There are so many different companies that provide loans to different businesses. But most companies do not give loans to small businesses because there is no surety that the business will earn enough profit to give.
Loans have been an integral part of any business from the beginning. Business owners have to rely on investors to invest money in their businesses. With small business loans, entrepreneurs can jump into the market and start any business.
Top Small Business Loan-Providing Companies
In this article, I will discuss the top five companies that provide loans to small businesses.
1. Kabbage
I have named this company the first for some reasons. The company was founded in 2008, and it is a technology company. But one of the best things about this company is that they provide loans to other businesses of any size. This platform is like Giggle finance.
When it comes to Kabbage, there are so many benefits and features that you can get if you take a loan for your business. The company offers a variety of different loans to small businesses. You can also apply for different loans like pawnshops, trucking, retail, and more.
|
Pros |
Cons |
| Transparent qualification | You need to be in the same field for atleast one year. |
| No application fee | The minimum revenue has to be $4,200 monthly or $50,000 yearly. |
| Different options for loans | |
| Mobile app | |
| Business check |
2. Fundbox
The company was founded in 2013, and since that, the company has been increasing. Also, you don’t need to provide your credit report. This technological company uses B2B lines of credit. The company gives a maximum of $150,000 for a loan.
Once you are allowed to get the loan, the transaction will happen within a few minutes. And there is no obligation when you will accept the fund. But you need to start giving the credit after 12 to 24 weeks. If you pay the loan amount within a specific time, then there will be no extra money you have to give.
|
Pros |
Cons |
| There will be no hard inquiry. | The loan amount will be upto $150,000. |
| You will know the decision within minutes. | |
| You can borrow what you need, no extra money. |
3. Kiva
The company was founded in the year 2005. And there are a lot of benefits and features of taking a loan from this company. You can take a total of three years to repay the loan. The company gives loans all over the world. There are around 4.3 million borrowers from 77 different countries.
The company is a peer-to-peer lending platform, some of you can think that it is a bank, but it is not. You can apply online for loans, and the loan will be sanctioned within 30 minutes. And you can give the money over 36 months. You can apply to vendee financing too.
|
Pros |
Cons |
| There is no interest if you repay the money within a specific time. | The maximum you can borrow is $15,000. |
| You can advertise in the Kiva community, the community has 1.6 million lenders. | It will take around 30 days to be funded your loan. |
| You can take 36 months to repay the money. |
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4. Fundera
The company was established in 2013. The company is great when it comes to giving several SBA loans. The platform is a loan marketplace rather than a direct lender. The company connects with small businesses and tells them the best possible credits in the market.
You can get a maximum of $5.5 million, but repayment and loan amounts vary on different matters. And you know you will get 25 years to repay the loan amount. But you should know there will be collateral when it comes to SBA loans.
|
Pros |
Cons |
| There are different lines of credit and business loans. | The company is not a direct lender. |
| You can compare different lenders and different loan options. | Your credit score needs to be at least 550. |
| There will be no hard inquiry. | There will be collateral required for loan amounts. |
5. OnDeck
The company was founded in 2006 and has been a small business lender. The company is enhancing rapidly, and the payment options are easy. The loan approval will be given shortly. And you can pay on the same day.
You will get a maximum of 24 months to repay the loan amount. You can get a loan amount of $5,000 to $250,000. Also, you can get the exact amount that you need for your business. Truerate services are good when it comes to taking small business loans.
|
Pros |
Cons |
| You will get the loan amount on the same day. | The credit score needs to be a minimum of 600. |
| In a small business, you will get a maximum of $250,000. | You need to be in the business for at least one year. |
| This platform is transparent about eligibility requirements and loan details. | The minimum revenue should have to be atleast $100,000. |
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To Conclude
So, what are you waiting for? Try to reach out to the companies online. And choose the best one for your business. If you face any issues while getting a loan, you can ask in the comment section below.
Thank you.