Best Small Business Loans of 2023 | LendingTree

Our pick for SBA loans: SmartBiz

These popular government-backed loans offer long repayment terms and moderate interest rates

, but the application process can last up to several months.

Read our SmartBiz review

Pros and cons

  Online marketplace matches borrowers with SBA lenders
  Shortens SBA funding process to as quickly as one week

Online marketplace matches borrowers with SBA lendersShortens SBA funding process to as quickly as one week

  Down payment required
  Businesses must show at least two years of operating history

Why we like it

SBA loans are widely available through banks and other financial institutions, but SmartBiz stands out for being quick and convenient. By matching you with a lender in its network, SmartBiz helps to accelerate the application process and funding timeline for SBA funding.

Our pick for short-term loans: OnDeck

With repayment terms from a few months to two years, short-term loans are good for when you expect a quick return on what you’re investing in with the loan funds.

Read our OnDeck review

Pros and cons

  Repayment terms between 3 to 24 months
  Loan amounts between $5,000 to $250,000

Repayment terms between 3 to 24 monthsLoan amounts between $5,000 to $250,000

  $100,000 annual revenue required
  Lowest APRs reserved for strongest applicants

Why we like it

With lenient eligibility criteria, OnDeck’s short-term loans can be a viable option for many businesses that need extra cash. Whether it’s for plugging up cash flow gaps or covering an unexpected expense, you can get up to $250,000 from OnDeck relatively quickly.

Our pick for long-term loans: Funding Circle

Long-term business loans offer relatively low-rate financing for lasting investments, such as machinery or business acquisition. 

Read our Funding Circle review

Pros and cons

  Loans available from $25,000 to $500,000
  No prepayment penalties

Loans available from $25,000 to $500,000No prepayment penalties

  Requires collateral
  Average Funding Circle borrower makes about $1.4 million in annual sales

Why we like it

Because of their longer repayment times and comparatively lower interest rates, most long-term loans come from traditional banks and take longer to approve. As an online, peer-to-peer lender, Funding Circle stands out because you can receive funding within two business days for long-term loans up to 84 months.

Our pick for business line of credit: Bluevine

A line of credit is funding that you can draw upon as needed, and you’ll only have to pay interest on what you borrow.

Read our BlueVine review

Pros and cons

  Credit lines available up to $250,000
  Revolving access to funds

Credit lines available up to $250,000Revolving access to funds

  $120,000 in annual revenue required
  Weekly interest in a short repayment time frame can make Bluevine an expensive option

Why we like it

You don’t need perfect credit or a long time in business to qualify for a Bluevine line of credit, a revolving form of funding you can use for a variety of operating expenses. As long as you can meet its minimum monthly revenue requirements, you might be eligible for a credit line up to $250,000.

Our pick for working capital loans: Credibly

Working capital loans are short-term loans disbursed within 24 hours to a week of approval and designed to fund your company’s day-to-day operations during a lull in business activity.

Read our Credibly review

Pros and cons

  Loan amounts up to $400,000
  Minimum credit requirement of 500

Loan amounts up to $400,000Minimum credit requirement of 500

  Six months in business required to qualify
  Average of $15,000 in monthly bank deposits required

Why we like it

If you need cash to cover operating expenses or other relatively short-term business needs, Credibly’s working capital loans can offer you funding fast. With a minimum credit score of 500, Credibly may be willing to look past a checkered credit history, but you’ll need to prove a healthy annual revenue instead.

Our pick for equipment financing: Taycor Financial

Equipment financing allows businesses to pay for equipment, such as commercial trucks, a restaurant oven or an office copier, a little at a time for relatively low rates.

Read our Taycor Financial review

Pros and cons

  Don’t need to have excellent credit
  Can receive funding amounts up to $2,000,000

Don’t need to have excellent creditCan receive funding amounts up to $2,000,000

  Typically requires 2 years in business
  Down payment is required

Why we like it

With its competitive interest rates and willingness to lend to newly established businesses, Taycor Financial may be worth considering for your businesses’ equipment financing needs.

Our pick for accounts receivable financing: Elevation Capital

Exchange unpaid invoices for immediate cash, minus a fee. AR financing, also known as “invoice factoring,” may be a good option for risk-averse or poor-credit borrowers.

Read our Elevation Capital review

Pros and cons

  $5,000 to $10,000,000 available
  Minimum credit requirement of 550

$5,000 to $10,000,000 availableMinimum credit requirement of 550

  $150,000 in annual revenue required
  10 days to receive funds

Why we like it

If your business has a steady stream of invoices, Elevation Capital may be able to help you convert those unpaid invoices into cash. Elevation Capital’s accounts receivable financing could be an option for those with lower credit scores, as long as your business meets the minimum revenue and time in business requirements.

Our pick for merchant cash advance financing: Reliant Funding

A merchant cash advance is a lump sum of funding that businesses repay through their daily transactions.

Read our Reliant Funding review

Pros and cons

  $5,000 to $400,000 available
  Your credit history is not a primary deciding factor

$5,000 to $400,000 availableYour credit history is not a primary deciding factor

  Faster-than-normal repayment terms could lead to higher daily payments
  Six months in business required

Why we like it

If your business needs a lump sum of cash upfront, Reliant Funding’s merchant cash advances may be worth exploring. Funding is quick and interest rates are competitive, but be aware that this method of funding involves borrowing against future credit card sales.

Our pick for bad credit business loans: Uplyft Capital

Getting a business loan with bad credit can be challenging — but it’s not impossible. However, a lower score can come with higher interest rates and additional requirements from the lender.

Read our Uplyft Capital review

Pros and cons

  Only six months in business
  Quick funding

Only six months in businessQuick funding

  Required to provide three months of past bank statements
  Required to deposited at least $12,000 per month

Why we like it

Uplyft Capital looks at more than just your credit score when determining your qualifications to borrow. If you meet their revenue requirements, you may be able to qualify for funding.

Our pick for fast funding: Fundbox

If you need fast funding for your business, same day business loans may be a good option for you. 

Read our Fundbox review

Pros and cons

  No prepayment penalty
  Only six months in business required

No prepayment penaltyOnly six months in business required

  Must have a business checking account
  Must make at least $100,000 in annual revenue

Why we like it

Fundbox can transfer the funds for a line of credit as soon as the next business day after you’re approved — as a trade-off, however, be prepared for shorter repayment times.

Our pick for startup business loans: Fora Financial

Startup business loans may be an option for businesses in operation for less than two years that bring in consistent revenue.

Read our Fora Financial review

Pros and cons

  Only six months in business
  No collateral required

Only six months in businessNo collateral required

  No open bankruptcies
  Must have at least $12,000 in gross sales

Why we like it

With many lenders requiring a minimum of two years in business, it can sometimes can be hard to get a startup business loan. Fora Financial’s business loan only requires you to be in business for six months to receive funding of up to $1,400,000.

Our pick for business expansion loans: National Funding

Business expansion loans help you acquire a new business, expand to a new location or even hire more staff.

Read our National Funding review

Pros and cons

  No down payment required
  Only 6 months in business required

No down payment requiredOnly 6 months in business required

  Must obtain a quote from equipment vendor
  Must pay a doc fee of 1% equipment cost

Why we like it

Looking for a loan to help expand your business? National Funding’s equipment loans could be a great option. For example, if you’re a restaurant, hardware store or another physical storefront business looking to expand to an additional location, an equipment loan could help you get the necessary equipment needed to scale. Equipment loans from National Funding do not require a down payment, though making one could help to lower your monthly payments.