The Best Business Loan and Financing Options of 2024

BusinessLoans.com is a marketplace lender designed to match you with the most appropriate funding source for your business’s needs. The platform leverages its proprietary data and employs algorithms to predict the best match. BusinessLoans.com strives to work with every applicant and makes it easy to apply for funding using technology, making it our best business loan provider for self-service.

BusinessLoans.com can match you with a wide variety of loans in its network. Loan sizes range from $5,001 to more than $3 million, with terms going from as short as three months to as long as five years. Rates start at 9%, which is about the middle of the pack for lenders we reviewed. You can expect your loan to be funded within seven days if approved.

The platform differentiates itself from the competition by making it easy for business owners to identify a funding option that works best for their unique needs. The online application is quick and easy to fill out, and the algorithm uses BusinessLoans.com’s trove of data from previous users to pinpoint a match based on the information you provide.

Importantly, BusinessLoans.com also gives you the option to speak to a representative to ask questions and obtain guidance on documentation and the company says that most borrowers utilize this feature. BusinessLoans.com is willing to work with many types of businesses, including startups. For its unique ability to match businesses to funding sources automatically, BusinessLoans.com is our pick for the lender with the best self-service.

Biz2Credit is our choice for the best marketplace lender because its platform connects small business owners with various funding types and it offers fast approval and transparent pricing. We like that Biz2Credit’s platform matches small businesses with sources of capital that meet their unique needs. You also get a hands-on approach from Biz2Credit, with access to funding specialists who can help you determine the best loan terms for your business.

Biz2Credit offers term loans, working capital loans and commercial real estate loans through its lending platform. We like that it is transparent about loan rates and terms. Term loans charge simple interest, which means that borrowing costs don’t compound. That saves you money on interest payments because the overall rate stays fixed. Biz2Credit’s term loan rates start at 7.99%, varying by credit score and other factors. It also offers fast funding turnarounds of 72 hours for term loans and 24 hours for working capital loans.

Biz2Credit boasts a quick application process, which is attractive to time-crunched business owners and offers discounts for connecting a business checking account. Not all alternative lenders provide these benefits. Biz2Credit’s ability to connect you with the right loan through its extensive network makes it our best pick for marketplace lender.

Fundbox is our choice as the best alternative lender for technology features. Its digital platform integrates with popular accounting software, such as QuickBooks, and allows you to match payments to cash flow. Fundbox also offers transparent pricing, quick and easy approvals and fast funding.

Fundbox specializes in providing business lines of credit. The line of credit is available for up to $150,000 for 12 to 24 weeks, with a starting interest rate of 4.66% for the 12-week product. Fundbox is currently testing term loans on an invitation-only basis for qualified borrowers. These short-term loans are structured to be repaid over the course of six to 12 months.

Fundbox’s technology platform is what separates this lender from the competition. Features include a cash flow insights tool, a paid subscription product called Fundbox Plus and a mobile app for both Android and iOS devices. Fundbox’s Flex Pay service acts as a middleman between a business’s bank account and payroll vendor to ensure that funds are always available for payroll and vendor expenses. The company also integrates with various accounting software solutions, including QuickBooks, FreshBooks and Zoho.

SBG Funding is our choice as the best alternative lender for flexible terms because it offers different funding types, can issue loans of up to $5 million and will give you a decision in less than 24 hours. SBG Funding is also willing to customize its terms to fit your needs, rather than forcing you into a one-size-fits-all product.

SBG Funding is an alternative lender that provides small businesses with funding to support their growth. Borrowers can access term loans, lines of credit and equipment financing. We like that SBG offers you a choice of loan types. Some business owners may prefer a line of credit, drawing on it when needed while others want a lump sum to cover operating expenses or funding for a pricey piece of equipment. You can access funding for all this through SBG.

SBG is also flexible in repayment terms. Its small business loan terms range from one to five years, with funding up to $5 million. You can pay these loans back on a biweekly or monthly schedule. The terms for a business line of credit range from six to 24 months, with available credit of up to $250,000. SBG’s equipment financing terms are also flexible, lasting between one and 10 years. You can finance up to 100% of the equipment value, and there is no penalty for paying off the loan early.

Rapid Finance is our best pick for fast funding because it has an easy online or mobile application, quick approval turnaround and same-day funding. We like that Rapid Finance offers a variety of loan products, including small business loans, MCAs, short-term bridge loans and lines of credit. It services a broad array of industries and is dedicated to helping small businesses get funding fast.

Another reason we selected Rapid Finance as the best for fast funding is its application process. To apply, you will need to provide a business bank account and three months of bank statements. That is a small amount of documentation compared to applying for a conventional bank loan or Small Business Administration (SBA) loan. You can borrow up to $1 million with this alternative lender for a term loan ranging from three to 60 months. Rapid Finance is willing to work with borrowers regardless of their credit score as it looks at the business’s overall performance when evaluating applications.

For small business owners looking for fast funding, Rapid Finance stands out. Regardless of the loan product, this lender can get money in your account on the same day as approval. Add a straightforward application that can be completed from a smartphone, and it’s clear why Rapid Finance is our best pick for fast funding.

Fora Financial is our best pick for short-term loans because it offers loans of up to $1.4 million, with terms no longer than 15 months. With Fora Financial’s loans, you get flexible payment schedules, discounts for early payoff and no collateral requirements. This lender serves many industries, including construction, medical, automotive, wholesale and manufacturing. We also like that there are no restrictions on how the money can be used.

Fora Financial offers an online application and requires only three months of bank statements. You can find out if you qualify within 24 hours of applying, and you can have the funding in your account within 72 hours after approval. Fora’s minimum qualifications are relatively relaxed compared to those of other lenders. You need to have six months in business, at least $12,000 in gross sales, a personal credit score of 500 and no open bankruptcies. We also like the online portal, where you can monitor your loan progress in real time.

Sometimes, you just need access to capital for a short time and don’t want to spend years making interest payments. Fora Financial’s focus on this type of funding and ease of application and approval make it our best pick for short-term loans.

Noble Funding offers quick and easy small business financing, with starting rates and requirements that are competitive with those of similar providers we reviewed. What stands out is Noble Funding’s emphasis on transparency, in-person assistance and zero fees. The company earns high praise from customers on independent review sites, which makes Noble our pick for the business funding provider with the best customer service.

If you’re looking for long-term financing, Noble has loan options of up to $500,000. Noble’s bridge loans range from $100,000 to more than $4 million for short-term financing. If you choose its BankLite long-term loan, you can be approved within two to three business days. Those loans start at 8.99% interest and don’t require any collateral. You do need a credit score of at least 650 to qualify, though. The short-term bridge loans have less stringent requirements, same-day approval and funding as soon as two days.

Noble Funding offers a variety of financing options, including short-term bridge loans, long-term business loans and asset-based loans. It doesn’t charge any upfront fees and receives compensation only if the borrower is funded. Noble Funding prides itself on listening to clients, analyzing their needs and developing financial packages unique to each business. With so many funding options, it can be challenging to determine which is best for you. We like that Noble goes the extra mile, making it our best lender for customer service.

Balboa Capital offers quick funding and a simple online application that can be completed within minutes. Reams of paperwork and documentation are not required and there are no collateral or hidden fees. If approved, funds can be immediately deposited into your account. This straightforward process makes Balboa Capital an attractive lender for business owners looking for an easy approval process.

We like that Balboa Capital is willing to look at more than your credit score when approving loan applications. Although there is a minimum FICO threshold, Balboa Capital also looks at the business’s fundamentals and growth prospects when underwriting loans.

Balboa Capital offers several niche financing options that aren’t available from many other business loan providers. The company offers a specialized product for franchisees and provides vendor funding for business owners who want to extend financing to their customers. Borrowers can take out short-term loans of up to $250,000 for three to 24 months. With application decisions made within hours, Balboa Capital is a good choice for businesses seeking an immediate answer to their funding needs.

Crest Capital is our choice as the best alternative lender for equipment financing because it provides a variety of flexible funding options that are designed specifically for businesses looking to invest in equipment. Crest Capital offers loans between $5,000 and $500,000, fast funding and competitive rates.

Crest Capital provides small business owners with equipment financing of as much as 100% of the cost, including “soft” costs such as installation. If you want to finance equipment for less than $250,000, Crest Capital requires only that you fill out a quick and easy online application. We like that you can check your eligibility on its website before proceeding. You don’t want to waste time applying for a loan you have no chance of getting.

We like Crest Capital’s flexible terms. You can finance your equipment for 24 to 84 months. Some lenders will let you finance equipment for a short period only. We also like that Crest Capital enables you to finance used equipment, even those from private sales. Crest Capital also offers Section 179 qualified financing, which allows tax deductions on the cost of equipment and is willing to work with you to create a loan or lease that meets your needs. Specialized loans for business-related vehicles and software are available as well. This focus on providing great options for businesses looking to reinvest in their operations is what makes it our best pick for equipment financing.

Accion Opportunity Fund is our choice as the best alternative lender for underserved borrowers because this nonprofit is dedicated to helping small businesses that have trouble accessing traditional funding. With loans ranging from $500 to $150,000, a willingness to work with business owners with imperfect credit and its commitment to helping small businesses grow, Accion stands out from other microlenders.

We appreciate Accion’s focus on underserved markets, including women-owned, disability-owned and minority-owned businesses. It’s also willing to work with startups and food and beverage businesses that are often unable to access funding easily.

Accion offers options for small loans, which is a plus for many businesses that are getting started. Term loan rates start at just 5.99% and vary by credit score. Another plus for us is Accion’s flexibility. The lender doesn’t try to shoehorn borrowers into a one-size-fits-all solution but, instead, will work with you to create a repayment schedule that fits your situation. Importantly, Accion is also willing to work with borrowers without any credit history, a key differentiating factor from other lenders that focus heavily on credit scores.

The Accion Opportunity Fund provides free coaching, networking and other resources for small business owners. Although not all businesses will fit the profile that Accion is looking for, those that do should give it serious consideration. The focus on addressing the needs of businesses that are often shut out of funding is what makes Accion our best pick for underserved borrowers.

Truist is our choice as the best lender for SBA loans because it has years of experience working with the SBA and offers a variety of funding options. Truist is the result of a merger between SunTrust Banks and BB&T and is the only bank lender on our list.

SBA loans don’t fall into the alternative loan bucket but are a popular and attractive borrowing option. Since the government backs most of the loan, lenders like Truist can accept lower down payments, offer longer repayment terms and charge competitive interest rates. As an SBA Preferred Lender, Truist has demonstrated its commitment to providing efficient funding.

When you work with Truist, you get access to an advisor who can determine which SBA loan is right for you.

SBA loans are popular for their low interest rates and long terms, but that doesn’t mean they are easy to navigate. You need a lender who can walk you through the process and that’s where Truist comes in. With Truist, you get an experienced lender who knows what it takes to process your loan quickly, which is why it’s our best pick for SBA loans.