Small business owners often require additional funding to keep their operations running smoothly. However, due to various reasons, including Credit history or lack thereof, owners sometimes may not qualify for traditional Loans. Fortunately, there are other options available in the market.
Here are some lenders who can help with navigating small business Loans:
1. OnDeck: OnDeck is an online lender who focuses on providing Loans for small businesses. They have a simple application process and offer fast approval times, sometimes within 24 hours. OnDeck requires a minimum Credit score of 600 and $100,000 in annual revenue to qualify.
2. Kabbage: Kabbage provides online Loans for small business owners. They have a flexible repayment plan and offer a line of Credit up to $250,000. Kabbage requires a minimum Credit score of 560 and a minimum annual revenue of $50,000 to qualify.
3. Fundation: Fundation is an online lender who provides Loans up to $500,000. They offer fast and easy applications along with quick approvals. Fundation requires a minimum Credit score of 660 and a minimum annual revenue of $100,000 to qualify.
4. BlueVine: BlueVine offers lines of Credit and invoice factoring services to small business owners. They require a minimum Credit score of 530 and a minimum annual revenue of $100,000 to qualify. BlueVine also provides a fast and easy application process.
5. SmartBiz: SmartBiz provides SBA Loans up to $5 million for small business owners. They offer competitive interest rates and a simple application process. SmartBiz requires a minimum Credit score of 650 and a minimum annual revenue of $50,000 to qualify.
When it comes to small business Loans, it’s important to research and compare different lenders to find the one that fits your needs best. Each lender has different requirements, rates, and repayment plans, so it’s crucial to understand the terms before agreeing to any loan.
Navigating small business Loans can be a daunting task, but with the help of the right lender, it can be a seamless process. Choosing the right lender can be the difference between the growth and success of your small business.