Small business loans can be used for working capital, payroll, equipment and more. Options include SBA loans, bank loans, term loans and lines of credit.
LENDER, BEST FOR, LOAN AMOUNT, AVAILABILITY ; Bank of America, Credit building, from $25,000, All states and Washington, D.C. ; Wells Fargo, Lines of credit, $10,000 to $150,000, All states and Washington, D.C. ; PNC Bank, Fast approvals, $10,000 to $3 million, 28 states and Washington, D.C.
Business loans can fund an expansion, refinance debt or provide working capital. Compare types of business loans, including term and SBA loans.
The types of small business loans available to your business depend on how much you need and how much you can afford to borrow.
What are business loans and could one help your business? Read our guide to learn what type of business loan suits you and how you can apply.
Key takeaways ; SBA loans are competitive and have a long application process, but are affordable with set maximum interest rates ; Conventional loans are available from banks, credit unions and online lenders ; You can find SBA loans from various lenders, including larger financial institutions and online lenders
Learn about VA business loans for veterans and discounts offered to veterans through the SBA, banks and other lenders.
Business owners may need to borrow funds to cover company-related purchases and operating expenses. Here's what to know about the best small business loans.
Interest rates, Interest rates will vary, depending on your circumstances. Talk to a business lending specialist to discuss what rates will apply. ; Application fee, When you apply for a new or increased loan or overdraft, suited to your business and its borrowing needs. Minimum fee $25 for loans and $75 for overdrafts. ; Early exit fee, When your loan is repayable over more than three years and you fully repay the loan within three years from the date you first drawdown your loan. ; Fixed rate break cost, When you repay your entire fixed rate loan early or make an additional payment which, together with any other additional payments you’ve made, exceeds our early repayment limit or if you switch your fixed rate loan to a variable rate loan or other fixed rate.
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