Small businesses often need financial assistance to grow, manage cash flow, or cover unexpected expenses. Numerous financial institutions in the USA provide business loans ranging from $1,000 to $250,000. This article explores some of the top companies offering such loans, their features, and how they cater to small business needs.
10 Companies in the US that offer Business Loan Credit From $1,000 - $250k in USA
1. Kabbage
Kabbage is a well-known online financial technology company that offers business lines of credit. Their loan amounts range from $2,000 to $250,000, making them an excellent option for small to medium-sized businesses.
- Loan Amounts: $2,000 to $250,000
- Interest Rates: Monthly fees range from 1.5% to 10%
- Repayment Terms: 6, 12, or 18 months
- Funding Speed: As fast as the same day
2. OnDeck
OnDeck is another prominent lender providing business loans and lines of credit. They are known for their quick application process and fast funding.
- Loan Amounts: $5,000 to $250,000
- Interest Rates: Annual percentage rates (APRs) start at 9.99%
- Repayment Terms: 3 to 36 months
- Funding Speed: As fast as 24 hours
3. BlueVine
BlueVine offers flexible business lines of credit and invoice factoring. They are particularly beneficial for businesses that need working capital.
- Loan Amounts: $5,000 to $250,000
- Interest Rates: Starting at 4.8% per week
- Repayment Terms: 6 or 12 months
- Funding Speed: As fast as the same day
4. Funding Circle
Funding Circle is a peer-to-peer lending platform that connects small businesses with investors. They offer fixed-rate term loans.
- Loan Amounts: $25,000 to $500,000
- Interest Rates: APRs start at 4.99%
- Repayment Terms: 6 months to 5 years
- Funding Speed: Typically within 5 days
5. Fundbox
Fundbox provides small business loans and lines of credit with a focus on simplicity and speed. They are ideal for businesses needing quick access to capital.
- Loan Amounts: $1,000 to $150,000
- Interest Rates: Weekly fees starting at 4.66%
- Repayment Terms: 12 or 24 weeks
- Funding Speed: As fast as the next business day
6. Lendio
Lendio is a marketplace that connects small businesses with lenders. They offer a variety of loan products, including business term loans, lines of credit, and merchant cash advances.
- Loan Amounts: $500 to $2,000,000
- Interest Rates: Vary by lender
- Repayment Terms: Vary by lender
- Funding Speed: As fast as 24 hours
7. Credibly
Credibly provides working capital loans and business expansion loans tailored to small business needs. They focus on offering fast and flexible funding solutions.
- Loan Amounts: $5,000 to $400,000
- Interest Rates: Factor rates starting at 1.09
- Repayment Terms: 6 to 18 months
- Funding Speed: Typically within 48 hours
8. National Funding
National Funding offers a range of loan products, including working capital loans and equipment financing. They are known for their quick and easy application process.
- Loan Amounts: $5,000 to $500,000
- Interest Rates: Starting at 8%
- Repayment Terms: 3 months to 5 years
- Funding Speed: As fast as 24 hours
9. Biz2Credit
Biz2Credit provides customized funding solutions for small businesses, including term loans and working capital loans. They offer a fast and straightforward application process.
- Loan Amounts: $5,000 to $250,000
- Interest Rates: Starting at 7.99%
- Repayment Terms: 12 to 36 months
- Funding Speed: Typically within 72 hours
10. StreetShares
StreetShares offers business loans and lines of credit with a focus on veteran-owned businesses, though they serve all types of small businesses.
- Loan Amounts: $2,000 to $250,000
- Interest Rates: APRs start at 7%
- Repayment Terms: 3 to 36 months
- Funding Speed: As fast as the same week
FAQs
What are the typical interest rates for small business loans?
Interest rates for small business loans can vary widely depending on the lender, loan amount, and business creditworthiness. They generally range from as low as 4.99% to over 30%.
How quickly can I get funded?
Funding speed varies by lender. Some lenders can provide funds as quickly as the same day, while others may take several days to a week.
What are the common requirements to qualify for a business loan?
Common requirements include a minimum credit score, a certain amount of time in business (usually at least 6 months), and a minimum annual revenue. Specific requirements vary by lender.
Can I get a business loan with bad credit?
Yes, some lenders specialize in providing loans to businesses with bad credit. However, these loans may come with higher interest rates and stricter terms.
What is the difference between a term loan and a line of credit?
A term loan provides a lump sum of money that is repaid over a fixed period with set payments. A line of credit, on the other hand, allows businesses to draw funds as needed up to a predetermined limit and repay them with flexible payment options.
Conclusion
Numerous companies in the USA offer business loan credits ranging from $1,000 to $250,000, each with unique features tailored to different business needs. Whether you need quick access to cash or a long-term financing solution, these lenders provide various options to support your business growth and financial stability.
Also Read: 4 Personal Loans To Apply To If Your Credit Score Is 580 or Lower - Bad Credit Loans in USA