Small business loans are a great way to keep your business up and running, especially nowadays they are an important component of the business, industrial and world of entrepreneurs. Now business owners and entrepreneurs can depend on them to use them for new supplies or equipment, cover the dues, or manage cash flow while they wait for clients or customers to pay. Small business loans really help you to get access to cash for starting, expanding, or improving the business.
The best thing about these small business loans is that they give loans to small business operators at very reasonable rates thus helping them to grow their business and in a way reducing their financial stress. Sometimes a small business loan could also save your business. It could mean the difference between closing down or staying in business.
Due to their successful implementation, there are several types of small business loans available for business owners, interestingly some of them are offered by online lenders and not by traditional banks. This is due to the reason that online lenders are capable of offering the most convenient application and investment strategies together with aggressive fees and exceptional mortgage phrases.
With so many options available for small business loans with differences in needs and purposes, such as starting a franchise, purchasing property, or getting cash when you have a stack of unpaid invoices, you tend to get confused and thus become difficult to find the right type of loan for their business. So In order to help you find the best loan for your needs, we have gathered some of the best small business loans.
We evaluated various small business loans on the basis of features, consisting of:
- Minimal and maximum mortgage quantities,
- Term to repay loans,
- Non-public credit score rating wished,
- Higher business Bureau score
- Business necessities to apply.
OnDeck is really a great platform to apply for a business loan. OnDeck usually provides term loans, credit and many types of small business loans. The prepayment system in OnDeck allows the borrower to pay off their loan fully while having the remaining interest waived without any other fees.
OnDeck uses algorithms and software to determine a company’s financial data and compile its loan eligibility. Till now OnDeck has funded more than $13 billion in loans. One of the biggest advantages of applying for a loan in OnDeck is its fast service. Most of the loans can be applied online or over the phone with a loan advisor in about 10 minutes. OnDeck usually approves the loans the same day and some even fund as quickly as the same day.
For small business owners who want to look for different borrowing options, OnDeck is the one that stands out. It has a strong partner network, and it provides quick funding. Term loans are between $5,000 and $250,000 are easy to apply and the terms can be up to 18 months.
Capital One is quite famous and a reputable financial services provider which has a good selection of loan products for entrepreneurs and small businesses. Capital One offers loans that have flexible repayment terms and some additional conveniences, such as automatic payments. Capital One has one of the best track records in the financial service industry and has been providing loans to small business owners for decades.
The loan requirements in Capital One include a fair credit score and just $25,000 in revenue. It also provides a bunch of financing agreements, which gives you some more additional relaxation in the process of repayment of the loan.
BlueVIne is one of the few financial service providers that has been accredited with the Better Business Bureau for 10 years and has an A+ rating. BlueVine gives financial support to small businesses that may be rejected by other banks and financial service providers. This is one of the biggest reasons behind the fact that there are no negative reviews on the Better Business Bureau which is really quite impressive for a financial institute.
BlueVine offers Paycheck Protection Program (PPP) loans, cash funding, and business lines of credit to small businesses. The main objective of this institute is to help small businesses that have improper cash flow and need financial support to keep running their business. It also offers business checking accounts and a business advisor that help you with advice and tips. The only drawback is that you have to follow a lengthy funding process as this institute requires you to get your family and friends to contribute to your loan before you crowdfund the rest.
Kabbage really wants to know about your business and try to understand it and this is what makes it special and unique. Kabbage provides various financial services for small businesses, these include short-term loans, lines of credit, payment processing loans, industry-specific loans, as well as Paycheck Protection Program loans.
To apply for a business loan at Kabbage you must be in the business sector for at least one year and have a minimum revenue of $40,000 annually. The loan application process is quick and easy at Kabbage, in fact, you can apply for a loan online and receive approval the same day. At most, it will take 24 hours to find out if you qualify for the loan and if yes then they can fund your account in 72 hours after you’re approved.
Kiva is famous for its simple application process; it has very little paperwork to do and always has been more lenient than a typical bank or financial service provider. The main target of KIva is to get small businesses the funds they need in a very simple and timely manner. All the paperwork you will be needing to apply for a loan at Kiva is a government-issued photo ID, a blank check from your business’s banking account, and the bank statement of the last three months of your company savings account.
Kiva as a financial service provider has a wide variety of loans and lines of credit for small business owners and entrepreneurs. You can apply online for a loan and after the compilation of your online application, a loan specialist or a financial advisor will analyze your information and will guide you in the loan-making process thus presenting you with the best lending solutions. Loan approval at Kiva typically takes 24 hours, and funds will be transferred to you in three days.
Till now Kiva has funded more than $1.55 billion in small business loans in 77 different countries. This is the reason behind Kiva’s positive review on various financial websites. customers have left positive overall reviews praising the easy loan process of Kiva and quick funding times.