Best Small Business Loans for Startups: If you’re a startup, then you know how difficult it can be to get funding for your business. And if you do get funding, it’s even worse—you have to figure out how to pay back that money in the future. This is why I’m so happy that there are more and more options available for small businesses nowadays.
10 Best Small Business Loans for Startups
These days, there are plenty of lenders who want nothing more than to help budding entrepreneurs grow their businesses into thriving enterprises. That’s why today we’ll take a look at ten of the best small business loans for startups in 2022-2023!
StreetShares is a peer-to-peer lending platform that offers small business loans for startups, with the ability to borrow up to $250,000. The company also offers loans of 12 months or longer if you’re looking for more time.
The process of applying for a StreetShares loan is straightforward and simple: First, fill out an application online or via their mobile app (which is available on both Android and iOS). Then upload your personal information so they can verify it before deciding whether or not you qualify based on factors such as credit history and income levels. If approved, they’ll set up an account where funds can be transferred from another source into their account overnight (or within 24 hours).
2. National Funding
National Funding, a small business loan provider, offers loans up to $5 million for a variety of industries, including:
- Distribution and Wholesale
National Funding also offers loans at various loan amounts and terms.
Kabbage is a small business loan provider that offers a range of loans from $5,000 to $250,000. It’s an ideal choice for startups that need a small business loan.
OnDeck is a business loan provider that offers a variety of loans for startups. The company has been around since 2007 and has grown from one branch in New York City to over 50 offices across the country.
OnDeck’s loan requirements are easy to meet, so if you’re looking for an affordable small business loan without any collateral or credit checks, this may be your best option as well!
5. LendingClub Business Loans
LendingClub is a peer-to-peer lending platform that offers business loans to startups.
LendingClub offers small business loans in the range of $25,000-$200,000 with flexible terms and competitive interest rates.
The minimum loan amount is $5,000 while the maximum is $500 million. Applicants must have been in business for at least 12 months and have annual revenues between $150K-$5M per year to qualify for an SBA program through LendingClub’s Small Business Administration (SBA) approved lender network.
6. Bank of America Business Advantage Term Loan
The Bank of America Business Advantage Term Loan is a great option for startups that need a little more money than their business plan allows them to borrow. It’s also the only loan with no pre-payment penalty, so you won’t have to worry about missing payments or paying interest on what you already owe.
The number of funds available ranges from $5,000 up to $250,000 and interest rates ranges from 8.99% to 13.99%, depending on your credit score and other factors (like how much equity you have in your business). You can choose between 36 months or 60 months with this loan if needed; however, there is an application fee of $100 required in order for financing approval by our team members at CrediFi Capital Partners LLC
Lendio is a direct lender that offers small business loans in the form of credit cards, personal loans, and lines of credit. The platform offers its customers a wide range of products to choose from, including business expansion loans and working capital solutions.
Lendio has been around since 2012 and has become one of the most popular online lenders for small businesses due to its website’s ease of use, outstanding customer service team, and competitive rates on their products (for example no origination fees).
Fundbox is a business cash advance platform that provides small business owners with access to short-term financing. The company was founded in 2012, and since then it has become one of the biggest players in this space.
Fundbox offers small business loans of up to $100,000 for startups with little or no credit history and collateral. The company also provides funding for equipment purchases, inventory purchases, and more.
9. PayPal Working Capital
PayPal Working Capital is a small business loan that allows you to get a line of credit from PayPal. This is a good choice for a small business that is already using PayPal for transactions and may not need all the other benefits of this type of financing.
PayPal Working Capital offers flexible terms, including no equity requirement and no down payment, as well as competitive rates and fees. You can also use it to finance marketing expenses or legal fees related to setting up your business bank account at PayPal (which takes about two weeks).
10. Fundera Lending Marketplace
Fundera is a lending marketplace where small businesses can get loans from multiple lenders. The platform offers a wide range of services to its users, including cash advances, lines of credit, and other forms of short-term financing.
Fundera’s comprehensive database makes it easy for borrowers to find the right lender for their needs. Borrowers can search by category or location and apply directly through the website or select one of their preferred lenders in advance.
These are the best small business loans for startups.
The best small business loans for startups are the ones that have been specifically designed to help you grow your business. These loans can be used for various purposes, but they all share common features that make them stand out from the rest of the crowd.
In this article, we’re going to take a look at 10 of the best small business loans available right now and discuss why they belong on this list:
- They come with flexible repayment terms so you don’t have to worry about paying back your loan early or late;
- They offer low-interest rates (usually no more than 5%) which means less money goes toward interest costs;
- They allow you time until maturity which makes it easier for investors who aren’t looking for immediate cash flow return; * And most importantly…they’re backed by some kind of guarantee scheme so even if something goes wrong during funding then there will be someone else willing to step up immediately without having waited long enough for their own returns!
The bottom line is that if you are looking for a loan, then this is the best option available. It’s cheap, flexible, and easy to get in touch with the right people who will help you find a solution.