4 Best Small Business Loans of 2021
As business finance experts , we’re here to share some notable small business loans that you may want to consider.
Best Small Business Loans
Seek Capital
Here at Seek Capital , we specialize in helping our clients find the best small business funding. Since opening our doors in 2014, our team of experts has helped secure over $400 million in funding across more than 16,000 unique approvals. Whether you are just opening your own doors for the first time or you’re a veteran in your industry, the need for extra capital never ceases. We understand this need and are dedicated to helping you get the best financing with the best terms possible, whether you’re expanding, buying new equipment, or even just need a little extra this month, with funding ranging from $5,000 all the way up to half a million. Plus, even after you’re approved, we’re here every step of the way to help make sure everything goes as planned, and we can even help you prepare everything you need ahead of time to apply. With only just a few minutes to apply, flexible payment options, and no collateral needed, Seek Capital’s small business funding options are hard to beat. Click here to see your funding options -- you may be surprised what you qualify for!
Kabbage
If you run a small business that has minimal monthly revenue, Kabbage may be a great fit for your needs. This company has clear requirements for qualification, and you won’t be charged a fee to apply for your loan. Kabbage is notable for having relatively fast funding times , as well as flexible payment plans. If you don’t typically see a lot of revenue each month, this is a must-have feature. What’s more, Kabbage offers a comprehensive suite of tools and a mobile app, so you can easily manage your small business loan on-the-go. When you’re approved for your small business loan, Kabbage will set you up with a checking account that can be accessed from the mobile app. There are some basic requirements you will need to meet before getting approved, however. You will need to have been in business for a minimum of one year. Your small business also needs to make at least $4,200 a month (or $50,000 annually) to qualify. Kabbage works to provide cash flow to companies of all sizes. Although there are plenty of similar online companies focusing on small business loans, Kabbage has additional benefits and features that make it stand out from others. What’s more, you will have access to a variety of small business loan options that makes Kabbage more accessible than some of its competition. At present, Kabbage has options for both secured and unsecured lines of credit. You can also get loans for industry-specific needs, such as retail, trucking, pawnshops, and more. The online application process is incredibly easy. And once approved, you can look forward to fast funding. Loan amounts vary wildly, as the amount you receive depends on the loan type you’re applying for. An SBA Express Loan, for example, can get you as much as $350,000, whereas lines of credit cap off at $250,000. So you do have some flexibility in the amount of funding your small business needs. Repayment terms vary, as well. You can choose between 6-, 12-, or 18-month agreements, giving you further flexibility. A nice bonus if going with Kabbage is that there aren’t penalties if you pay your loan early, and you don’t have to worry about hidden fees.
Fundbox
If you are concerned about hard credit checks, Fundbox may be the best option for you. This company prequalifies without performing hard credit checks, so you don’t have to worry about your credit score taking a hit in the application process. Fundbox works to provide lines of credit for business owners. As such, they are well-qualified to help you get small business funding at reasonable rates. Once you apply for your loan, Fundbox works quickly to get you a decision. In most cases, you can find out whether you are approved in a matter of minutes. Additionally, you can receive your funding once approved quite rapidly, as well. Some applicants will see funding the very next day. The nice part about Fundbox is that you can avoid lump-sum loans. This means that you ultimately aren’t forced to borrow more than you need, thus having potentially higher interest rates than necessary. The lines of credit that you can borrow cap off at $100,000. So if you need more funding for your small business, you’ll need to look elsewhere. Fundbox uses algorithms to determine whether you are prequalified after submitting your application. This technology serves the company well, as it lets them see a greater number of qualifying borrowers. A nice incentive to do business with Fundbox is that they offer rewards for paying your loan early. In doing so, you can save money on the total you owe back to your lender. If you don’t choose to pay off early, Fundbox takes what you owe directly from your bank account each month. This gives you less to worry about since your payments are already handled automatically. Just make sure you have the balance available, and Fundbox handles the rest. It’s important to note that Fundbox requires repayment rather quickly. After you have accepted your loan from them, you will have either 12 or 24 weeks to pay it back.
Kiva
Kiva is a good option for small businesses that need a small amount of money loaned. At most, you can borrow $15,000. As such, Kiva isn’t meant to be a big money lender. But what makes this such a viable option is that the microloans come with no interest attached to them. Another nice perk is that Kiva provides an opportunity for borrowers to market their products to Kiva’s vast network of lenders. If successful, this feature alone could prove to be quite lucrative for you. Another nice aspect of doing business with Kiva is that you have plenty of time to repay your loan, with an option of up to three years available to business owners who need it. That said, one of the most significant downsides to Kiva is that it can take a while to get your funding once approved. In some cases, you may be looking at 30 or more day’s wait-time. If you are in a position where you need money sooner, it may be wise to look for another lender. But if you can afford to wait, Kiva makes a lot of sense. New business startups may find that the extended repayment period is convenient for their financial situation. There isn’t the added pressure of coming up with more considerable payments each month. What’s more, the microloans that Kiva centers its business on are much easier to manage. Applying online is relatively fast, taking about 25 minutes to complete the process. Requirements for Kiva are some of the most relaxed in the industry. To qualify, you have to be a citizen of the United States and be at least 18 years old. Lastly, you must agree that you will use your loan for business purposes.
Fundera
Last on our list is Fundera. This company offers SBA loans through the SBA 7(a) program. As such, you have a good variety of loan options to choose from. What’s more, you apply for an SBA loan through Fundera. If approved, your loan is funded by some of the top lenders. Lines of credit are available, as well. So you have plenty of funding resources available when you choose to do business with Fundera. Borrowers can see real-time comparisons of offers to ensure that the best one is selected. It’s nice to see that a hard credit check isn’t performed in the prequalification process. Thanks to this, you can rest easy knowing that your credit score isn’t affected. To qualify for a loan through Fundera, you need a credit score of at least 550. In some cases, you may be required to provide collateral before you can receive your funding. This all depends on the amount of your loan and the lender that approves you. The application process is simple and straightforward. When approved, you can choose from repayment plans that span 5 to 25 years. However, getting your funding may take a couple of weeks.
Summary
Now that you know what kind of terms are available, you can work toward choosing the best resource for your loan. We encourage you to research your potential lender thoroughly. You want to make sure that their terms and conditions meet your needs as a business owner. You also want to be clear on your ability to make on-time payments. As such, get all the information that you can on interest rates, term lengths, and penalties (if applicable). If you would like our expert guidance on choosing and getting the best loan for your needs, please don’t hesitate to contact us. We specialize in securing manageable funding for our many clients and would be happy to assist you. In the meantime, feel free to explore our blog resource for more business- and finance-related information. There, you find a wealth of helpful articles that center on small businesses and loans. At Seek Capital, we strive to provide accurate and beneficial data to small business owners. We look forward to assisting you in any way we can and hope to hear from you soon. Sources https://www.kabbage.com/small-business-loans/ https://fundbox.com/ https://www.sba.gov/partners/lenders/7a-loan-program/types-7a-loans