Best Small Business Loan Agencies In The United States

What are small businesses loans?

Small-business loans help businesses to either start a new business, expand the existing one, or maybe just keep it going during a disaster. The loan programs from credit unions, banks, The Small Business Administration, and from online lenders, can help infuse the working capital, along with other financial support during urgency.

However, in this article, we are going to list down some of the best small business loan agencies in the US, that you can consider. Keep scrolling through this article to gain more information on these agencies. 

Some Of The Best Loan Agencies For Small Businesses In The US

There are a few things that you need to know regarding the financing options of small businesses. These include:

*Real Estate Loans.

*SBA Loan Programs, and 

*The Working Capital Loans.

Therefore before opting for a loan, it is necessary for you to find out whether the loan program suits you or not. Because if it doesn’t, it will not be able to help you with the growth, maintenance, and establishment of your business. 

Here’s presenting some of the best small business loan agencies in the US:

1. Blue Vine

Birthed in 2013, Blue Vine has delivered over $13 billion in financing to almost 425,000 customers, approximately. This entrepreneurial lender pays attention to small businesses and offers them lines of business credit up to $250,000. 

This lender serves money borrowers across the country, having ‘brick-&-mortar’ locations in Holladay, Utah; Redwood City, California; Jersey City, New Jersey and Austin, Texas.

Minimum FICO Credit Score: 625

Maximum Loan Amount: $250,000

BBB Rating: A+

Pros- * Offers a 24-hour disbursement policy.

          * Offers a flexible line of business credit for both small and medium-sized businesses.

Cons- *Has an extremely high APR.

           *The short repayment terms often lead to higher payments.

2. Funding Circle

Funding Circle is an online business lending platform connecting small-business borrowers with the investors. This lending platform is known to have has linked over 130,000 businesses worldwide, along with a funding of $19.4 billion.

Minimum FICO Credit Score: 660

Maximum Loan Amount: $500,000

BBB Rating: A+

Pros- *Offers huge term loans, ranging up to $500,000.

          *They offer loans to all the US states apart from Nevada.

          *They do not have any min annual revenue requiremwmnt.

Cons- *They do not offer loans to start-ups.

           *They offer a min loan of up to $25,000.

3. Biz2Credit

Biz2Credit was established in the year 2007, as a platform matching small businesses with their funding, on the basis of their needs. They do so by connecting the borrowers with lenders, offering a wide range of credit & loan options. 

This platform has financed thousands of small businesses in the US,  by investing a huge funding of $7 billion.

Minimum FICO Credit Score:575

Maximum Loan Amount: $5 million

BBB Rating: D

Pros-*They offer a wide variety of loans.

         *They provide borrowers with assistance in choosing the ideal loan option.

       *They employ a network of financial organizations. 

Cons- *There might be variations regarding the money lending guidelines. 

            *They function more like a platform , rather than a direct money lender. 

Read Also: What Is Vendee Financing And How Do I Get The Vendee Financing Loan

4. Rapid Finance

Rapid Finance, an online financial services company providing small businesses with lines of credit, merchant cash advances, loans, & other loan related products. 

Minimum FICO Credit Score: Unknown

Maximum Loan Amount: $1 million

BBB Rating: A+

Pros- *They offer the borrowers with, multiple loan options.

          *Borrowers having a fair to excellent credit score, will gain approval.

          *They can generate funds within a few hours of your loan application & approval. 

Cons- *It will recruit you to have an automatic payment system.

          *They do not list the rates on their website.

Read Also: How Does Terrace Finance Work? – A Complete Review

5. OnDeck

OnDeck is another online small-business money lender that offers term loans along with lines of credit. The organization was founded in 2006 and uses data analytics & digital technology for a clear assessment of credit for small businesses. 

The company has served over  114,000 small businesses, offering over $13 billion as loans. 

Minimum FICO Credit Score: 600

Maximum Loan Amount: $250,000

BBB Rating: A+

Pros- *They offer the borrowers an option between lines of credit or term loans.

          *They allow the borrowers to apply for loans with a min personal FICO score of 600.

          *The loan amounts range from $5,000 to $250,000. Whereas, the lines of credit are from $6,000 to $100,000.

Cons- *They do not offer prequalification.

           *This loan agency does not allow borrowers from Nevada, both South and North Dakota & few other industries.

           *It is mandatory for the borrower to be in business for at least a year, generating a min of $100,000 as the annual gross revenue- as qualifications.

Conclusion

Apart from the aforementioned loan agencies, some other significant small business loan agencies include truerate services, vendee financing, terrace finance, etc. However, in case you‘ve got some other information to add, our comments section is at your service.

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