Business Loans

With so many online and traditional lenders offering different loan types, qualification requirements, and repayment terms, comparing small-business loans can quickly become overwhelming. To help simplify your decision, we researched and evaluated more than 60 lenders based on loan options, funding speed, eligibility requirements, interest rates, flexibility, and customer reputation.

Below are our top picks for the best small-business loans, each selected for a specific business need.

Best Small-Business Loans at a Glance

Lender	Best For	Starting APR	Min. Revenue	Min. Time in Business
Lendio	Overall business loans	Varies	~$96,000/year	6 months
Bluevine	Fast funding	~20%	~$120,000/year	6–12 months
OnDeck	Repeat borrowers	~35%	~$100,000/year	1 year
SmartBiz	SBA loans	~11%	~$50,000/year	2 years
Backd	Flexible repayment	Not listed	~$100,000/year	1 year

5 Best Small-Business Loans

★ ★ ★ ★ ★

4.8/5

Lendio

Best Overall Small-Business Loan

Lendio is a lending marketplace that connects small businesses with over 75 lenders through a single application. Instead of applying to multiple banks or online lenders individually, business owners complete one streamlined application and receive personalized loan offers within days.

Lendio supports a wide range of financing options, including term loans, lines of credit, SBA loans, invoice financing, and commercial real estate loans. This flexibility makes it suitable for businesses at various stages, from startups to established companies.

Loan amounts: $1,000 to $5 million

Visit Lendio

Features and Benefits

While interest rates vary depending on the lender and loan type, Lendio's strength lies in its convenience, lender variety, and personalized guidance throughout the process. The platform eliminates the need to research and apply to dozens of lenders separately, saving business owners significant time and effort.

Lendio's matching algorithm connects businesses with lenders most likely to approve their application based on their financial profile, industry, and borrowing needs. This targeted approach increases approval odds and reduces unnecessary credit inquiries.

Pros

One application, multiple loan offers
Wide variety of loan types
Personalized lender matching
Access to over 75 lenders
Suitable for startups to established businesses

Cons

Rates can be higher with some lenders
Potential hard credit inquiries
Approval not guaranteed

The Verdict

Lendio is the best overall option for most small-business owners who want access to multiple funding solutions without applying to dozens of lenders. Its marketplace approach simplifies the loan search process while maintaining competitive rates and diverse options.

★ ★ ★ ★ ☆

4.6/5

Bluevine

Best for Fast Funding

Bluevine is a top choice for businesses that need money quickly. Its automated application process delivers fast decisions, and approved borrowers may receive funds within 24 hours—or even the same day in some cases.

Loan amounts: Up to $5 million

Starting APR: ~20%

Visit Bluevine

Features and Benefits

Bluevine primarily offers lines of credit, which replenish as balances are repaid, making it a flexible option for ongoing working capital needs. While Bluevine no longer offers invoice factoring directly, it partners with third-party providers to maintain access to receivables-based financing.

Eligibility requirements are higher than some competitors, particularly in terms of revenue, but the speed and convenience make Bluevine a standout option for businesses with urgent financing needs.

Pros

Same-day or next-day funding
Reusable line of credit
Simple online application
Fast automated decisions
Flexible working capital solution

Cons

Higher revenue requirements
Limited availability in some states
Higher interest rates than traditional banks

The Verdict

Bluevine is best for businesses that prioritize speed and flexibility over long-term loan costs. If you need funding quickly for immediate opportunities or unexpected expenses, Bluevine's rapid approval and funding process makes it an excellent choice.

★ ★ ★ ★ ☆

4.4/5

OnDeck

Best for Repeat Borrowers

OnDeck is well-known for rewarding loyal customers. Businesses that borrow repeatedly may qualify for reduced fees, lower interest rates, and waived interest on existing loans.

Loan amounts: Up to $250,000

Starting APR: ~35%

Visit OnDeck

Features and Benefits

The lender offers both term loans and lines of credit, making it suitable for businesses with ongoing financing needs. OnDeck also reports payments to business credit bureaus, helping borrowers build business credit over time.

However, OnDeck's loans come with higher interest rates compared to traditional lenders, and qualification requirements are stricter than some online competitors. The value proposition becomes stronger for repeat customers who benefit from loyalty discounts.

Pros

Discounts for repeat borrowers
Strong reputation among customers
Helps build business credit
Both term loans and lines of credit
Loyalty rewards program

Cons

High starting APR
Personal guarantee required
Stricter qualification requirements

The Verdict

OnDeck is best for established businesses that anticipate needing funding multiple times and value long-term lender relationships. While initial rates may be higher, repeat borrowers benefit significantly from loyalty discounts and relationship perks.

★ ★ ★ ★ ★

4.7/5

SmartBiz

Best for SBA Loans

SmartBiz focuses exclusively on SBA-backed loans and traditional bank financing. The platform simplifies the complex SBA loan application process by matching borrowers with SBA lenders using a single application.

Loan amounts: $30,000 to $500,000

Starting APR: ~11%

Visit SmartBiz

Features and Benefits

Because SBA loans are partially government-backed, they typically offer lower interest rates and longer repayment terms than online business loans. However, qualification requirements are stricter, and the approval process can take longer.

SmartBiz is best suited for established businesses seeking affordable, long-term financing. The platform's simplified process makes SBA loans more accessible while maintaining the favorable terms that make these loans attractive.

Pros

Lower interest rates
Simplified SBA application
Access to multiple SBA lenders
Longer repayment terms
Government-backed loans

Cons

Longer funding timeline
Higher eligibility requirements
More documentation required

The Verdict

SmartBiz is the best option for businesses that qualify for SBA loans and want lower-cost, long-term financing. If your business has strong financials and you can wait for approval, the favorable terms make the extra time worthwhile.

★ ★ ★ ★ ☆

4.3/5

Backd

Best for Flexible Repayment

Backd specializes in working capital loans and lines of credit with flexible weekly repayment options. Businesses can choose repayment terms that better align with cash flow, making Backd a strong option for companies with fluctuating revenue.

Loan amounts: $10,000 to $2 million

Visit Backd

Features and Benefits

The application process is fast and mostly automated, with approvals often provided within 24 hours. Funding can arrive as quickly as the next business day, which is helpful for urgent financing needs.

While Backd's loans are not the cheapest on the market, its accessibility and flexibility make it attractive for businesses that don't qualify for traditional bank loans. The weekly repayment structure is particularly beneficial for businesses with variable income patterns.

Pros

Fast approval and funding
Flexible repayment schedules
Lower time-in-business requirements
Weekly payment options
Good for fluctuating revenue

Cons

Higher interest costs
Not available for all industries
APR not publicly listed

The Verdict

Backd is ideal for businesses that need quick funding with repayment terms that adapt to their cash flow. The flexible weekly structure makes it particularly valuable for seasonal businesses or those with irregular income.

Honorable Mention

Upstart - Best Personal Loan Lending Experience: Upstart primarily offers personal loans, but some business owners use them for startup or small-business expenses. The platform is well-known for fast approvals, strong customer reviews, and transparent pricing. While loan amounts are smaller and interest rates can rise significantly depending on creditworthiness, Upstart can be useful for newer businesses that don't yet qualify for traditional business loans.

Why Choosing the Right Business Loan Matters

The right business loan supports growth, stabilizes cash flow, and helps you invest confidently in your company. The wrong loan one with high fees, rigid repayment terms, or mismatched structure can strain finances and limit future opportunities.

Understanding your business's revenue, credit profile, timeline, and purpose for borrowing is essential before choosing a lender. Consider factors such as how quickly you need the funds, what you'll use them for, and how predictable your cash flow is for making repayments.

What to Look for in a Business Loan

When evaluating business loans, focus on these key factors to find the best fit for your needs:

Interest Rates and APR: Compare the total cost of borrowing, not just the interest rate
Repayment Terms: Ensure the payment schedule aligns with your cash flow
Funding Speed: Consider how quickly you need access to capital
Qualification Requirements: Review minimum revenue, credit score, and time-in-business requirements
Fees and Additional Costs: Watch for origination fees, prepayment penalties, and hidden charges
Loan Amount Flexibility: Ensure the lender offers the amount you need
Customer Support: Responsive service is valuable when you have questions or issues

Frequently Asked Questions

Start by identifying why you need funding—working capital, expansion, equipment, or refinancing. Then consider how quickly you need the funds, how much you can afford in monthly payments, and whether you prefer short-term or long-term financing. Comparing multiple lenders helps ensure you get the best fit for your specific business needs and financial situation.

Peer-to-peer lending connects borrowers with individual investors through an online platform, while direct lenders fund loans using their own capital. Peer-to-peer loans can be flexible but may have higher rates, whereas direct lenders often offer more structured products with predictable terms and faster approval processes.

Yes, many lenders offer programs tailored to women-owned businesses, including SBA backed loans, nonprofit microloans, and grants. Some organizations also provide mentorship and reduced-rate financing specifically designed to support women entrepreneurs in growing their businesses.

Veteran-owned businesses can access SBA programs, specialized nonprofit lenders, and private lenders that offer discounted rates or relaxed requirements for veterans. The SBA's Veterans Advantage program waives certain fees for qualified veteran borrowers, making these loans more affordable.

Yes, personal loans are sometimes used by startups or sole proprietors, especially when business credit is limited. However, they lack business protections and should be used cautiously. Personal loans put your personal credit and assets at risk, whereas business loans help build business credit and separate your personal and business finances.

SBA microloans and SBA 7(a) small-dollar loans are generally easier to qualify for than larger SBA loans, especially for newer businesses. These loans have lower minimum requirements and faster approval processes, making them accessible for businesses that don't yet have extensive financial history or collateral.