequalification options and mobile apps. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender. ![]() Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We chose the best lenders based on the weighting assigned to each category: We reviewed 21 popular lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. However, Biz2Credit confirms that “in the vast majority of cases, will make a financing decision without referral to any external party.” In the event that Biz2Credit cannot provide a financial product, it may present third-party options to qualified prospective borrowers. Biz2Credit also offers CRE loans between $250,000 and $6 million with terms between 12 and 36 months payments are due monthly. Working capital loans are paid back with your business receipts through daily, weekly or bimonthly payments while term loans are repaid through weekly, bimonthly or monthly payments over the course of 12 to 36 months. It only takes a few minutes to apply and, depending on the loan type, 24 hours to receive a decision.īiz2Credit can connect business owners with working capital loans between $25,000 and $2 million and term loans between $25,000 to $500,000. states.īiz2Credit is a business financing lender that provides three loan options-term, working capital and commercial real estate (CRE) loans-ranging from $25,000 to $6 million. Second, due to state lending regulations, Funding Circle does not lend to businesses that operate out of Nevada, making it available in only 49 of the 50 U.S. First, there’s a one-time origination fee on each loan ranging from 3.49% to 6.99% of the approved loan amount. There are two main drawbacks of Funding Circle. You can also apply for SBA loans, which range from $25,000 to $500,000 with terms up to 10 years. However, Funding Circle doesn’t specify its line of credit repayment terms. If you choose to apply for a business line of credit, you can access credit lines between $6,000 and $100,000. Prospective borrowers have three options: business term loan, line of credit or SBA loan.įunding Circle term loans range from $25,000 to $500,000 with repayment terms from six months to five years. We chose Funding Circle because it provides fast, affordable loans with a simple application process and funding in as little as 48 hours. Since its inception, it has helped 100,000 businesses in 700 industries and lent $15.2 billion globally. TD Bank has branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington D.C.įunding Circle has been a direct lender specializing in small business loans since 2010. Note: While online applications are available for loans up to $100,000, you must apply in person for loans over $100,000. For instance, it offers lending solutions up to $12 million with 100% practice financing plus working capital, in addition to partnership buy-ins and buy-outs, equipment purchase, and practice mergers and acquisitions. The company also stands out for healthcare professionals and offers unique financing options for dentists, veterinarians, physicians and eye care professionals. SBA loans typically have loan amounts of up to $5 million and terms up to 25 years. ![]() What’s more, TD Bank is an SBA-approved lender, meaning you can apply for an SBA through the bank. If you’d rather have access to a line of credit, it offers credit lines between $25,000 and $500,000. TD Bank offers business loans between $10,000 and $1 million with terms ranging from one to five years. Small Business Administration (SBA) loans and even other products like credit cards and checking accounts through TD Bank. Business owners can apply for traditional term loans and lines of credit, U.S. ![]()
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