Best Small Business Loans 2020
Simone Johnson, Writer
Updated: May 26, 2020
Updated: May 26, 2020
Update: This page has been updated to include details on how online lenders are participating in the Paycheck Protection Program.
Securing funding when they need it most is a challenge for many small business owners. Getting that money through a traditional bank loan is increasingly difficult. That's why alternative lending has become a saving grace for small businesses. Alternative lenders offer a wide range of funding options, including working capital loans, merchant cash advances, equipment financing, invoice factoring and term loans. With so many alternative lenders to choose from, figuring out the best option can be a tough task for a small business owner. To help, we researched dozens of options to determine the lenders we think are best for various loan types. You can read more about the lenders we think are best, as well as more about online lending, below.
Our Best Picks
To help you find the right business loans, we researched and analyzed dozens of options. Here is a roundup of our 2020 best picks for business loans and an explanation of how we chose them.
Best for Merchant Cash Advances
Rapid Finance
Advances ranging from $5,000 to $250,000
Best for Bad Credit Loans
OnDeck
Fixed-rate loans up to $500,000 or lines of credit up to $100,000
Best for Working Capital Loans
Noble Funding
Provides funding between $50,000 and $2,000,000
Best for Small Business Lines of Credit
Kabbage
Lines of credit between $2,000 and $150,000
Best for Startup Loans
SBG Funding
Lines of credit between $2,000 and $150,000
Editor's note: Looking for business financing? Use the questionnaire below to receive information from a variety of lenders for free.
Summary
Rapid Finance offers merchant cash advances ranging from $5,000 to $250,000. You repay loans by giving Rapid Finance a fixed percentage of your future card receipts.
To qualify, you need a government-issued photo ID, a voided check from your business's checking account, your last three business bank account statements and at least three credit card processing statements. You can apply for the advance online or over the phone.
The approval process can be completed in 24 hours, with funds available within three days.
Read our full review of Rapid FinanceTo qualify, you need a government-issued photo ID, a voided check from your business's checking account, your last three business bank account statements and at least three credit card processing statements. You can apply for the advance online or over the phone.
The approval process can be completed in 24 hours, with funds available within three days.
Summary
OnDeck offers fixed-rate loans of up to $500,000. To qualify, you need a minimum credit score of 500 and an annual revenue of at least $100,000, and you must have been in business for at least one year. Loan terms vary, ranging from three to 36 months, and are paid back on a daily or weekly basis. You can apply for a loan online or over the phone. You can receive approval in just a few minutes, with funds deposited into your account within 24 hours.
Read our full review of OnDeck
Summary
Noble Funding provides small businesses with a compelling working capital loan offering. Businesses looking for fast financing have access to funds ranging from $50,000 to $2,000,000 and can get funded in just two or three business days. Noble's applications process is quick and easy, and business owners can use these types of loans for quick, short-term funding.
Read our full review of Noble Funding
Summary
Kabbage offers small businesses lines of credit up to $250,000. Each time you draw against your line of credit, you have six or 12 months to pay that money off. Instead of paying interest, however, you pay fees of 1% to 10% each month. To apply, you fill out an online application and link the system to either your business checking account or an online service you already use, such as QuickBooks. Kabbage's platform automatically reviews the data on those sites to determine if you meet the company's standards for a loan. The process typically takes just minutes to complete. Once approved, you have instant access to your line of credit.
October 2019: Earlier this year, Kabbage announced it earned an AA (sf) rating from Kroll Bond Rating Agency when it took on $700 million in debt funding. The move pooled debt and sold bonds to third-party investors, effectively managing risk for individual borrowers.
March 2020: In an effort to help small businesses better understand their cash flow status, Kabbage recently launched Kabbage Insights. The new tool is designed to automatically calculate and predict cash flow patterns to help small businesses identify cash surpluses and deficits. Kabbage Insights also helps companies examine months of commercial data, which lets them project their financial future in less than 10 minutes.
Read our full review of KabbageOctober 2019: Earlier this year, Kabbage announced it earned an AA (sf) rating from Kroll Bond Rating Agency when it took on $700 million in debt funding. The move pooled debt and sold bonds to third-party investors, effectively managing risk for individual borrowers.
March 2020: In an effort to help small businesses better understand their cash flow status, Kabbage recently launched Kabbage Insights. The new tool is designed to automatically calculate and predict cash flow patterns to help small businesses identify cash surpluses and deficits. Kabbage Insights also helps companies examine months of commercial data, which lets them project their financial future in less than 10 minutes.
Summary
SBG Funding provides small businesses with various loans, including lines of credit and traditional small business loans. Based on the company's requirements and qualifications, its offering is ideal for startups. To get funding from SBG, businesses need to be established for six months, earn $150,000 in revenue per year and have a credit score of 550 or more. These qualifications, along with both short- and long-term rates, make SBG Funding an ideal option for startups and growing businesses.
Read our full review of SBG Funding
Summary
Crest Capital offers equipment financing of up to $1,000,000. Financial documents aren't needed for financing of less than $250,000. The lender has a range of loan and lease terms, including fixed-rate loans, $1 purchase agreements, 10 percent purchase options, fair-market-value leases, guaranteed purchase agreements and operating leases. To qualify, you must have been in business at least two years and have a minimum credit score of 700. The approval process can be completed in as little as four hours.
Read our full review of Crest CapitalFunding is a necessary aspect of any small business venture. Whether you're expanding your business, investing in marketing or advertising, or managing cash flow, it's hard to grow without the right kind of financing. Luckily, there are several different types of financing options for small business owners. Traditional banks offer long-term loans for major purchases, SBA partners can provide small business-specific loans, and alternative lenders provide creative options like invoice financing and lines of credit. Banks and alternative lenders can generally meet your funding needs if your business is financially stable and relatively healthy.
What to Expect in 2020
Everything seems to have gone digital these days. Even grocery shopping has become a digital task, so it's no surprise business loans have followed suit. In 2020, the number of organizations that offer online and mobile lending is expected to increase. While some credit unions and banks may jump on the bandwagon by creating digital loan applications for businesses, their platforms aren't expected to perform as well. Digital options offer more financing options and faster approval, which is why they've become so popular among small businesses.
In the past, companies like PayPal and Amazon have joined the small business lending market and made a large impact. Amazon gave more than $1 billion in loans to American small business owners, and PayPal shelled out $10 billion within five years. Along with Square, they have become primary loan options for small businesses.
Digital lenders like these prove more attractive to small business owners because of their approach of personalized offers, much like the way brands target consumers based on their specific interests. We expect more lenders to follow the example of digital lenders like PayPal and Amazon, increasing their personalized offers to small businesses to provide entrepreneurs with the specific funding they need, when they need it.
Another trend we expect to increase in 2020 is small businesses looking for funding on peer-to-peer business lending platforms. Transparency Market Research predicts the global peer-to-peer lending market will reach $897.85 billion by 2024.
Peer-to-peer lending is expected to increase in popularity thanks to its low interest rates and loan offers based on a business's earning potential instead of its credit score. Automated lending platforms have grown steadily over the years, and their benefits are expected to steer businesses away from traditional methods and toward businesses within their circles and communities. Some of this is through crowdfunding or through other business owners and wealth investors, so camaraderie within small business groups is likely to strengthen as peer-to-peer loans become more common.
April 2020: Knowing the pain many small businesses are facing, some online lenders are offering different funding options. Online lending platform SoLO Funds has begun offering interest-free, peer-to-peer microloans of up to $1,000, and is allowing borrowers to set their own terms and repayment dates. Business News Daily will continue to monitor the small business lending industry and provide updates about alternative funding options that online lenders are offering struggling small businesses.
May 2020: Online lenders are helping small businesses by joining traditional banks and issuing Paycheck Protection Program loans. Earlier this month, the federal government authorized another $310 billion in PPP loans, which are designed to help small businesses that are struggling because of the impact COVID-19 has had on their operations.
OnDeck, Kabbage, PayPal and Square are some of the online lenders that have gotten involved in the program by working with the Small Business Administration to process some of the loans. According to the Census Bureau, roughly three-quarters of all small businesses applied for a PPP loan, with two-thirds of those businesses receiving one.
Moving forward, we expect more online lenders will find new ways to provide funding for small businesses in need.
Our Methodology
To help you find the right business loans, we researched and analyzed dozens of options. Here is a roundup of our 2020 best picks for Business Loans and an explanation of how we chose them.
Locating the Best Services
To determine the best alternative lenders, we started with a pool that included all the lenders on the comprehensive list below as well as other lenders that were industry leaders or requested to be analyzed and reviewed by Business News Daily. After preliminary investigation, including a look at other best-pick lists and initial research into each lender, we whittled this list down. After several rounds of research and other considerations, we arrived at a shortlist of companies to consider for best picks. These companies underwent customer service calls, further research and other testing until we arrived at our six best picks: OnDeck, Crest Capital, SBG Funding, Noble Funding, Kabbage and Rapid Finance.
Choosing the Best Services
Ultimately, we settled on 12 alternative lenders to research as our best picks: Balboa Capital, Fora Financial, Kabbage, Reliant Funding, Noble Funding, SBG Funding, LoanMe, altLINE, OnDeck, RapidAdvance, Crest Capital and Paypal. (See below for the full list of alternative lenders.)
Researching Each Service
We researched each lender by investigating the types of loans it offers, the amount of money that can be borrowed and for how long, the application and approval process, and repayment procedures. We also considered any general term rates listed on these lenders' websites. After narrowing the list to 18 contenders, we contacted each lender's customer service department by phone (and live chat if possible) and posed as business owners to gauge the support each company offers. We also considered how available information was on each company's website. For new or busy business owners, it's difficult to find the time to call each company and basic loan information, like ballpark rates or general terms. We prioritized online transparency in this round of reviews.
Full List
Best Picks
Full List of Business Loans
Here is a full list of Business Loans providers and a summary of what each company claims to offer. This alphabetical list also includes our best picks, which are marked with badges.
Noble Funding
Noble Funding offers the best non-bank working capital loans. It has an easy application process, quick approvals and excellent customer service..
Rapid Finance
Rapid Finance is the best non-bank lender for merchant cash advances because it offers quick funding and approvals, plus great customer service.
Fora Financial
Fora Financial offers working capital loans for small businesses. Loans range from $5,000 to $500,000. This merchant cash advance company extends its offers to small businesses that have been in business for as little as three months.
Crest Capital
Crest Capital has a simple application process, fast approvals, a variety of equipment financing terms and excellent customer service.
Kabbage
Kabbage is the best non-bank provider of credit lines because it offers an automatic online approval process and great customer service.
OnDeck
OnDeck is the best alternative lender for bad-credit loans because of its low credit score minimum, long loan terms and scheduled repayments.
SBG Funding
SBG Funding is the best alternative lender for startup loans because it works with unestablished companies and makes their success a priority.
ARF Financial
ARF Financial offers a bridge loan calculator, and you can get a loan in as little as seven days.
Alpha Funding Corp.
Alpha Funding Corp. has a lot of experience in commercial bridge loans. This lender can help you with a variety of different projects, including purchases, refinances, quick closings and constructions, with its commercial bridge loans. These loans are an option to consider if banks have denied your loan applications or if you need funding right away.
American Capital Group
American Capital Group is an equipment financing company with many different areas of expertise and a variety of payment options.
American Express
American Express Merchant Financing is a merchant cash advance service that loans funds exclusively to merchants who accept American Express.
Balboa Capital
Balboa Capital is an alternative lender that provides loans for small and midsize businesses. Small business owners can choose from several different types of loans, including standard small business loans, equipment leasing, commercial financing, vendor financing, franchise funding and business cash advances. For the majority of its loan products, Balboa caps its lending amount at $250,000.
CAN Capital Merchant Services
CAN Capital Merchant Services provides merchant cash advances to businesses that have been in operation for at least four months. You could receive $2,500 to $150,000 in financing. You repay the borrowed amount as a daily set amount or a percentage of your credit card sales, depending on whether you choose a business or merchant cash advance.
CRF Connect2Capital
CRF Connect2Capital is a non-bank lender that provides SBA 7(a) loans to small businesses in low-income areas.
Celtic Bank
Celtic Bank has a variety of loans for small businesses, including the SBA 7(a) loan.
Chaordix
Chaordix connects businesses with fans and interested participants for crowdsourcing new ideas or products as well as for marketing. Learn more.
Chase - Loans
Chase is a preferred SBA lender with low interest rates. It ranks in the SBA's list of top 100 lenders. Learn more in our review.
Chase Business Loans
Chase is a massive financial institution that provides a variety of solid small business lending options. Businesses can take out lines of credit, term loans, SBA financing, commercial real estate, credit cards, equipment financing and trade financing. All of these loans come in varying amounts, ranging from $5,000 up to $500,000.
CircleUp
CircleUp matches accredited investors with qualified small businesses in retail or consumer products for equity crowdfunding.
Classy
Read our unbiased review of Classy. See how Classy compares to the best Fundraising Sites of 2018.
Community Funded
Community Funded is a crowdfunding platform that you can integrate into your existing website. Read our write-up to find out more about this service.
Credibility Capital
Credibility Capital is a lending marketplace that links lenders to small businesses looking for funding.
CrowdEngine
CrowdEngine allows you to completely customize your crowdfunding platform for donations or investments.
CrowdRise
Read our unbiased review of CrowdRise. See how CrowdRise compares to the best Fundraising Sites of 2018.
CrowdfundHQ
CrowdfundHQ offers customizable crowdfunding platforms for businesses and individuals with different funding and payment options.
Crowdfunder
Crowdfunder allows qualified small businesses to participate in equity crowdfunding to raise seed money and Stage A or B financing.
Dealstruck
Dealstruck provides alternative small business loans. You can apply online and receive funding quickly.
DesignCrowd
DesignCrowd lets you post projects to a global pool of artists and designers in a contest-like platform to get the best project at your price. Learn more.
Difitek
Difitek, formerly Crowd Valley, provides a cloud-based crowdfunding platform and back-end services to help businesses crowdfund their projects.
EarlyShares
EarlyShares provides crowdfunding for qualified commercial real estate ventures and growth companies.
Eastland Commercial
Eastland Commercial's bridge loan program is designed for quick closes. You can get prequalified in less than 60 minutes by sending the company an email.
EquityNet
With EquityNet, any business can open a profile and attract investors to contribute to its equity crowdfunding campaign goals.
Experiment
Experiment is a crowdfunding site dedicated to funding and sharing scientific research. It is an all-or-nothing platform. Each project is reviewed and scientifically approved, and the results and data must be shared with backers.
FirstGiving
Read our unbiased review of FirstGiving. See how FirstGiving compares to the best Fundraising Sites of 2018.
Fiverr
Fiverr offers a huge range of services, including serious business assistance, unique gifts and oddities, all for $5 and up. Learn more.
ForwardLine
ForwardLine extends merchant and business cash advances between $5,000 and $2 million to small businesses in most of the United States. Financing through this lender, however, is unavailable to companies in Nebraska, North Dakota, Rhode Island, South Dakota, Vermont and the District of Columbia
Freelancer
Freelancer is a bid-based crowdsourcing website that connects businesses with qualified freelancers for short-term or long-term work.
FrontStream
FrontStream is an online donation platform for nonprofits and businesses. It can help your business raise funds for projects, auctions, charity events and annual giving programs. In addition, it helps businesses with philanthropy efforts consisting of campaign management, employee volunteering, volunteer manage, corporate gift-matching and more.
FundRazr
FundRazr is a fundraising site with access to various tools, customizable options and support to help your fundraiser be successful. This fundraising website offers two funding options: a Free plan (0 percent platform fee) and its Pro plan (5 percent fee).
Fundable
Fundable is a subscription-based crowdfunding service that allows both rewards-based and equity crowdfunding campaigns.
Fundation
Founded in 2011, Fundation is an online provider of alternative small business loans. It offers term loans and lines of credit. It offers a fast review process and no hidden fees. Fees, eligibility requirements and terms are listed on the website.
FunderHut
FunderHut is a crowdfunding website for individuals, small businesses, non-profits and communities. It offers both fixed campaigns, where you must raise 100 percent of your funding or you get nothing, and variable campaigns, where you keep the money you raise even if you don't reach your goal.
Fundera
Fundera is a loan broker that offers equipment financing for small businesses. Through its lenders, it provides funding in as little as two days for up to 100 percent of the value of the equipment. Interest rates for equipment financing through Fundera range from a fixed rate of 8 to 30 percent.
Fundly
Fundly is a fundraising site that allows individuals and organizations to do a variety of fundraisers for a multitude of needs. This service has no raise requirements, is optimized for mobile users and has an extensive list of ideas to help you along your campaign path.
GoFundMe
Read our unbiased review of GoFundMe. See how GoFundMe compares to the best Fundraising Sites of 2018.
Grand Coast Capital Group
Grand Coast Capital Group gathers real estate professionals with years of experience in the industry. This lender offers bridge loans for borrowers looking to grow their company through investing, acquiring new property or developing existing property.
IgnitionDeck
IgnitionDeck is a crowdfunding platform designed specifically for WordPress sites. This software is a WordPress plug-in that lets you customize your campaign, and it provides real-time statistics.
Indiegogo
Read our unbiased review of Indiegogo. See how Indiegogo compares to the best Crowdfunding Sites of 2018.
InnoCentive
InnoCentive's crowdsourcing website connects corporations with freelance talent to complete major projects with prizes in the thousands of dollars.
iProsper
iProsper's service is a customizable CRM software designed for leaders in organizations.
Kalamata Capital
Kalamata Capital provides several alternative business financing programs, including alternative loans for companies needing extra capital for a variety of reasons. This finance company uses data analysis technology to evaluate the overall performance of your business to help you apply for a loan.
Katipult
Katipult is a crowdfunding platform tailored for equity and real estate crowdfunding. It can be used as a private or public solicitation platform, meaning you can market investment offerings to a private community of investors or to anyone.
Kickstarter
For artists seeking funding for any creative project, Kickstarter is a solid choice. As long as it is creative, Kickstarter can help you launch a campaign to raise funds for your project.
Lending Club
Lending Club is an online credit marketplace that connects investors and businesses. As such, it provides alternative loans up to $300,000, often with low interest rates and fewer requirements than traditional banks.
Liberty SBF
Based in Philadelphia, Liberty SBF can provide SBA 504 loans, conventional or bridge loans to small businesses. It can provide funding for complex situations and transactions, including debt refinancing, quick-close acquisitions, and partner buyouts.
LoanMe
LoanMe offers unsecured installment loans to small businesses in 29 states. Small business loans typically range from $3,500 to $250,000, although the minimum loan varies by location.
Localstake
Localstake is an equity crowdfunding site with a focus on local businesses and advisors to help you with all the paperwork and planning.
Marlin Finance
Marlin is an equipment financing company that is funded by its subsidiary, Marlin Business Bank. It has over 15 years of experience, and provides services to customers across the United States. It has funded over $4 billion to small and mid-sized businesses since 1997.
MyEvent
MyEvent is a fundraising site available for personal, group, sport and event fundraising. With three different plan options to choose from based on your fundraiser, this service has a wide variety of features to cover a multitude of needs.
NDC Grow America Fund
The NDC Grow America Fund is the small business lending arm of the National Development Council, a nonprofit that provides many services such as job training and affordable housing programs. Through the Grow America Fund, it provides SBA 7(a) small business loans to businesses in underserved areas, particularly those that create jobs and are owned by minorities and women.
Newtek
Newtek offers long-term loans, lines of credit and commercial real estate loans for businesses in all major industries.
North Shore Funding Co.
North Shore Funding Co. specializes in commercial bridge loans and commercial hard money loan programs. This lender focuses on funding loan applicants as quickly as possible. North Shore Funding Co. provides a wide range of funding options depending on the type of project or investment you want to make.
Onevest
Onevest is an equity crowdfunding site that takes a hands-on approach to attracting investors for your business. It has a thorough vetting system to evaluate businesses. If you qualify, it not only posts your company's case on its site, but it also works to recruit accredited investors through other means.
CIM
CIM provides SBA 7(a) loans to small businesses nationwide. CIM is an SBA-preferred lender and has one of the few SBLC licenses issued by the SBA to nonbank lenders, which gives it more flexibility in its lending decisions.
Patch of Land
Patch of Land is a nationwide crowdfunding company that offers funding from different investors around the country instead financing bridge loans from a traditional group of lenders within one entity. Investors can choose which project they want to fund after Patch of Land approves them. Through its unique crowdfunding options, Patch of Land can provide you funding without the long wait times that you can experience with traditional lenders.
Patreon
Patreon is a personal crowdfunding website that encourages people to donate a steady monthly stipend to you in exchange for access to your content and any benefits you might give. This site is for artists of all kinds, from cartoonists to photographers to YouTubers. It is, however, geared for the creation and distribution of creative content.
PayPal Business Loans
PayPal offers both term loans and working capital loans to small businesses with a PayPal Business account.
Pozible
Pozible is an international crowdfunding website that helps individuals, startups and non-profits fund projects. It accepts pledges in multiple currencies and formats, including bitcoin, and has a graduated fee scale. This crowdfunding site requires that projects reach their full funding goal, or no money changes hands.
RCN Capital
RCN Capital helps communities grow through residential bridge loans. This lender enables real estate investors to purchase both residential and commercial properties in time-sensitive situations. RCN provides nationwide coverage and encourages projects that have a positive impact on communities – such as raising local property values and promoting job growth – through its residential rehabilitation programs.
Rapid Capital Funding
Rapid Capital Funding offers merchant cash advances to businesses that make at least $10,000 per month in gross revenue.
Reliant Funding
Reliant Funding provides various loans for small business owners, including both quick-cash and long-term options.
RocketHub
RocketHub offers crowdfunding with no restrictions to the reason for which you can raise funds. With this personal crowdfunding site, you keep everything you raise, so even if you do not reach your goal, you still are that much closer. RocketHub offers a unique experience as well with its partnership with the A&E network, which gives certain select campaigns opportunities to reach a larger audience.
SeedInvest
SeedInvest, and equity crowdfunding site, lets businesses raise capital contributed by accredited investors seeking to help you grow your company, unlike other sites that focus more on individual ideas. While there is no limit to the industry, typical companies that use this crowdfunding platform are technological or consumer businesses, and most business are seeking anywhere between $100,000 and $5 million dollars.
SmartBiz
SmartBiz is an online marketplace that specializes in providing SBA 7(a) loans for small businesses. It conforms to the regulations established by the Small Business Administration, and its banking partners are SBA preferred lenders. SmartBiz automatically deducts your monthly repayment from your bank account, which ensures that your payments are made in full and on time.
SnapCap
SnapCap provides alternative loans to small businesses and startups without requiring time in business or collateral. It offers loans for four different business situations and promises competitive rates and terms.
South End Capital
South End Capital offers competitively low interest rates on bridge loans. This lender offers nationwide coverage as long as you secure the loan with commercial or residential property.
Square Capital
Square Capital is a merchant cash advance service that doesn't have minimum credit card sale requirements for you to get a loan.
Swift Capital
Swift Capital offers high dollar amount cash advances for both businesses and individuals. Find out more by reading the full review.
TD Bank
TD Bank is traditional lender that offers different types of financing for small businesses that qualify. Business owners can take out lines of credit, commercial mortgages, term loans and SBA loans. TD Bank can also assist with various other types of financing.
Tetra
Tetra is a commercial rental company that specializes in lease options for business and office equipment. Rather than going through a bank for a loan to purchase equipment outright, Tetra will lease you the equipment with terms that fit into your business budget.
The Business Backer
The Business Backer can help you secure funds through a revolving line of credit, factoring services and assistance in getting a traditional loan. In addition, it offers alternative loans for purchases and can create a loan deal specific to your company's niche and needs. It also has equipment-leasing services.
Thrinacia
Thrinacia is a crowdfunding platform with customizable white-label options and a variety of features for portal websites. It also allows for social integration and Stripe Connect support for payments.
Total Merchant Resources
Featured on Shark Tank, Total Merchant Resources offers alternative lending to small businesses.
TradeUp
TradeUp is a global equity crowdfunding service, connecting businesses thousands of accredited investors. You can raise between $100,000 and $20 million to grow your business. Accepted industries include tech, electronics, lumber, and food and beverage. This site focuses on U.S.-based companies that are currently selling internationally or are ready to expand internationally.
Upwork
Upwork is a comprehensive crowdsourcing platform where you can find individuals or companies to do temporary work for a wide variety of tasks. Learn more.
U.S. Bank
U.S. Bank can work with you to create an equipment financing package or business loan with terms tailored to your company's needs.
CoreFund Capital
A business financing company that specializes in freight.
1st Merchant Funding
1st Merchant Funding provides merchant cash advances and short-term business loans of $5,000 to $250,000. After completing an application, borrowers receive funding options within just a few minutes, with funding available the following business day.
6th Avenue Capital
6th Avenue Capital is a data-driven Merchant Cash Advance firm. To apply, provide 6th Avenue Capital with an estimated amount of your monthly credit card receipts, total monthly revenue, and the cash advance amount you’re requesting. The lenders funding experts can review your application and make a funding decision in less than 24 hours. Eligible businesses must have been open for at least six months, have at least $10,000 per month in revenue, have significant potential for future business growth and bank accounts in good standing.
800Fund.com
800Fund.com is a provider of merchant cash advances, working capital solutions, alternative financing solutions, and other alternatives to credit lines and small business loans through the purchase of future receipts, ACH programs, and numerous other alternative lending solutions and programs.
Accion
Accion is a small business microloan lender. The company provides two types of loans: one for established businesses and one for startups. Loan types, amounts and requirements vary by state. Each loan type is secured and features fixed interest rates.
Accountable Capital
Accountable Capital specializes in loans for small and midsize businesses throughout the United States. The company offers merchant cash advances, business loans, lines of credit and working capital loans. In addition, it has funding programs specifically for liquor stores and the medical and restaurant industries. There are no application fees. The company offers 24-hour approvals, and bad credit is not an automatic disqualification.
Advance Funds Network
Advance Funds Network (AFN) offers a number of flexible business-financing options for small and midsize businesses, including bad credit business loans, cash advances, invoice and purchase-order factoring, and equipment leasing. AFN's products are available to all businesses, regardless of credit score.
Advantage Leasing
Advantage Leasing is a nationwide provider of commercial financing products and services focused on small and midsize businesses. Advantage finances commercial equipment in most major market segments. The lender has expertise in certain markets, including office technology, industrial equipment, food services, office furniture, security and surveillance, health care, information technology, and software.
Advantage+
Advantage+ is an equipment-leasing direct lender that serves businesses throughout the country. Most new loans, which range from $2,000 to $200,000, come through equipment manufacturers, distributors and dealers that use the lender's financing to help their customers buy equipment. About 40 percent of its loans come from existing or previous borrowers, with a growing number of requests coming directly from borrowers, through the Advantage+ website and word of mouth.
American Microloan
American Microloan provides small business financing and funding via merchant advance loans for Visa and MasterCard merchant account holders. The cash advance or loan amount is based on the merchant's previous six-month average credit card sales volume. The typical loan amount is 70 to 100 percent of the monthly average, with the typical term at six months.
Amerifund
Amerifund has been providing equipment financing of between $5,0000 and $5,000,000 to companies across the United States for new or used equipment since 1995. The lender tailors specific leasing or finance programs to best assist companies in meeting their financial goals. Amerifund's lease, finance and working capital programs provide flexibility, including structured terms that cater to the seasonality of your business, or programs that allow you to use the equipment for three to six months without any out-of-pocket payments.
Apple Capital Group
Apple Capital Group Inc. is an asset-based lender that specializes in equipment leasing and financing ranging from $25,000 to $500,000 for up to 60 months. It also offers small business, bridge and hard-money loans on projects of under 12 months. It can evaluate loan requests in less than two hours, with funding available in three days.
Ascentium Capital
Ascentium Capital is a solutions provider for equipment and technology financing. Its finance platform paves the way for fast, flexible financing for virtually any business need. The lender provides financing and leasing for manufacturers, distributors, resellers and franchise organizations, as well as direct financing options for small, midsize and Fortune 500 companies.
BFS Capital
BFS Capital offers both small business loans and merchant cash advances. The company provides loans of $4,000 to $2 million to small businesses in a wide variety of industries, including restaurants, retail stores, service providers, manufacturers and wholesalers.
Biz2Credit
Biz2Credit is an online marketplace for small business funding. The company connects small businesses in need of funding with lenders. It can help small businesses obtain a variety of loans, including SBA loans, equipment financing, business acquisition loans, commercial loans, lines of credit, franchise loans, real estate financing, disaster loans and merchant cash advances.
BizLender
BizLender is a provider of alternative funding solutions for businesses throughout the United States. This lender offers business cash advances, merchant cash advances, and both secured and unsecured business loans. Funding of $5,000 to $500,000 is available through BizLender.
BoeFly
BoeFly is an online marketplace for small business loans. This loan exchange connects small business owners with more than 4,000 business lenders. BoeFly is a subscription service that does not charge any transaction fees.
Bond Street
Bond Street offers term loans up to $1,000,000, with interest rates starting at 6 percent and terms from one to three years. To qualify, your business needs to have been open for at least two years and have annual revenue of at least $200,000. Businesses whose owners have a credit score of at least 640 are most likely to qualify. The online application takes 10 minutes to complete, with offers arriving within three days.
Business Capital USA
Business Capital USA is a provider of merchant cash advances of up to $500,000. To qualify, borrowers must have been in business for at least six months and have steady monthly cash flow, or at least $5,000 in monthly revenue. Borrowers can apply for an advance online.
Business Credit & Capital
Business Credit & Capital specializes in offering merchant cash advances to retailers, restaurants and service businesses. The lender purchases a percentage of future revenue and advances those funds to businesses. There are no restrictions on how the money can be used. For businesses to repay the loan, the lender collects a daily percentage of sales.
Business Finance Advance
Business Finance Advance provides unsecured cash advance funding to small and midsize merchants based on their future credit card sales. The lender determines cash advance amounts based on a borrower's average monthly credit card sales. It generally funds between $2,000 and $1 million.
Capify
Capify is an alternative finance provider that leverages a proprietary underwriting platform to provide working capital solutions to small and midsize businesses. These loans include merchant cash advances, business loans and inventory purchase programs. Business owners can apply online and will receive decisions in 60 seconds or less.
Capital Alliance
Capital Alliance provides loans to small businesses that have been in business for at least a year and have annual revenues over $100,000, regardless of their credit history. Loans are available up to $1 million, with terms typically ranging from six to 12 months. Businesses can apply for loans online, receiving a decision within 24 hours.
CapitalFront
CapitalFront offers a wide array of financial products – including merchant cash advances, receivable financing, factoring, SBA lending and fixed-rate term solutions – to independent business owners nationwide. Funding amounts and terms vary by loan.
Citi Wide Merchant Funding
Citi Wide Merchant Funding provides small businesses with access to working capital. Funding options include small business loans, merchant cash advances, equipment financing, accounts receivable financing and startup restaurant financing.
Connect2Capital
Connect2Capital is a nonprofit lender for small businesses. It offers small business loans of $50,000 to $4 million for permanent working capital, owner-occupied commercial real estate and leasehold improvements, business equipment, and refinancing existing debt.
Credibly
Credibly offers working capital and expansion loans of $5,000 to $250,000 to small and midsize businesses. Working capital loans have repayment periods of six to 17 months, while expansion loans have 18- to 24-month terms. Both include one-time 2.5 percent fees. There are no application fees, and if your application is approved, you can typically expect funds within 48 hours.
Credit Card Processing Specialists
Credit Card Processing Specialists offers merchant cash advances to small businesses. Its services for merchant cash advance work by providing funds upfront, taking repayment when businesses process credit card payments.
David Allen Capital
David Allen Capital offers business term loans of $10,000 to $500,000. Approvals are made within one day, with funds available as soon as two business days later. To qualify, you must have been in business for at least a year and have a personal credit score over 500 and annual revenue of more than $100,000. Repayment is made on a daily or weekly basis, with funds automatically withdrawn from your business bank account.
Excelsior Growth Fund
Excelsior Growth Fund is a nonprofit alternative lender offering an affordable online loan product. Loans of up to $100,000 can be approved in as little as two business days and fully funded in as little as five business days. Larger loans up to $500,000 can be funded in approximately two weeks. Businesses can also opt to receive free advisory services and one-on-one support from its team of business advisors.
FastUpFront
FastUpFront provides completely unsecured business cash advances of up to $250,000. All businesses that accept credit cards are eligible for a cash advance from FastUpFront. The cash advances are based on future sales, not credit scores.
First American Merchant
First American Merchant offers merchant cash advances, cash advances for businesses that don't have a merchant account, and consumer financing that can be repaid in three, six or 12 months. The lender approves advances to businesses that have credit scores below 500 and makes funds available to borrowers within 72 hours.
First Working Capital Group
First Working Capital Group specializes in small business funding. The lender offers a variety of loan types, including ongoing lines of credit, merchant cash advances, equipment leasing and franchise financing. First Working Capital Group provides loans regardless of credit history. Instead, this lender gives considerable weight to how long businesses have been open when determining the loan amount.
Flash Advance
Flash Advance is a provider of merchant cash advances to businesses around the country. Businesses can apply online and be approved within one hour. In addition to the cash advances, the lender offers SBA bridge loans, small business loans and equipment financing.
Fountainhead Commercial Capital
Fountainhead Commercial Capital is a lender of Small Business Administration (SBA) 504 loans. The loans offer long-term, below-market, fixed interest rates for owners of small and midsize businesses to purchase and/or construct their owner-occupied commercial real estate. To qualify, you must be a for-profit, non-publicly traded company with a net worth of under $15 million and a net business income of less than $5 million over the previous two years, and ownership must be 51 percent U.S. citizens or legal permanent residents.
Fundbox
Fundbox offers business owners a way to fix their cash flow by advancing payments for their outstanding invoices. There are no approval processes, forms to fill out, phone calls to make or obligations. Businesses connect their accounting app to add their unpaid invoices and pick the unpaid invoices they want to clear. An advance for the amount automatically transfers to the business's bank account.
Funding Circle
Funding Circle uses its technology to match accredited and institutional investors with small businesses looking for financing. You can apply for a loan online in just 10 minutes, and get the money in your bank account within 14 days. All of the loans are secured and require a lien on your business assets and a personal guarantee from the primary business owners.
Fundomate
Fundomate offers a platform that allows small businesses to choose financing options from up to 20 different preapproved lenders. It has small business loan and cash advance options. To qualify, businesses need to have been in operation for at least three months and have at least $10,000 a month in deposits.
GoKapital
GoKapital helps entrepreneurs obtain business loans nationwide. With GoKapital, you can apply for a number of business lending options, including SBA loans, short-term loans, lines of credit, merchant cash advances, equipment financing, franchise loans, business acquisitions loans, and loans for minorities and women. Businesses can instantly prequalify for a loan by filling out an online application.
Grameen America
Grameen America is a not-for-profit microfinance organization that provides small loans to women. Since being founded in 2008, Grameen America has expanded to 18 branches in 11 cities and disbursed nearly $340 million to more than 58,000 women. Grameen America can invest in women who have no credit scores or business plans and can provide no collateral. Loans range from $1,500 to $10,000.
Headway Capital
Headway Capital offers small businesses lines of credit ranging from $5,000 to $30,000. Once approved, businesses can borrow as much money as needed, whenever it's needed, up to the available credit limit. With each draw, a business can select the repayment schedule that best suits its needs. To be eligible to apply, your business must have been in operation for at least one year and be located in Florida, Illinois, Missouri, North Carolina, Pennsylvania, Virginia, Washington or Wisconsin.
Horizon Business Funding
Horizon Business Funding is a direct funder specializing in alternatives to small business loans, regardless of bad credit. This lender offers bad-credit business loan alternatives to businesses in any industry, provided the business has been operating for at least two to three months and has a monthly cash flow of $15,000. Horizon Business Funding provides loans of $1,000 to $1,000,000.
IMM Financial
IMM Financial is primarily a cash-flow lender with loans between $5,000 and $1 million, depending on the type of funding required. The company offers a variety of loan types, including accounts receivable factoring, lines of credit, purchase-order financing, equipment financing, asset-based lending, and mergers and acquisition financing. Businesses with bad or no credit are not necessarily denied. Loans are available as secured and unsecured and in several countries besides the United States.
IOU Financial
IOU Financial provides loans of up to $150,000 to small businesses. The automated application and approval system assesses applicants' financial realities, with an emphasis on day-to-day cash flow. To qualify, businesses must have been in operation for at least a year, make at least 10 deposits into a business bank account each month, and have annual revenue of at least $100,000 and an average ending balance of $3,000 per day in their business bank accounts.
Infinity Capital Funding
Infinity Capital Funding is a direct funder, providing merchant cash advances, small business loans, and other working capital solutions to small and midsize businesses throughout the United States. The lender approves loans within 24 hours and provides funding within days.
Innovative Lease Services
Innovative Lease Services offers commercial financing to small and midsize businesses throughout the U.S. and Canada. The lender specializes in custom tailored finance programs to fit each business's needs. Specific funding options include equipment financing, working capital loans, inventory financing, merchant cash advances and invoice factoring.
Jet Capital
Jet Capital offers merchant advances from $2,500 to $100,000, depending on revenue and other factors, to businesses that have been operating for three months or longer and have average monthly revenue of $5,000 or more. The online application process allows for initial decisions in just minutes. Businesses approved for advances can access the funds as soon as the next business day. Jet Capital bases its decisions on a business's overall track record, not just the owner's credit score.
Kapitus
Kapitus offers several different financing options, including revenue-based financing and small business loans of $10,000 to $1 million. The lender also offers equipment financing and factoring options.
Key Equipment Finance
Through approximately 400 financing professionals nationwide, Key Equipment Finance delivers a wide array of business-to-business equipment financing to organizations of many sizes and types, focusing on four distinct markets: businesses of all sizes in the U.S.; equipment manufacturers, distributors and value-added resellers; federal, provincial, state and local governments, as well as other public sector organizations; and lease advisory and syndications support for corporations looking to optimize risk and revenue.
Keystone Equipment Finance and Leasing
Keystone Equipment Leasing and Finance offers equipment leasing and financing to established businesses (two years plus), and its application procedure usually requires no financial statements or tax returns for equipment up to $100,000. Medical practices are encouraged to apply, even as startups.
Kiva
Kiva is a nonprofit that provides entrepreneurs with access to capital through person-to-person lending. Small businesses have the opportunity to raise up to $10,000 in capital with no interest or fees. Through Kiva, anyone who wants to support small business growth and local job creation can choose to lend $5 or more to a small business of their choice.
LENDonate
LENDonate is an open, online lending platform that unites qualified nonprofits with lenders for quick funding of high quality, low-cost loans. The platform enables nonprofits to secure financing from previously untapped sources, receiving attractive loan rates and donations. Uniquely, marketplace and philanthropic lenders join forces to fund major projects in ways that fulfill both their financial and charitable goals.
LQD Business Finance
LQD Business Finance is a small business lending firm. Unlike traditional banks and other alternative lenders, LQD can approve a loan that is tailored to a client's needs, in just a matter of days. The lender uses custom technology to provide small businesses with quick, convenient and affordable business loans. LQD offers loans for expansion, acquisition and working capital, as well as accounts receivable financing.
LeaseQ
LeaseQ offers instant quotes on a free, cloud-based SaaS platform for borrowers looking to finance equipment. The company specializes in deals under $250,000, and it partners with equipment dealers and leasing companies across a variety of industry segments. With LeaseQ, you can compare and prioritize lease quotes by monthly payment or total amount and see all related fees.
LendingTree
LendingTree connects consumers to lenders that compete for their business. LendingTree lenders offer an array of loan types, including business loans. The loan amount approved for a business is based on several key factors, such as how long the company has been in business, its annual revenue and its credit score.
Lendio
Lendio is an online service that helps small businesses quickly find the right business loan. It makes business loans by matching qualified small business owners with active banks, credit unions and other lending sources.
Lendza
Lendza connects businesses with funding partners for a variety of loan options, including accounts receivable financing, acquisition funding, lines of credit, real estate financing, equipment financing, franchise loans, merchant cash advances, SBA loans and traditional term business funding. Lendza helps businesses find loans of up to $350,000. Once it finds you a partner, Lendza guides you through the process of obtaining financing for your business.
Liberty Capital Group
Liberty Capital Group offers a wide variety of business funding programs, including conventional business loans, SBA loans, commercial real estate loans, equipment and machinery financing, lines of credit, asset-based financing, and low-credit financing. Applications can be completed in two minutes, with funding available for some loans as quickly as within 24 hours.
LiftForward
LiftForward operates a marketplace loan platform that provides loans to small businesses of up to $1 million. Funds can be used for asset purchases, purchase-order financing, or working capital with terms ranging from three to 36 months. Utilizing technology and its proprietary LiftSCORE, LiftForward can quickly underwrite loans and get businesses the money they need in as little as 48 hours. Using an online calculator, you can quickly see what your payment might be for your loan amount and term.
Med One
Med One offers flexible financing solutions to small and middle-market companies looking to acquire the equipment to operate their business. The company offers customized leasing programs for both medical and commercial equipment. Med One partners with manufacturers, distributors and product resellers across a variety of industries. Some of its unique lease options are deferred payments, step-up payments, operating leases and capital leases.
Merchant Advisors
Merchant Advisors offers an assortment of loan types, including small business loans, working capital loans, restaurant loans, bad-credit loans, cash advances, SBA loans, restaurant equipment leasing, lines of credit, franchise financing, 401(k) business funding and home-based business loans.
National Business Capital
National Business Capital provides a variety of business financing options, including equipment leasing and financing, small business loans, lines of credit, accounts receivable financing and funding, commercial mortgage financing, SBA loans, purchase-order financing, franchise financing, and doctor, medical and physician loans.
National Funding
National Funding offers small businesses a range of financial services and products, including working capital loans and merchant cash advances. The company's working capital loans for small businesses require no pledge of personal assets.
OCM Financial Group
OCM Financial Group provides capital equipment leasing to a wide range of businesses. It helps businesses finance or lease new equipment, as well as refinance existing equipment. This includes any type of capital equipment your business might use in manufacturing and retail applications.
Opportunity Fund
Opportunity Fund is a nonprofit small business lender that offers small business, micro, commercial vehicle and mobile food truck loans. The loans range from $2,500 to $250,000.
P2Binvestor
P2Binvestor (P2Bi) provides crowdsourced, asset-secured working capital of up to $10 million per borrower to U.S.-based growth companies. P2Bi's revolving lines of credit are secured by accounts receivable and/or inventory. Accredited investors participate in funding each line of credit and earn a return through P2Bi's proprietary investment platform.
Prompt Advance Lending
Prompt Advance Lending offers business cash advances based on a business's average gross monthly revenue. The amount you qualify for depends on your average monthly credit card processing receipts, or your average monthly check and cash deposits. Prompt Advance requires no collateral or personal guarantee and has no prepayment penalty.
QuarterSpot
QuarterSpot can deliver working capital into your account in as little as one business day. Applying is free and won't affect your credit score. In addition, this lender does not require personal guarantees or file a lien on collateral. To qualify, you must have been in business for one year, make at least $8,000 a month in sales and have a minimum personal credit score of 580.
Santander
Santander offers a complete suite of borrowing solutions to help small business owners manage and expand their companies, including lines of credit, term loans, equipment leasing and commercial mortgage loans. Santander has an easy application process, makes decisions in a timely manner, and offers competitive terms and rates.
Shield Funding
Shield Funding is an alternative lender specializing in bad-credit business loans. To be eligible, you must have been in business for at least four months, and have bank receipts or accept credit cards as a form of payment. A minimum of $5,000 per month in gross revenues is required for companies that accept credit cards, and approximately $20,000 a month in gross revenue is required for those that do not. Shield Funding provides business cash advances and unsecured business loans of up to $500,000 for a variety of purposes.
Silver Rock Funding
Silver Rock Funding is not a lender, but rather a broker to help businesses get the funding they need. After a business submits a completed application, a dedicated funding manager works with the business to identify a product that suits that company best. Silver Rock Funding then finds a lender in its network, usually within 24 hours of the application submission. The process is free, and there is no obligation to accept a loan. After a loan is accepted, funds are available within 72 hours.
Small Business Loans Depot
Small Business Loans Depot offers an assortment of loan types, including bank statement loans, small business loans, working capital loans, equipment loans and equipment refinance loans. Loans are available for $5,000 to $150,000. The amount for which a business qualifies depends on business and personal credit, time in business, the amount of equipment owned, and gross sales.
StreetShares
StreetShares offers small business and government contract financing solutions with a focus on veterans and their communities. Business owners can get preapproved in minutes and access funds within a week. Investors can also purchase Veteran Business Bonds to support StreetShares' portfolio of small businesses, which see a fixed annual return of 5 percent.
Sure Funding Solutions
Sure Funding Solutions is a small business financing company that offers loans of up to $500,000, business cash advances and accounts receivable financing. Sure Funding Solutions offers flexible payment options, no early or late payment penalties, no application fees, and 24-hour approvals.
Taycor Financial
Taycor Financial is a fiscally sound and economically responsible nationwide provider of equipment leasing and financing to the business community. The company offers commercial and technology financing, business financing, and vendor partnerships.
TimePayment
TimePayment is an equipment leasing company that specializes in transactions with selling prices between $500 and $100,000. Through its network of more than 10,000 independent vendors, and utilizing its multilevel credit-scoring model, TimePayment can approve a wide range of customers, from large corporations to small businesses, including new entities.
United Capital Source
United Capital Source offers a variety of loan types, with amounts of $5,000 to $2 million. Businesses with bad credit are not automatically eliminated from loan consideration, and it can grant approvals in as little as 24 hours. United Capital Source's loans are unsecured and don't require a personal guarantee or collateral.
VEDC
VEDC is a nonprofit alternative lender providing SBA Community Advantage loans as well as several small business direct loan programs. The organization provides loans and microfinancing options to small businesses, particularly those owned by women and minorities, that don't qualify for traditional bank financing. As a certified Community Development Financial Institution, VEDC's mission is to help create jobs and promote economic development in underserved communities.
ViewRidge Funding
ViewRidge Funding is a provider of working capital loans up to $250,000 and equipment financing for businesses throughout the United States. To access the funding, businesses must complete a few questions online or call one of ViewRidge Funding's account executives, who will guide them through a one-page application to secure the funding or equipment they need within as little as two business days.
WG Financing
WG Financing is a merchant cash advance provider. It requires little or no collateral, and average or bad credit is OK. Cash advances of up to $1 million are available.
LoanBuilder
If your business is stable, LoanBuilder lets you tailor your own business loan on its platform.
SMB Compass
SMB Compass aims to quickly deliver flexible business loans to small businesses. The company offers eight different loan programs and works with over 10 different industries.
AltLINE
Founded in 1936, altLine The Southern Bank Company helps small businesses with funding options, including invoice factoring. It is backed by an FDIC insured and state regulated bank.
Wells Fargo
Wells Fargo's small business loan options are ideal for growing businesses and established small businesses alike. The company offers three main types of term loans: unsecure loans, equipment financing and working capital loans. Wells Fargo has a convenient online application process, and often deposits funds the same day you're approved.
Editor's note: Looking for business financing? Use the questionnaire below to receive information from a variety of lenders for free.
