Best Small Business Loans  2020

With all the financing options out there, trying to compare business loans can feel overwhelming. You can borrow from traditional lenders (banks or credit unions) to get the best deals, or you can borrow from online lenders for lower loan qualifications. You can choose from term loans, lines of credit, invoice financing, microloans, and more. It’s a lot.

Which is why we’ve taken all those financing options and narrowed them down to the best small-business loans out there. In this roundup, we’ll tell you what makes these lenders great and help you decide which is the best fit for your business.

  • Lendio: Best overall
  • BlueVine: Best for larger cash flow loans
  • Fundbox: Best for low credit
  • Kabbage: Most convenient
  • Funding Circle: Best for P2P lending
  • Kiva: Best for microloans
  • Accion: Best startup business loans
  • OnDeck: Best for repeat borrowing
  • StreetShares: Best balance of rates/requirements
  • CanCapital: Best for MCAs
  • SmartBiz: Best for SBA loans
    Lendio $1,000/$5 million 6% $50,000 6 mos. Apply Now
    BlueVine $5,000/$5 million 4.8% $100,000 6 mos. Apply Now
    Fundbox $1,000/$100,000 4.66% $50,000 3 mos. Apply Now
    Kabbage $500/$250,000 1.5 factor rate $50,000 1 yr. Apply Now
    Funding Circle $25,000/$500,000 4.99% N/A 2 yrs. Apply Now
    Kiva $0/$10,000 0% N/A N/A Apply Now
    OnDeck $5,000/$500,000 9.99% $100,000 1 yr. Apply Now
    Accion $300/$250,000 7% N/A N/A Apply Now
    StreetShares $2,000/$250,000 7% $25,000 1 yr. Apply Now
    CanCapital $2,500/$250,000 12.9% $150,000 6 mos. Apply Now
    SmartBiz $30,000/$5 million 6.5% $50,000 2 yrs.

How do I choose the right business loan for my business?

To figure out which loan is best for you and your business, you need to compare things like types of loan, loan amounts, interest rates, fees, and repayment terms. You’ll want to figure out both what kind of loan you need as well as what kind of deals you can qualify for.

For example, if you’re making a big commercial real estate purchase, you’ll want a big real estate loan rather than a small line of credit—but the qualifications on the real estate loan might be stricter.

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