Starting and growing a business often requires capital, and business loans can provide the necessary funding. In the USA, there are various companies that offer business loan credit ranging from $1,000 to $250,000. These loans can help businesses with working capital, expansion, inventory purchases, and other operational needs. Here is a detailed look at some of the top companies providing these business loans.
List of Business Loan Credit From $1,000 - $250k in USA
1. Kabbage (American Express)
Loan Range: $2,000 to $250,000
Kabbage, now part of American Express, offers a flexible line of credit for small businesses. The application process is quick and can be completed online, with funds available in a matter of days.
Key Features:
- Quick Application Process: Apply online in minutes.
- Fast Funding: Receive funds as soon as the next business day.
- Repayment Terms: 6, 12, or 18 months.
2. OnDeck
Loan Range: $5,000 to $250,000
OnDeck provides both term loans and lines of credit. They are known for their transparent pricing and quick access to funds, making them a popular choice for small businesses.
Key Features:
- Term Loans and Lines of Credit: Options to suit different needs.
- Fast Approval: Decisions in as little as 24 hours.
- Flexible Repayment Terms: Up to 24 months.
3. BlueVine
Loan Range: $5,000 to $250,000
BlueVine offers lines of credit and invoice factoring, providing businesses with the flexibility to manage their cash flow effectively. Their application process is straightforward and can be completed online.
Key Features:
- Flexible Credit Lines: Only pay for what you use.
- Invoice Factoring: Turn unpaid invoices into cash.
- Quick Access to Funds: Often within 24 hours.
4. Fundbox
Loan Range: $1,000 to $150,000
Fundbox offers lines of credit designed to help businesses with cash flow gaps. They provide a simple application process and quick access to funds, making it easier for businesses to manage their finances.
Key Features:
- Simple Application: Apply online with minimal paperwork.
- Fast Funding: Funds available as soon as the next business day.
- Transparent Fees: No hidden costs.
5. Lendio
Loan Range: $1,000 to $500,000
Lendio is a loan marketplace that connects businesses with various lenders. They offer a wide range of loan options, including term loans, lines of credit, and SBA loans, providing businesses with multiple financing solutions.
Key Features:
- Wide Range of Options: Access to various loan products.
- Fast Application Process: Complete the application online in minutes.
- Expert Guidance: Assistance from loan specialists.
6. Funding Circle
Loan Range: $25,000 to $500,000
Funding Circle offers term loans to small businesses with competitive rates and transparent terms. They have a streamlined application process and provide funding within days.
Key Features:
- Competitive Rates: Transparent pricing with no hidden fees.
- Fast Funding: Receive funds in as few as five days.
- Flexible Repayment Terms: Up to five years.
7. StreetShares
Loan Range: $2,000 to $250,000
StreetShares offers term loans, lines of credit, and contract financing for small businesses. They focus on providing quick and flexible funding solutions.
Key Features:
- Multiple Loan Options: Term loans, lines of credit, and contract financing.
- Quick Access to Funds: Often within a week.
- Flexible Terms: Tailored repayment options.
FAQs
What are the eligibility requirements for business loans?
Eligibility requirements vary by lender but generally include factors such as the business’s revenue, time in business, credit score, and the purpose of the loan. Some lenders may have more flexible criteria than others.
How long does it take to get approved for a business loan?
The approval time varies by lender. Some online lenders can approve loans within 24 hours, while traditional banks may take several weeks. The speed of approval often depends on the complexity of the loan and the amount of documentation required.
What types of business loans are available?
Common types of business loans include term loans, lines of credit, invoice factoring, SBA loans, and merchant cash advances. Each type serves different financing needs and comes with its own terms and conditions.
Can I get a business loan with bad credit?
Yes, some lenders specialize in providing business loans to those with bad credit. However, these loans may come with higher interest rates and stricter terms. It’s essential to compare offers and understand the total cost of the loan.
What can I use a business loan for?
Business loans can be used for various purposes, including purchasing inventory, hiring staff, marketing, expanding operations, and covering cash flow gaps. It’s important to specify the purpose of the loan when applying, as some lenders may have restrictions on how funds can be used.
These companies provide valuable resources for businesses seeking financial assistance. By understanding the options available, businesses can choose the best loan products to meet their needs and support their growth and success.
Also Read: Financial Guidelines for Property Insurance in the United States of America