Featured Partner Offers
1
OnDeck
$5,000 to $250,000
Varies by loan
625
2
BusinessLoans.com
$5,000 to $3 million
Varies by product
550
Compare the Best Small Business Loans of 2025
Best Small Business Loans of 2025: A Closer Look
Best for No Minimum Credit Requirement
Rapid Finance Small Business Loans
Loan amounts
$5,001 to $1 million
APR range
9.5% to 12.5%
Minimum Credit Score
600
$5,001 to $1 million
9.5% to 12.5%
600
Rapid Finance may be the golden ticket to business financing if you have limited or damaged personal credit.
Why We like it
Rapid Finance has no credit score requirement, as long as applicants pass other eligibility criteria, including repayment ability, time in business and annual revenue, among others. In addition to this, we like that Rapid Finance charges no late or prepayment penalty fees.
Why We Don’t Like It
Businesses must make at least $200,000 in annual revenue to qualify for a Rapid Finance loan. Interest rates may also be high compared to other lenders.
Who It’s Best For
Rapid Finance business loans are best for business owners running an established business with reliable revenue streams but who don’t have the credit history to qualify for other loans.
- Nationwide availability
- Funding within hours of approval
- Lower revenue requirements than some competitors
- Limited loan details available online
- Payments automatically deducted
- Must be in business at least two years to qualify
Lender details
Eligibility
- Minimum credit score: 600
- Minimum annual revenue: $200,000
- Required time in business: Six months
Funding Speed
Funding can happen as quickly as the same day.
Best for Low-Interest Rates
TD Bank Small Business Loan
Loan amounts
$10,000 to $1 million
APR range
8% to 16%
Minimum Credit Score
615
$10,000 to $1 million
8% to 16%
615
If you’re looking for competitive interest rates and sufficient loan amounts, TD Bank may be the right choice for your business.
Why We Like It
TD Bank loans have flexible eligibility criteria for a brick-and-mortar institution, making it a good bank loan option for growing businesses with low annual revenue. TD Bank’s lack of origination fees is another advantage for business owners on a tight budget.
Why We Don’t Like It
TD Bank business loans may have prepayment penalty fees if you pay the loan off early, which isn’t ideal if you want to expedite your repayment. What’s more, if you need more than $250,000, you’ll have to apply in person.
Who It’s Best For
TD Bank business loans are best for new business owners with fair credit who are shopping for a competitive interest rate.
- No origination fee
- Low APRs for borrowers who qualify
- In-person and online applications
- Prepayment penalty fees
- Must apply in person for loans over $250,000
Lender details
Eligibility
- Minimum credit score: 615
- Minimum annual revenue: $40,000
- Required time in business:None
Funding Speed
Funding may be available in as little as two days.
Best for Limited Credit
QuickBridge
Loan amounts
$10,000 to $500,000
APR range
Factor rates start at 1.11
Minimum Credit Score
600
$10,000 to $500,000
Factor rates start at 1.11
600
Regardless of where you’re business is located, QuickBridge has you covered, offering financing in all 50 states.
Why We like it
QuickBridge accepts low credit scores and provides multiple payment options, including daily, weekly, bi-weekly and monthly terms. It also funds loans within 24 hours of approval.
Why We Don’t Like It
Factor rates starting at 1.11 at QuickBridge may be equivalent to annual percentage rates (APRs) starting at 20%. Since factor rate loan costs are typically bundled into the loan, paying it off early doesn’t usually lower your financing costs. However, QuickBridge may offer an early payoff discount.
Who It’s Best For
QuickBridge is best for borrowers with limited credit. However, borrowers must pay careful attention to fees to ensure payments and long-term costs are manageable.
- Discounts for paying loans off early
- 24-hour funding may be available
- Requires annual sales of $250,000
- Charges an origination fee of 1% to 3%
Eligibility
- Minimum credit score: 600
- Time in business: six months
- Minimum revenue: $250,000 per year
Turnaround time
You can apply and receive a decision from QuickBridge on the same day.
Best for Low Fees
Bluevine
Loan amounts
$5,000 to $250,000
APR range
Simple interest starts at 7.8%
Minimum Credit Score
625
$5,000 to $250,000
Simple interest starts at 7.8%
625
Many online business loans charge an origination fee, but Bluevine doesn’t, making it an excellent opportunity for cost-conscious borrowers.
Why We Like It
Bluevine is a QuickBooks lending partner, so QuickBook users can apply for Bluevine loans within their QuickBooks profile using accounting data. This could expedite the funding process. What’s more, borrowers can avoid costly fees through Bluevine.
Why We Don’t Like It
APRs on Bluevine term loans may be high for borrowers who don’t have strong credit.
Who It’s Best For
Bluevine term loans are best for QuickBook users and other borrowers with high credit scores looking to avoid loan processing fees.
- Receive a decision within five minutes and instant funding with a Bluevine business checking account, or receive funds within 24 hours
- Lines of credit up to $250,000
- Low credit score requirement
- No mobile app for its line of credit
- Monthly revenue requirement
- Not available to businesses in Nevada, North Dakota, South Dakota, Puerto Rico and other U.S. territories
Eligibility
Eligibility varies on the specific program a business owner chooses.
Weekly plan
- Minimum credit score: 625
- Time in business: Less than one year
- Minimum revenue: $40,000 monthly or $480,000 annually
- Business type: Corporation or LLC
- Bankruptcies: No past bankruptcies
Monthly plan
- Minimum credit score: 700
- Time in business: Three years
- Minimum revenue: $80,000 per month or $960,000 annually
- Business type: Corporation or LLC
Turnaround time
After you submit your application, you can receive a decision in as quickly as five minutes and instant funding with a Bluevine business checking account. Borrowers who don’t have a Bluevine business checking account can receive funds within 24 hours.
Consumer Sentiment Index
- Overall rating: 2.4/5 — Neutral
Based on 6,300 customer insights and reviews for the entire category.
Bluevine’s borrowers reported quick application processes and funding times, but many were also disappointed with their experiences. Some customers noted that the customer service was unresponsive and that there were technical issues during the application process.
Disclaimer: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
Best for Short-Term Loans
National Funding
Loan amounts
$5,000 to $500,000
APR range
Buy rates start at 1.11
Minimum Credit Score
600
$5,000 to $500,000
Buy rates start at 1.11
600
National Funding is a suitable pick for borrowers who want to avoid carrying debt for a long period since loan terms can be as short as six months.
Why We Like It
National Funding stands out for providing high loan amounts with flexible credit requirements. Loans may also come with customizable daily, weekly or monthly repayment terms. If you repay loans in advance, you could qualify for early payoff discounts.
Why We Don’t Like It
National Funding isn’t as transparent with its interest rates and fees as other lenders. Prospective borrowers must apply first to receive their APR quote.
Who It’s Best For
National Funding short-term business loans are best for borrowers who need money to fill temporary gaps and want the opportunity to choose flexible payment options.
- Financing up to $500,000
- Early payoff discounts
- Most loans are funded within 24 hours of approval
- Requires daily or weekly payments
- Potentially high borrowing costs
- Requires minimum gross annual sales of $250,000
Eligibility
- Minimum credit score: 600 (575 for equipment financing)
- Time in business: Six months
- Minimum sales: $250,000 per year
Turnaround time
Most loans are funded within 24 hours of approval, subject to receipt of required documentation, underwriting guidelines and processing time by your bank.
Best for No Hard Credit Check
OnDeck
Loan amounts
$5,000 to $250,000
APR range
Varies by loan
Minimum Credit Score
625
$5,000 to $250,000
Varies by loan
625
OnDeck, funding over 150,000 businesses since 2006, is sound choice for anyone who wants to work with a company that has a longstanding history in the business lending space.
Why We Like It
OnDeck does not require a hard credit check, so you can avoid taking a credit hit when borrowing. It’s also requires only $100,000 in annual revenue.
Why We Don’t Like It
While starting APRs for OnDeck loans are low, the lowest rates are only for the most creditworthy borrowers. The average ARPs for its term loans is 57.9% APR.
Who It’s Best For
OnDeck business term loans are best for established business owners who can qualify for the competitive interest rates.
- Term loans from $5,000 to $250,000
- Lines of credit from $6,000 to $100,000
- Same-day funding
- Low minimum credit score requirement
- $100,000 minimum annual revenue requirement
- Must have been operating for at least one year
- Does not lend to businesses in North Dakota
Eligibility
- Minimum credit score: 625
- Time in business: One year
- Minimum revenue: $100,000 per year
Turnaround time
You can apply and receive a decision from OnDeck on the same day.
Consumer Sentiment Index
- Overall rating: 3.1/5 — Satisfied
Based on 6,300 customer insights and reviews for the entire category.
Some customers praised the lender for its quick and straightforward lending process, while others complained of high interest rates and feeling misled about rates and fees.
Disclaimer: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
Best for Loyalty Perks
Chase Small Business Loan
Loan amounts
$5,000 to $500,000
APR range
Not disclosed
Minimum Credit Score
Not disclosed
$5,000 to $500,000
Not disclosed
Not disclosed
Chase small business loans are a solid option for business owners looking to double down on the bank’s full suite of products and services.
Why We like it
Chase offers interest rate discounts of 0.4% to 1.2% on loans of at least $500,000 if you keep a certain amount on deposit in business banking. It also has no annual revenue requirement as long as you meet credit factors and have enough net income to make payments.
Why We Don’t Like It
Chase small business loans have early repayment penalties when you borrow at least $250,000. There’s also no online application, so you have to apply in person.
Who It’s Best For
Chase small business loans are best for business owners who want to take advantage of Chases full suite of products. Pair Chase loan products with business banking and business credit cards and you could unlock extra perks like rewards points and rate discounts.
- No origination fee
- Low interest rates
- Interest rate discounts for relationship banking clients
- Requires at least Two years of business history
- Traditional banks generally look for borrowers to have strong credit and financial history
- Charges prepayment penalties for loans of $250,000 or more
Best for Online Businesses
PayPal Small Business Loan
Loan amounts
$5,000 to $100,000
APR range
10% to 19%
Minimum Credit Score
580
$5,000 to $100,000
10% to 19%
580
Online business owners with low revenue can turn to PayPal business loans to tap into necessary financing.
Why We like it
We like that PayPal business loans charge no late, processing or prepayment penalty fees. Plus, the annual revenue requirement of $33,300 is lower than many other lenders.
Why We Don’t Like It
PayPal’s offers only weekly payments, which may not work for all businesses. Say you receive most client invoice payments at the end of each month. In this case, you could have cashflow trouble keeping up with mid-month payments.
Who It’s Best For
PayPal business loans are best for online businesses less than a year old, especially those that already use PayPal. Existing PayPal business users may be able to speed through the application process.
- No late fees
- Next-day funding possible
- Flexible eligibility criteria
- Early repayment won’t result in savings
- Unclear details on financing charges
Loan Details
- Minimum credit score: 580
- Minimum annual revenue: $33,300
- Minimum time in business: Nine months
Funding Speed
Funding may be available as soon as the next day.
Best for Large Loans
Kapitus
Loan amounts
Up to $750,000
APR range
Starting at 6.25%
Minimum Credit Score
650
Up to $750,000
Starting at 6.25%
650
Kapitus is a solid choice for businesses owners looking to borrow $1 million or more with low rates and flexible repayment terms.
Why We Like It
We like that Kapitus charges no prepayment penalties and offers low starting interest rates. Plus, applicants may receive as many as six offers through one application to compare before finalizing the deal.
Why We Don’t Like It
Kapitus loan terms are limited to two years, so if you borrow a large sum, you’ll likely have high payments.
Who It’s Best For
Kapitus is best for business owners with good credit and multiple years of business history who need large loan amounts to grow or expand their operations.
- Large lines of credit up to $750,000
- Next-day funding
- Accepts fair credit scores starting at 650
- Interest rates and fees are not disclosed
- Requires at least two years in business
- Looks for a minimum annual revenue of $180,000
Eligibility
- Minimum credit score: 650
- Time in business: 2 years
- Minimum revenue: $180,000
- Turnaround time: Next day
Consumer Sentiment Index
- Overall rating: 3.9/5 — Satisfied
Based on 6,300 customer insights and reviews for the entire category.
Kapitus’s borrowers often had positive experiences with the lender, noting the quick and efficient funding process and the helpful customer service. Nonetheless, there were some customers who had concerns about the high interest rates and fees.
Disclaimer: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
Best for In-Person Borrowing
Bank of America
APR range
Starting at 7.44%
Loan amounts
$7,500 minimum (no maximum)
Minimum Credit Score
580
Starting at 7.44%
$7,500 minimum (no maximum)
580
Bank of America has big bank perks and low interest rates, ideal for existing customers with good credit looking for a deal. Branches are available nationwide.
Why We like it
Bank of America offers loan terms of up to five years, giving you the option of an extended payoff timeframe. It’s also a traditional bank that provides online applications and in-person service.
Why We Don’t Like It
Bank of America’s loan process isn’t quick. The turnaround time for a loan may take as long as a month.
Who It’s Best For
Bank of America unsecured business loans are best for borrowers with good credit who want to work with a well-established bank that offers exclusive benefits and interest rate discounts for preferred members.
- Rate discount for bank customers
- Fast funding available
- No prepayment penalty
- No prequalification available
- Charges a late payment fee
Availability
Bank of America offers auto loans in all 50 states as well as Washington, D.C.
Turnaround time
Bank of America typically offers funding within one business day.
Credit requirements
Bank of America requires a minimum credit score of 580.
Tips for Comparing Small Business Loans
When in need of financing, follow the tips below to find the right small business loan options to fit your needs:
Check Credit Requirements
Understand Revenue Criteria
Review Time in Business Conditions
Check Interest Rates
Watch Out for Fees
Compare Loan Terms and Payment Frequency
Review Funding Speeds
Look Into Loan Perks
Calculate Your Small Business Loan Payments
As you search for the best small business loans for you, use a business loan calculator to understand your monthly costs and the financial responsibility of each loan offer.
Small Business Financing Options
Business funding comes in a variety of forms, from microloans of a few thousand dollars to large loans of $100,000 or more. Common types of loans for small businesses include:
- Term loans: Term loans offer a lump sum to borrowers that can be ideal for major purchases. Loan terms range from a few months to as long as 10 or 25 years, depending on the loan purpose and where you get the loan from.
- Lines of credit: Business lines of credit offer a revolving credit line that can be borrowed against on an ongoing basis during the draw period, which is then repaid during the repayment period. Unlike a term loan, you only owe interest on the amount you draw, not the full credit line.
- Equipment financing: Equipment financing is for big-ticket items like vehicles, office equipment or computers. The equipment may serve as collateral to back the loan, which means the lender could repossess the equipment if you default.
- Invoice factoring: Invoice factoring is the process of selling unpaid invoices to a factoring company to get a portion of the unpaid amount up front. It typically requires a no credit check, so it could be a viable option for business owners with limited credit.
Find the Best Startup Business Loans of 2025
How To Get a Small Business Loan
Applying for a business loan can feel daunting, especially if it’s your first time. Taking the following steps can help you qualify for the best business loan options:
- Review your personal credit. Lenders typically look at your personal credit to qualify you for a loan. Before shopping for a loan, review your credit score and credit report to see where you stand. If needed, improve your score before applying by repaying existing debt.
- Build business credit. Although lenders typically prioritize a business owner’s personal credit, businesses that establish good business credit may qualify for better loan terms. When starting from scratch, you can build business credit by opening business trade or credit card accounts and making on-time payments.
- Gather financial documents. Lenders use business plans and financial documents like profit and loss statements to measure your business’s financial strength. Collecting these before the application process can speed things up.
- Prequalify for loans. Many lenders allow you to prequalify for business financing online. Prequalifying can help you estimate rates and costs to find the best small business loans for you without impacting your credit score.
- Choose an offer. Once you have multiple loan offers, review terms and fees to determine the best loan for your goals before completing the full application.
Business Loan Requirements
Minimum qualification requirements vary by lender, but, in general, you’ll typically need to meet the following criteria to get a small business loan:
- Credit score of at least 600; 670 for the most competitive rates
- Minimum one year in business, with some exceptions
- Minimum $100,000 in annual revenue, with some exceptions
- Proof of business ownership and licenses
- Business plans and financial statements
Loans also typically require a personal guarantee from owners, which means you will be held liable for the loan if your business can’t repay it. The best place to get a business loan may be a bank if you have very strong credit and high annual sales, because traditional banks may offer the most competitive rates. Alternative lenders, like online lenders, can also be an option for startups and business owners who don’t have strong credit, since eligibility criteria may be more flexible.
Documents You Need To Get a Business Loan
While application processes vary, some documents a lender may ask you for include:
- Business certificates, licenses and registrations
- Business credit reports
- Business plans
- Deeds to property
- Financial statements (e.g., bank statements, income statements, balance sheets)
- Partnership agreements
- Income tax returns
- Other legal documents (e.g., licensing agreements and commercial leases)
Pros and Cons of Small Business Loans
Anytime you borrow, there are pros and cons to consider before signing a contract. Below are the advantages and disadvantages of taking out a small business loan.
| Pros | Cons |
|---|---|
| Quick funding may be available | Loans with low interest rates tend to have the most strict credit and revenue requirements |
| Collateral isn’t always required | Business owners may be personally liable for debt the business can’t repay |
| Six months in business may be enough to qualify | Loan commitments can drain cash flow |
| A wide range of terms and loan amounts are available (up to 25 years and $10 million, depending on the lender and loan type) | The cost of borrowing could exceed potential business returns |
Small Business Lending Trends
Here are a few points to note about the current small business loan market.
- Uncertainty remains regarding tariffs. A federal appeals court ruling in late August decided the president didn’t have the power to impose tariffs through executive order under the International Emergency Economic Powers Act (IEEPA). However, tariffs will remain in effect until October 14 to give the administration time to challenge the decision. In terms of borrowing, tariff hikes on imports could put pressure on business cash flow, impacting capacity to meet debt obligations and qualify for future financing.
- Business lending credit standards remain in a chokehold. The quarterly Federal Reserve’s Small Business Lending survey found that business lending credit standards tightened for the fourteenth consecutive quarter in Q1, 2025. Credit quality also declined, and 47% of responding firms who reported a credit quality increase or decrease said that debt-to-income level played a major role.
- The prime rate decreased in September. In September, the Fed rate was decreased by 25 basis points to a target range of 4.00%-4.25%. Following the Fed meeting, the prime rate also decreased to 7.25% from 7.5%. Commercial banks may set short-term business rates using the prime rate, which serves as a base rate closely linked to the federal funds rate.
Alternatives to a Small Business Loan
Aside from small business loans, consider the following options to get financial resources for your business.
- Merchant cash advances: An advance that you repay with a percentage of future debit or credit card sales. However, factor fees and administrative fees can be expensive.
- Credit cards: Business credit cards may offer quick online applications and near-immediate access to funds. However, interest rates can be high and debt on a high-interest card can be hard to pay off if you use it to pay for many expenses.
- Crowdfunding: Instead of borrowing money, you could try launching a crowdfunding campaign to raise funding from others. Fundraising can reduce borrowing costs while helping you build a community of loyal supporters.
- Personal loans: With a personal loan, only your finances are considered so you don’t have to worry about being in business for a certain amount of time. Before applying, be sure your lender offers personal loans for business use.
- Grants and accelerator programs: Depending on your type of business, you may qualify for a grant to cover startup or growth costs. Some organizations also manage accelerator programs where business owners get funding and mentorship.
Methodology
We reviewed 25 popular lenders based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the nine best lenders based on the weighting assigned to each category:
- Loan cost. 30%
- Loan details. 25%
- Customer experience. 19%
- Eligibility and accessibility. 15%
- Application process. 11%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Business Loans Rating Methodology.
Frequently Asked Questions (FAQs)
Am I personally liable for a small business loan?
Small business loans often require a personal guarantee, which makes you liable for the loan if your business defaults on payments.
Is it hard to get a business loan?
It can be hard to get a business loan from a bank. Traditional bank loans tend to have more stringent credit, revenue and business requirements. However, some banks have flexible terms and alternative lenders may have lower limits for credit, revenue and time in business.
Can an LLC get a business loan?
Yes, an LLC is a limited liability company business entity that can take out a business loan.
