Best Small Business Loans to Use for Your Startup or Existing Firm
- When it comes to funding your business, there are many options for small business loans.
- Finding the best loan program involves looking online and searching for options that match your current situation.
- Even as a startup, there are options to help fund your business and avoid interest in the long-term.
- Even despite the current economy, the best small business loans offer a lot of opportunity to business owners of varying demographics.
In today’s world, small business loans greatly benefit those who are starting their own company or need to expand their existing firm. In many situations, you may not have the funds to help your business out with major decisions and purchases, but a small business loan can afford you the opportunity to create these opportunities for financial prosperity and success.
Today, we will examine the best small business loans to help use for your startup or existing firm. These will include some of the top 10 best business loans available and provide you with the best options to get a business loan. Even for existing businesses, these are great programs to help gain capital. They also offer startups opportunities to get their business off the ground and see success from the very start.
Why Would You Need a Business Loan?
You might need a business loan for many reasons, especially when you are a small business. Many people turn to these for startup costs to help afford some of the basic needs like equipment, rentals, or even the promotional materials needed to have a grand launch. Additionally, people also turn to small business loans to get help for expanding.
In many cases, expanding can be difficult, but if there’s an opportunity, businesses do not want to miss out on it! There are also other reasons for small business loas, like having accessible capital during a rough financial period. Having the accessible capital for their investments can give business owners an excellent opportunity to work through even the most difficult of times, like today with the recession and the high rates of inflation.
The Best Small Business Loan Programs of 2022
Out of all the small business loan programs available, these are some of the best in existence today, and they have won several awards and been featured on multiple platforms. Here are the best small business loans you can get and why they will significantly benefit your business.
Kabbage
This small business loan allows for several different options, and it’s great for those who already have an existing business but want more capital and more investment. They have excellent transparency in terms of communicating their terms for qualification. There are also no application fees. Most people enjoy the variety of options and the accessibility to a lender that will allow them to have on-the-go support for their loan.
This program also offers business checking available to the business itself, but there are some restrictions that business owners might feel are not worth the loan itself. The company must have been in business for at least one year and has at least revenue of $50,000 per year, or $4,200 every single month. This isn’t a high qualification. Alas, with the restrictions for qualifying, this is not an excellent program for startups but an existing businesses.
Fundbox
The following loan program, Fundbox, is an excellent option for those who want to be pre-qualified without having a hard credit run. This also allows you to have a decision in minutes, and you can borrow only what you need. For most business owners, this is a dream loan!
Unfortunately, this program offers a line of credit only available for up to $150,000. Still, for most people, this is well enough to prepare themselves and get on the right track for their business, even as a startup. With less restrictions on time in business, this has helped many people continue their business successes.
Kiva
This is a fantastic option for those who want to borrow money and avoid interest. This allows people to borrow money with no interest attached, and you also get the chance to market your product to the Kiva lenders on the platform. This is a great program and an excellent way for individual startups to get a jump start or for existing businesses to expand their reach and see more of an audience in the future.
However, some people might be taken aback by the required loan repayment terms that state the applicant must pay within three years. They can also only take up to $15,000. This is not ideal, mainly because it sometimes takes more than a month to fund once approved. However, this is still a great program that offers many opportunities for business owners if they are a startup.
Biz2Credit
The following program, Biz2Credit, offers numerous options, and they are some of the best options available in the current market. Since 2007, this particular loan program has offered up to $3 billion in financing to various businesses around the country.
This is an excellent opportunity for those with an existing business who would like to get some capital for further investments or expansion into new industries. There are not as many restrictions—if any—and as long as the credit check runs through clean, you are likely to get the money that you need for your venture.
Funding Circle
The last loan program to be explored is Funding Circle, which is well known as a small business loan opportunity. These loans offer significant online funding worldwide, and they’ve already contributed to funding more than 62,000 businesses for $8.6 billion. This is a major lender and they have a proven track record of being exceedingly helpful and transparent with their terms of service.
This is a major loan program and one that offers a significant amount of opportunity and flexibility and who gets accepted. For anyone looking for a genuinely excellent small business loan program, this one is one of the higher-ranked ones in the world and great for those looking for more flexibility and opportunity.
Start Your Applications Today!
With so many options for your small business loans, it’s hard to choose. Hopefully, this helped you narrow down exactly where you’re going for your expenses and further capital to help your business. No matter where you are with your business, there are many ways for you to help your business see continued success, while also being able to afford your loan repayments!
For more information about financial health and further financial prosperity, check back in with our website regularly to get more content, tips, and opportunities to make more money.
