Top Ten Small Business Bank Loans in the USA

Small businesses are the backbone of the American economy, accounting for over 50% of all jobs. However, small businesses often face challenges when it comes to financing. Bank loans can be a great option for small businesses, but it can be difficult to know where to start. This guide will provide you with an overview of the top ten small business bank loans in the USA. We will discuss the different types of loans available, the eligibility requirements, the interest rates and fees, and the application process.

Table of Contents

Top Ten Small Business Bank Loans in the USA

Here are the top ten small business bank loans in the USA:

1. U.S. Small Business Administration (SBA)

U.S. Small Business Administration (SBA) loans are the most popular type of small business loan. They are guaranteed by the SBA, which means that the lender has less risk if the borrower defaults on the loan. SBA loans can be used for a variety of purposes, including starting a business, expanding a business, or buying equipment.

Here are some more details of the U.S. Small Business Administration (SBA) Small business loan:

Process

The process of getting an SBA loan can be summarized into the following steps:

Find an SBA-approved lender.
Apply for the loan.
Provide the lender with the required documentation.
Meet with the lender to discuss your loan application.
Get approved for the loan.
Sign the loan documents.
Receive the loan proceeds.

Eligibility

To be eligible for an SBA loan, your business must meet the following requirements:

Be a for-profit business.
Be located in the United States.
Be small under SBA size standards.
Have a good credit history.
Have a sound business plan.
Be able to repay the loan.

Documentation

The following documentation will be required to apply for an SBA loan:

Business tax returns for the past two years.
Business financial statements.
Personal financial statements for the past two years.
Business plan.
Collateral (if required).

Interest rates and fees

The interest rates and fees for SBA loans vary depending on the type of loan and the lender. However, SBA loans typically have lower interest rates and fees than traditional bank loans.

Repayment terms

The repayment terms for SBA loans also vary depending on the type of loan and the lender. However, SBA loans typically have repayment terms of up to 10 years.

Guarantee

The SBA guarantees a portion of the loan, which means that the lender has less risk if the borrower defaults on the loan. The SBA guarantee can be up to 85% of the loan amount.

Loan programs

The SBA offers a variety of loan programs to meet the needs of different businesses. Some of the most popular SBA loan programs include:

7(a) loan: This is the most popular SBA loan program. It can be used for a variety of purposes, including starting a business, expanding a business, or buying equipment.
504 loan: This loan is designed to help small businesses acquire fixed assets, such as land, buildings, and equipment.
Microloan: This loan is designed to help small businesses with limited access to capital. The maximum loan amount is $50,000.
CDC/504 loan: This loan is similar to the 504 loan, but it is administered by a Certified Development Corporation (CDC).

How to apply

To apply for an SBA loan, you can contact an SBA-approved lender. The lender will help you complete the application process and gather the required documentation.

The SBA Small Business Loan is a great option for businesses that need financing to grow or expand. The SBA guarantee can make it easier to get a loan, and the lower interest rates and fees can save you money. If you are considering getting a small business loan, be sure to talk to an SBA-approved lender to learn more about the SBA loan programs and how they can help you.

2. Funding Circle

Funding Circle is an online marketplace that connects small businesses with investors. Funding Circle offers a variety of loan terms, including term loans, lines of credit, and equipment loans.

Process

The process of getting a loan through Funding Circle can be summarized into the following steps:

Create a Funding Circle account.
Apply for a loan.
Provide Funding Circle with the required documentation.
Wait for Funding Circle to review your application.
Get approved for the loan (or not).
Sign the loan documents.
Receive the loan proceeds.

Eligibility

To be eligible for a loan through Funding Circle, your business must meet the following requirements:

Be a for-profit business.
Be located in the United States.
Have been in business for at least 2 years.
Have a personal credit score of at least 660.
Have a sound business plan.
Be able to repay the loan.

Documentation

The following documentation will be required to apply for a loan through Funding Circle:

Business tax returns for the past two years.
Business financial statements.
Personal financial statements for the past two years.
Business plan.
Collateral (if required).

Interest rates and fees

The interest rates and fees for loans through Funding Circle vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, Funding Circle loans typically have lower interest rates and fees than traditional bank loans.

Repayment terms

The repayment terms for loans through Funding Circle also vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, Funding Circle loans typically have repayment terms of up to 5 years.

How to apply

To apply for a loan through Funding Circle, you can create an account and fill out an online application. Funding Circle will review your application and get back to you within a few days.

Funding Circle is a great option for businesses that need financing to grow or expand. The lower interest rates and fees can save you money, and the quick and easy application process can make it easier to get a loan. If you are considering getting a small business loan, be sure to check out Funding Circle.

Here are some additional things to keep in mind when applying for a loan through Funding Circle:

Your personal credit score is important, but it is not the only factor that Funding Circle considers. They will also look at your business’s financial health and your ability to repay the loan.
Funding Circle may require you to provide collateral for your loan. This could be anything from equipment to real estate.
The interest rates and fees for Funding Circle loans are variable, which means that they can change over time. Be sure to understand the terms of your loan before you sign anything.

3. OnDeck

OnDeck is another online lender that offers small business loans. OnDeck specializes in short-term loans, which can be a good option for businesses that need cash quickly.

Here are the details of OnDeck:

Process

The process of getting a loan through OnDeck can be summarized into the following steps:

Go to the OnDeck website and create an account.
Fill out an online application.
Provide OnDeck with the required documentation.
Wait for OnDeck to review your application.
Get approved for the loan (or not).
Sign the loan documents.
Receive the loan proceeds.

Eligibility

To be eligible for a loan through OnDeck, your business must meet the following requirements:

Be a for-profit business.
Be located in the United States.
Have been in business for at least 1 year.
Have a personal credit score of at least 625.
Have a sound business plan.
Be able to repay the loan.

Documentation

The following documentation will be required to apply for a loan through OnDeck:

Business tax returns for the past two years.
Business financial statements.
Personal financial statements for the past two years.
Business plan.
Collateral (may be required).

Interest rates and fees

The interest rates and fees for loans through OnDeck vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, OnDeck loans typically have higher interest rates and fees than traditional bank loans.

Repayment terms

The repayment terms for loans through OnDeck also vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, OnDeck loans typically have repayment terms of up to 3 years.

How to apply

To apply for a loan through OnDeck, you can go to their website and fill out an online application. OnDeck will review your application and get back to you within a few days.

OnDeck is a great option for businesses that need financing to grow or expand. The quick and easy application process can make it easier to get a loan. However, the higher interest rates and fees can be a downside. If you are considering getting a small business loan, be sure to compare OnDeck to other lenders before you make a decision.

Here are some additional things to keep in mind when applying for a loan through OnDeck:

Your personal credit score is important, but it is not the only factor that OnDeck considers. They will also look at your business’s financial health and your ability to repay the loan.
OnDeck may require you to provide collateral for your loan. This could be anything from equipment to real estate.
The interest rates and fees for OnDeck loans are variable, which means that they can change over time. Be sure to understand the terms of your loan before you sign anything.

4. American Express Business Blueprint™

American Express Business Blueprint™ is a line of credit that can be used for a variety of business expenses. American Express Business Blueprint™ offers flexible terms and competitive interest rates.

Here are the details of American Express Business Blueprint™:

Process

The process of getting an American Express Business Blueprint™ can be summarized into the following steps:

Create an American Express Business account.
Apply for an American Express Business Blueprint™.
Provide American Express with the required documentation.
Wait for American Express to review your application.
Get approved for the line of credit (or not).
Start using your line of credit.

Eligibility

To be eligible for an American Express Business Blueprint™, your business must meet the following requirements:

Be a for-profit business.
Be located in the United States.
Have been in business for at least 1 year.
Have a personal credit score of at least 660.
Have a sound business plan.
Be able to repay the line of credit.

Documentation

The following documentation will be required to apply for an American Express Business Blueprint™:

Business tax returns for the past two years.
Business financial statements.
Personal financial statements for the past two years.
Business plan.
Collateral (may be required).

Interest rates and fees

The interest rates and fees for American Express Business Blueprint™ vary depending on the creditworthiness of the borrower and the amount of the line of credit. However, American Express Business Blueprint™ typically has lower interest rates and fees than traditional bank loans.

Repayment terms

The repayment terms for American Express Business Blueprint™ are also flexible. You can repay the line of credit as quickly or as slowly as you need to.

How to apply

To apply for an American Express Business Blueprint™, you can create an American Express Business account and fill out an online application. American Express will review your application and get back to you within a few days.

American Express Business Blueprint™ is a great option for businesses that need financing to grow or expand. The flexible terms and competitive interest rates can save you money. If you are considering getting a small business loan, be sure to check out American Express Business Blueprint™.

Here are some additional things to keep in mind when applying for an American Express Business Blueprint™:

Your personal credit score is important, but it is not the only factor that American Express considers. They will also look at your business’s financial health and your ability to repay the line of credit.
American Express may require you to provide collateral for your line of credit. This could be anything from equipment to real estate.
The interest rates and fees for American Express Business Blueprint™ are variable, which means that they can change over time. Be sure to understand the terms of your line of credit before you sign anything.

Also Read:

Top 10 American Express Business Loans with Low Interest Rates

Top 10 American Express Business Loans with Fast Approval

5. BlueVine

BlueVine is an online lender that offers term loans and lines of credit. BlueVine is known for its fast and easy approval process.

Here are the details of BlueVine:

Process

The process of getting a loan through BlueVine can be summarized into the following steps:

Go to the BlueVine website and create an account.
Fill out an online application.
Provide BlueVine with the required documentation.
Wait for BlueVine to review your application.
Get approved for the loan (or not).
Sign the loan documents.
Receive the loan proceeds.

Eligibility

To be eligible for a loan through BlueVine, your business must meet the following requirements:

Be a for-profit business.
Be located in the United States.
Have been in business for at least 2 months.
Have a personal credit score of at least 600.
Have a sound business plan.
Be able to repay the loan.

Documentation

The following documentation will be required to apply for a loan through BlueVine:

Business tax returns for the past year.
Business financial statements.
Personal financial statements for the past year.
Business plan.
Collateral (may be required).

Interest rates and fees

The interest rates and fees for loans through BlueVine vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, BlueVine loans typically have lower interest rates and fees than traditional bank loans.

Repayment terms

The repayment terms for loans through BlueVine also vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, BlueVine loans typically have repayment terms of up to 6 years.

How to apply

To apply for a loan through BlueVine, you can go to their website and fill out an online application. BlueVine will review your application and get back to you within a few days.

BlueVine is a great option for businesses that need financing to grow or expand. The quick and easy application process can make it easier to get a loan. However, the higher interest rates and fees can be a downside. If you are considering getting a small business loan, be sure to compare BlueVine to other lenders before you make a decision.

Here are some additional things to keep in mind when applying for a loan through BlueVine:

Your personal credit score is important, but it is not the only factor that BlueVine considers. They will also look at your business’s financial health and your ability to repay the loan.
BlueVine may require you to provide collateral for your loan. This could be anything from equipment to real estate.
The interest rates and fees for BlueVine loans are variable, which means that they can change over time. Be sure to understand the terms of your loan before you sign anything.

6. National Funding

National Funding is a non-bank lender that offers small business loans. National Funding specializes in loans for businesses with bad credit.

Here are the details of National Funding:

Process

The process of getting a loan through National Funding can be summarized into the following steps:

Go to the National Funding website and fill out an online application.
Provide National Funding with the required documentation.
Wait for National Funding to review your application.
Get approved for the loan (or not).
Sign the loan documents.
Receive the loan proceeds.

Eligibility

To be eligible for a loan through National Funding, your business must meet the following requirements:

Be a for-profit business.
Be located in the United States.
Have been in business for at least 6 months.
Have a personal credit score of at least 500.
Have a sound business plan.
Be able to repay the loan.

Documentation

The following documentation will be required to apply for a loan through National Funding:

Business tax returns for the past year.
Business financial statements.
Personal financial statements for the past year.
Business plan.

Interest rates and fees

The interest rates and fees for loans through National Funding vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, National Funding loans typically have higher interest rates and fees than traditional bank loans.

Repayment terms

The repayment terms for loans through National Funding also vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, National Funding loans typically have repayment terms of up to 5 years.

How to apply

To apply for a loan through National Funding, you can go to their website and fill out an online application. National Funding will review your application and get back to you within a few days.

National Funding is a great option for businesses that need financing to grow or expand, even if they have bad credit. The quick and easy application process can make it easier to get a loan. However, the higher interest rates and fees can be a downside. If you are considering getting a small business loan, be sure to compare National Funding to other lenders before you make a decision.

Here are some additional things to keep in mind when applying for a loan through National Funding:

Your personal credit score is important, but it is not the only factor that National Funding considers. They will also look at your business’s financial health and your ability to repay the loan.
National Funding may require you to provide collateral for your loan. This could be anything from equipment to real estate.
The interest rates and fees for National Funding loans are variable, which means that they can change over time. Be sure to understand the terms of your loan before you sign anything.

7. Fundbox

Fundbox is an online lender that offers short-term loans. Fundbox is known for its quick approval process and competitive interest rates.

Here are the details of Fundbox:

Process

The process of getting a loan through Fundbox can be summarized into the following steps:

Go to the Fundbox website and create an account.
Fill out an online application.
Provide Fundbox with the required documentation.
Wait for Fundbox to review your application.
Get approved for the loan (or not).
Sign the loan documents.
Receive the loan proceeds.

Eligibility

To be eligible for a loan through Fundbox, your business must meet the following requirements:

Be a for-profit business.
Be located in the United States.
Have been in business for at least 3 months.
Have a personal credit score of at least 600.
Have a sound business plan.
Be able to repay the loan.

Documentation

The following documentation will be required to apply for a loan through Fundbox:

Business tax returns for the past year.
Business financial statements.
Personal financial statements for the past year.
Business plan.

Interest rates and fees

The interest rates and fees for loans through Fundbox vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, Fundbox loans typically have higher interest rates and fees than traditional bank loans.

Repayment terms

The repayment terms for loans through Fundbox also vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, Fundbox loans typically have repayment terms of up to 12 months.

How to apply

To apply for a loan through Fundbox, you can go to their website and fill out an online application. Fundbox will review your application and get back to you within a few days.

Fundbox is a great option for businesses that need financing to cover short-term expenses, such as payroll or inventory. The quick and easy application process can make it easier to get a loan. However, the higher interest rates and fees can be a downside. If you are considering getting a small business loan, be sure to compare Fundbox to other lenders before you make a decision.

Here are some additional things to keep in mind when applying for a loan through Fundbox:

Your personal credit score is important, but it is not the only factor that Fundbox considers. They will also look at your business’s financial health and your ability to repay the loan.
Fundbox may require you to provide collateral for your loan. This could be anything from equipment to real estate.
The interest rates and fees for Fundbox loans are variable, which means that they can change over time. Be sure to understand the terms of your loan before you sign anything.

8. TD Bank

TD Bank is a traditional bank that offers a variety of small business loans. TD Bank is known for its customer service and competitive interest rates.

Here are the details of TD Bank:

Process

The process of getting a loan through TD Bank can be summarized into the following steps:

Go to a TD Bank branch and speak to a banker.
Provide the banker with the required documentation.
Meet with the banker to discuss your loan application.
Get approved for the loan (or not).
Sign the loan documents.
Receive the loan proceeds.

Eligibility

To be eligible for a loan through TD Bank, your business must meet the following requirements:

Be a for-profit business.
Be located in the United States.
Have been in business for at least 2 years.
Have a personal credit score of at least 625.
Have a sound business plan.
Be able to repay the loan.

Documentation

The following documentation will be required to apply for a loan through TD Bank:

Business tax returns for the past two years.
Business financial statements.
Personal financial statements for the past two years.
Business plan.
Collateral (may be required).

Interest rates and fees

The interest rates and fees for loans through TD Bank vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, TD Bank loans typically have lower interest rates and fees than some other lenders.

Repayment terms

The repayment terms for loans through TD Bank also vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, TD Bank loans typically have repayment terms of up to 7 years.

How to apply

To apply for a loan through TD Bank, you can go to a TD Bank branch and speak to a banker. The banker will help you complete the application process and gather the required documentation.

TD Bank is a great option for businesses that need financing to grow or expand. The lower interest rates and fees can save you money. If you are considering getting a small business loan, be sure to check out TD Bank.

Here are some additional things to keep in mind when applying for a loan through TD Bank:

Your personal credit score is important, but it is not the only factor that TD Bank considers. They will also look at your business’s financial health and your ability to repay the loan.
TD Bank may require you to provide collateral for your loan. This could be anything from equipment to real estate.
The interest rates and fees for TD Bank loans are variable, which means that they can change over time. Be sure to understand the terms of your loan before you sign anything.

9. Biz2Credit

Biz2Credit is an online lender that offers a variety of small business loans. Biz2Credit is known for its fast and easy approval process.

Here are the details of Biz2Credit:

Process

The process of getting a loan through Biz2Credit can be summarized into the following steps:

Go to the Biz2Credit website and create an account.
Fill out an online application.
Provide Biz2Credit with the required documentation.
Wait for Biz2Credit to review your application.
Get approved for the loan (or not).
Sign the loan documents.
Receive the loan proceeds.

Eligibility

To be eligible for a loan through Biz2Credit, your business must meet the following requirements:

Be a for-profit business.
Be located in the United States.
Have been in business for at least 6 months.
Have a personal credit score of at least 560.
Have a sound business plan.
Be able to repay the loan.

Documentation

The following documentation will be required to apply for a loan through Biz2Credit:

Business tax returns for the past year.
Business financial statements.
Personal financial statements for the past year.
Business plan.

Interest rates and fees

The interest rates and fees for loans through Biz2Credit vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, Biz2Credit loans typically have higher interest rates and fees than traditional bank loans.

Repayment terms

The repayment terms for loans through Biz2Credit also vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, Biz2Credit loans typically have repayment terms of up to 7 years.

How to apply

To apply for a loan through Biz2Credit, you can go to their website and fill out an online application. Biz2Credit will review your application and get back to you within a few days.

Biz2Credit is a great option for businesses that need financing to grow or expand, even if they have bad credit. The quick and easy application process can make it easier to get a loan. However, the higher interest rates and fees can be a downside. If you are considering getting a small business loan, be sure to compare Biz2Credit to other lenders before you make a decision.

Here are some additional things to keep in mind when applying for a loan through Biz2Credit:

Your personal credit score is important, but it is not the only factor that Biz2Credit considers. They will also look at your business’s financial health and your ability to repay the loan.
Biz2Credit may require you to provide collateral for your loan. This could be anything from equipment to real estate.
The interest rates and fees for Biz2Credit loans are variable, which means that they can change over time. Be sure to understand the terms of your loan before you sign anything.

10. Kabbage

Kabbage is an online lender that offers small business loans. Kabbage specializes in loans for businesses with seasonal sales.

Here are the details of Kabbage:

Process

The process of getting a loan through Kabbage can be summarized into the following steps:

Go to the Kabbage website and create an account.
Fill out an online application.
Provide Kabbage with the required documentation.
Wait for Kabbage to review your application.
Get approved for the loan (or not).
Sign the loan documents.
Receive the loan proceeds.

Eligibility

To be eligible for a loan through Kabbage, your business must meet the following requirements:

Be a for-profit business.
Be located in the United States.
Have been in business for at least 6 months.
Have a personal credit score of at least 560.
Have a sound business plan.
Have a business checking account.

Documentation

The following documentation will be required to apply for a loan through Kabbage:

Business tax returns for the past year.
Business financial statements.
Personal financial statements for the past year.
Business plan.
Bank statements for the past 3 months.

Interest rates and fees

The interest rates and fees for loans through Kabbage vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, Kabbage loans typically have higher interest rates and fees than traditional bank loans.

Repayment terms

The repayment terms for loans through Kabbage also vary depending on the loan amount, the borrower’s credit score, and the length of the loan. However, Kabbage loans typically have repayment terms of up to 3 years.

How to apply

To apply for a loan through Kabbage, you can go to their website and fill out an online application. Kabbage will review your application and get back to you within a few days.

Kabbage is a great option for businesses that need financing to grow or expand, even if they have bad credit. The quick and easy application process and automated underwriting can make it easier to get a loan. However, the higher interest rates and fees can be a downside. If you are considering getting a small business loan, be sure to compare Kabbage to other lenders before you make a decision.

Here are some additional things to keep in mind when applying for a loan through Kabbage:

Your personal credit score is important, but it is not the only factor that Kabbage considers. They will also look at your business’s financial health and your ability to repay the loan.
Kabbage may require you to provide collateral for your loan. This could be anything from equipment to real estate.
The interest rates and fees for Kabbage loans are variable, which means that they can change over time. Be sure to understand the terms of your loan before you sign anything.

Conclusion on Small Business Bank Loans

Choosing the right small business bank loan can be a daunting task. However, by understanding your options and comparing different lenders, you can find the best loan for your business.

Here are some of the factors to consider when choosing small business bank loans:

The amount of money you need
The length of the repayment term
The interest rate and fees
The lender’s reputation
The lender’s terms and conditions

It is also important to shop around and compare different lenders. You can use online resources to compare interest rates and fees, and you can also talk to other small business owners to get their recommendations.

When choosing a small business bank loan, it is important to compare the terms and conditions of different lenders.

Here are some tips for getting a small business bank loan:

Have a strong business plan.
Get good credit.
Be prepared to provide financial documentation.
Shop around and compare different lenders.
Ask questions and understand the terms of the loan before you sign anything.

Getting a small business bank loan can be a great way to grow your business. By following these tips, you can increase your chances of getting approved for a loan and getting the best terms possible.

FAQs on Small Business Bank Loans

What are the different types of small business bank loans?

There are many different types of small business bank loans available. Some of the most common types include:

Term loans: These are loans that are repaid over a fixed period of time, typically 1 to 7 years.
Lines of credit: These are loans that you can borrow against up to a certain limit. You only pay interest on the money you actually borrow.
SBA loans: The Small Business Administration (SBA) guarantees these loans, which makes them more attractive to lenders.
Equipment loans: These loans are specifically designed to finance the purchase of equipment.
Working capital loans: These loans are used to finance day-to-day operations, such as payroll and inventory.

What are the eligibility requirements for small business bank loans?

The eligibility requirements for small business bank loans vary from lender to lender. However, most lenders will require you to have a good credit score, a sound business plan, and a history of profitability.

What are the interest rates and fees for small business bank loans?

The interest rates and fees for small business bank loans vary depending on the type of loan, the amount of money you borrow, and your credit score. However, interest rates for small business loans are typically higher than interest rates for personal loans.

How do I apply for a small business bank loan?

To apply for a small business bank loan, you will need to provide the lender with some basic information about your business, such as your business name, address, and tax identification number. You will also need to provide financial statements for your business.

The lender will review your application and decide whether to approve your loan. If your loan is approved, you will need to sign the loan documents and provide collateral, if required.

How can I find the best small business bank loan?

The best way to find the best small business bank loans is to shop around and compare different lenders. You can use online resources to compare interest rates and fees, and you can also talk to other small business owners to get their recommendations.

It is also important to consider the lender’s reputation and terms and conditions. You should make sure that you understand the terms of the loan before you sign anything.