8 Best Small Business Loans of 2024

The best small business loan is one that fits your business’s needs, has a good interest rate, repayment terms, and, most importantly, is approved when you apply for it. Along with this, you’ll need to work with the right small business lender.

The five best small business loans start with the top-rated overall and end with the best business loans for businesses with bad credit or those needing quick cash. If you want to know how to get a small business loan, then keep reading because we’ll tell you about the best lenders in this review.

Recommended: Get approved and funded in the same day with a Business Loan from Uplyft Capital.

Best Small Business Loans

	Best Small Business Loans
UpLyft Capital 4.7 Stars	BEST BUSINESS LOAN PROVIDERS Quick application process - Same day approval Built for small business owners Excellent customer service	START A QUOTE
Lendio 4.5/5	BEST FOR ESTABLISHED BUSINESSES Must be in business for at least six months Have $10,000 in monthly revenue to qualify Must have a personal score of 540	START A QUOTE
Uncapped 4.25/5	BEST FOR ONLINE BUSINESSES Only for ecommerce merchants and SaaS companies Offers revenue based financing and fixed term loans No fees for missed payments	START A QUOTE
Biz2Credit 4.25/5	Commercial loans from $25,000–$5 million Not geared towards small or new businesses No collateral requirements	START A QUOTE
Kabbage 4/5	Minimum personal FICO score of 640 required Low revenue requirement ($3,000/month) Transparent fee structure No pre-payment penalties or additional fees	START A QUOTE
OnDeck 4/5	Serves businesses with poor or bad credit history Annual revenue requirement of $100,000 Interest rates are higher than other providers	START A QUOTE
Accion 3.75/5	Offers guidance to help startups become “loan ready” Best for startup business loans Must have alternative revenue sources to repay loan	START A QUOTE
Fundbox 3.5/5	Only offers lines of credit Time in business requirement of three months Only pay for what you use	START A QUOTE

It is important to consider the best small business loans for startups and entrepreneurs since borrowing capital is one of the greatest strategies for growing and leveraging a business. Most entrepreneurs need a business loan to:

• Pay their business insurance
• Take care of payroll
• Capitalize on business opportunities
• Have the necessary funds to weather financial ups and downs

Your business type and reasons for wanting a loan will determine which of the best small business loans you might want to consider. They each have their own advantages and disadvantages.

Our Approach:

Choosing the best small business loan comes down to three things:

• Type of business you have
• Needs of your business
• What you want for the future of your business

In this review, we’ll look at some of the best lenders for small business and figure out what makes them the top choice for different types of businesses.

Our Top 8 Business Loans for 2024

1. Uplyft Capital offers business loans specifically designed for small businesses, providing them with quick access to funds; get approved and have funds wired in the same day. It's our top recommendation due to the quick turnaround, ease of application and support for newer businesses with recent credit history. 
2. Lendio is an excellent options for established businesses with a longer credit history and higher monthly revenue. 
3. Uncapped is the youngest member of the business loans industry but its transparent, low pricing, and focus on ecommerce merchants and SaaS companies make it a great option for online businesses.  
4. Biz2Credit offers loans, lines of credit, and working capital loans for larger, more established businesses, providing up to $5 million in lending.
5. Kabbage by American Express is a good option for borrowers with an established credit history and looking for a transparent fee structure. There are no pre-payment penalties but the approval criterion is slightly more stringent.
6. Accion offers the best loans for startups because, in addition to lending, they provide further advice, strategies, and support to help entrepreneurs qualify for a loan if they haven’t yet.
7. OnDeck offers the best loans for businesses with bad credit because they provide workable repayment options and easy approval.
8. Fundbox offers loans for businesses needing quick cash to fund a short-term project.

Recommended: Learn more about small business loans by reading our comprehensive guides! You can also check out our free business loan calculator tool!

Best Business Loans Providers: Uplyft Capital

Uplyft Capital secures its place among the best business loan providers due to providing quick, hassle-free, and highly tailored funding options to small businesses. Noteworthy for its swift application process and minimal paperwork, Uplyft stands out by offering decisions within 24 hours. A perfect match for businesses looking for cash advances in the short term, Uplyft's varied loan products cater to different needs. Although they do not disclose their interest rates upfront, their personalized approach and top-notch customer service have made them a reliable choice for many businesses.

Best for Established Businesses: Lendio

If you want the best small business loan overall, Lendio takes the gold. Lendio is best suited for businesses needing capital fast without the hassle traditional banks put you through. Lendio is also probably one of the best online lending resources for all businesses in general since they have no cap on how much they will fund, and work to get you approved for whatever type of loan your business needs, not to mention great rates too.

When you get a loan through Lendio, you will be provided with great customer support and gain instant access to competing lenders. For example, Lendio can often get you offers within a couple days, so you get approved for a loan faster than applying at each individual lender yourself. The biggest benefit, though, is that they offer any type of business loan you’d need.

Lendio makes business lending convenient and hassle-free. Their customer support is excellent. Their website and mobile app are user-friendly, cutting-edge, and ultra-convenient for the online business person who likes innovation without having to read the fine print. We really like Lendio.

Here is a quick summary of Lendio’s business loans:

• Any business loan you need
  • Lowest rate: No limit
  • Loans sizes up to: No limit

To apply for a Lendio business loan, you will need to provide the following:

• Apply online at Lendio.com in 20 minutes providing basic details about your business.
• Get loan offers in a few days.
• Accept loan offer.
• Get funded as early as the same day.

Get Started with Lendio

Answer a few questions to see what kind of loan you qualify for.

Best For Online Businesses: Uncapped

Uncapped offers two types of loans focused at businesses that generate 100% of their revenue online. One feature that sets that apart from others on this list is they don’t look at your personal FICO score, and it’s not ever required to get a loan from Uncapped. They will examine your business checking account as well as any balances in your vendor accounts on ecommerce platforms like Shopify and Amazon to assess your eligibility for the maximum loan value. 

The two types of loans and their terms are:

• Revenue-Based Financing: These loans have a flat fee structure ranging from 2%-12%, based on the risk profile of your business, past performance, and your desired use for the loan. They will automatically draw a portion of your monthly revenue from your bank account to repay the loan, but you decide the repayment terms. You can choose to pay Uncapped daily, weekly or monthly, and there are no fees for missed payments. 
• Fixed-Term Loans: These loans don’t have the flexible repayment structure of a revenue-based loan; instead, they are on a scheduled payment plan between three and 24 months. They also charge a flat fee of between 2% and 12%, which is non-compounding simple interest, and the loans can range from $10,000–$10 million in size. 

Since they only offer loans to online businesses, their application and onboarding process was very smooth and intuitive. To qualify, you must be in business for at least six months and make at least $10,000 in monthly revenue. 

To apply for an Uncapped business loan, you will need to provide the following:

• Business name, address, and phone number
• Business checking account or vendor account
• Business industry
• Business tax ID or EIN
• Purpose of loan

Biz2Credit

Biz2Credit is another marketplace lender similar to Lendio except it skews more towards larger businesses looking for longer-term loans with a larger principle amount. They offer loans through multiple lenders with transparent financing and quick funding abilities. 

Their term loans have a starting interest rate of 8.99% and require a personal FICO of 660 and access to your business checking to asset your cash flow and estimated revenue. The interest rates don’t compound, unlike some predatory lenders, and this allows you to calculate the total cost of your loan upfront. Along with the interest rate, be prepared for an origination fee of $250 per loan. 

The conditions for a term loan are different from those for a working capital loan:

Term Loan Conditions

• Annual revenue of $250,000
• Personal FICO of 660
• Minimum 18 months in business

Working Capital Loan Conditions

• Annual revenue of $250,000
• Personal FICO of 575
• Minimum six months in business

We found that the loan specialists at Biz2Credit to be fairly knowledgeable and helpful in answering our questions of loan terms, guarantees, fees, and repayment. We also appreciated the “Virtual CFO tool” that looks at your financial statements to provide insights into your business and its finances. 

The website is not forthcoming about the documentation required. However, we recommend the following, which seems to be standard requirements for business loans:

• Business name, address, and phone number
• Business checking account 
• Your name, personal address, phone number, and Social Security number
• Business industry
• Business tax ID or EIN

Kabbage

Backed by the financial and industry expertise of one of the oldest financial institutions in the US — American Express — Kabbage offers flexible and easy-to-access funding for Small Businesses looking for lines of credit.

Kabbage loans come with transparent monthly fees depending on the term of the loan: 

• 2%–9% for six-month loans
• 7.5%–18% for 12-month loans
• 15.75%–27% for 18-month loans

There are no additional fees, account maintenance, or early payment fees, but you will be charged a fee if your payments don’t go through or are late. Kabbage measures your eligibility and loan size by looking at your financial data, so you will be required to link your primary business checking or payment processor to the Kabbage platform. You must be in business for at least 12 months, disqualifying recent startups and new businesses.

Each loan comes with a high level of customer service and support offered by American Express, making it easy for small business owners to fully understand their risks and liabilities and how to use their platform. 

Since Kabbage only offers lines of credit, if you are looking for a longer-term loan solution or invoice financing, you should consider one of the other providers on this page, like Lendio or Accion. 

To apply for a Kabbage business loan, you will need to provide the following:

• Business name, address, and phone number
• Business checking account 
• Your name, personal address, phone number, and Social Security number
• Business industry
• Business tax ID or EIN

Get started with a Kabbage Business Loan application and find out if you qualify in minutes. 

Start Application

Best Startup Small Business Loan: Accion

Accion is the best small business loan for startups since you will also gain access to advice and support as you get your business off the ground. They'll even help you get “loan ready” to ensure you get funded. Though Accion lends money for other purposes, besides starting a business, Accion offers the best small business loans for individuals needing a startup business loan.

Most lenders refrain from lending money to new businesses because new businesses have no proven track record. This means there’s no way to judge if a business will be successful or not. Lenders don’t like the risk.

Accion is different. They offer money for businesses by taking a slightly different approach. They lend along with offering advice and support. This partnered approach ensures that the business owner at least has some sound business strategies for getting the business up off the ground and running. 

Accion has your best interest at heart from the word “accepted.” Also, they will help business people who do not yet qualify for a loan to become qualified by putting together an action plan for them. Mainly, they’re best for the entrepreneur who wants to take their dream and turn it into a reality.

Here is a quick summary of Accion business loans:

• Term Loans
  • Lowest rate: 7%
  • Loan sizes up to: $250,000

To apply for an Accion business loan, take note of the following in advance:

• You will need to have an alternative source of income for repaying the loan
• You will need to have all former personal debts paid off before you’ll qualify for a business loan with them
• Accion typically lends smaller amounts of money than traditional lenders, but it will depend solely on your individual circumstances how much they lend you

Read our full Accion Business Loans Review.

Best Loans for Building Business Credit: OnDeck

OnDeck offers term loans and working capital loans, and offers the best loans for small businesses with less than perfect credit. They are a great starting point for repeat borrowers too. We like Ondeck because they offer several repayment options and can often get a business approved for a business loan when nobody else will.

Here is a quick summary of OnDeck business loans:

• Term Loan
  • Lowest rate: 11.89%
  • Loan sizes up to: $250,000
• Line of Credit
  • Lowest rate: 10.99%
  • Loan sizes up to: $100,000

To apply for an Ondeck business loan, take note of the following qualifications in advance:

• Be in business for at least a year.
• Have a personal FICO score of 600
• Need annual revenues of at least $100,000
• Need a business bank account

Read our full OnDeck Business Loans Review.

Best Loans for Quick Cash: Fundbox

A business line of credit is perfect for small businesses that frequently run into cash flow problems. Eighty percent of businesses fail due to a lack of cash flow. Fundbox only offers lines of credit, but their rates are low and they work fast to get you funded. We like Fundbox because they offer the benefits of a business credit card with lower rates. You only pay interest on the money you spend, not the whole of the loan.

Here is a quick summary of Fundbox business loans:

• Line of Credit
  • Lowest rate: 4.66%
  • Loan sizes up to: $100,000

To apply for a Fundbox line of credit, meet the following qualifications:

• 500+ credit score
• 3+ months in business
• $25,000 in annual revenue

Read our full Fundbox Business Loans Review.

Recommended: Before going out and opening just any business bank account for your small business, do your due diligence by reading up on the best business checking accounts.

Small Business Loans FAQ

How do business loans work?

Companies that specialize in lending money to businesses, called lenders, make money by charging interest and fees to businesses that borrow money from them. Learn more about how business loans work. 

How do I get a business loan?

Apply with a business lender, typically your bank or another lending institution, with the right documentation and your business plan. Read more about how to get a small business loan.

What is the best loan for small business?

The best small business loan depends on your company and its needs. However, we recommend Lendio because they make business lending convenient and hassle-free.

What are the benefits of business loans?

A business loan can help to resolve cash flow problems, leverage growth opportunities, and even increase the value of a business.

How do I determine which business loan is best for me?

To determine which type of business loan is best for you, visit our comprehensive guides on the types of business loans.

How do I qualify for a business loan?

Ask these questions to determine if you qualify for a business loan and to assess how likely you are to be approved.

Where can I find loans for women-owned businesses?

Here is a list of the top business loans for women.

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