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Best Working Capital Loans for Small Businesses in 2020

One way to potentially access cash on a short-term basis is a working capital loan. You could use the funds for a variety of things related to your day-to-day operating expenses or a new business opportunity for your existing company.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

Starting at 6%

Estimated Apr

600

min credit score

At least 1 year

min $120,000

Qualifications

  • At least 1 year in business
  • Credit Score > 600

Pros

  • Advanced AI technology connects you with funding solutions
  • Potential for multiple loan offers in one application
  • Lending Score Dashboard - Unique personalized funding profile

Cons

  • Some options have relatively high APRs

1.15 - 1.42

Factor Rate

500

min credit score

At least 6 months

$120,000

1.10-1.48 FR

Estimated Apr

500

min credit score

At least 6 months

No minimum

1.5% - 10%

Monthly Fee Rate

N/A

min credit score

At least 1 year

At least $50,000

5-35%

Estimated Apr

560

min credit score

At least 1 year

At least $100K

9-22%

Estimated Apr

680

min credit score

No minimum

No minimum

Equipment Financing and Loans for Small Business

Equipment financing and equipment leasing can allow you to start using the equipment your business needs to generate revenue and pay it off over time. There can be options for all industries, from heavy construction machinery to medical equipment and everything in between. With the equipment itself serving as collateral, you might be able to get lower interest rates than you may see with unsecured business loans.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

Starting at 6%

Estimated Apr

600

min credit score

At least 1 year

min $120,000

1.15 - 1.42

Factor Rate

500

min credit score

At least 6 months

$120,000

8–38%

Estimated Apr

560

min credit score

At least 3 years

At least $100K

9-22%

Estimated Apr

680

min credit score

No minimum

No minimum

Term Loans - A Comprehensive Guide

Traditional term loans are installment loans that small businesses can use to help achieve various goals. Whether it’s a major equipment purchase or an expansion project, getting that extra infusion of working capital is something that many businesses could use at some point during their life cycle.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

Starting at 6%

Estimated Apr

600

min credit score

At least 1 year

min $120,000

1.15 - 1.42

Factor Rate

500

min credit score

At least 6 months

$120,000

9.99-36%

Estimated Apr

600

min credit score

At least 2 years

No minimum

9-50%

Estimated Apr

550

min credit score

At least 1 year

At least $192K

1.5% - 10%

Monthly Fee Rate

N/A

min credit score

At least 1 year

At least $50,000

Small-Business Loans - A Comprehensive Overview

A Small Business Administration (SBA) loan is a government-backed loan that can guarantee billions of dollars each year. Under the SBA’s various loan programs, funds may be available for purchasing inventory or equipment, adding to working capital, buying commercial real estate, funding the acquisition of other businesses, or refinancing other debts in some cases.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

Starting at 6%

Estimated Apr

600

min credit score

At least 1 year

min $120,000

6-10.25%

Estimated Apr

600

min credit score

At least 1 year

At least $500K

Startup Business Loans

With strong personal credit, even first-time business owners may qualify for a loan to help with initial startup costs. Startup funding is available in the form of business credit cards, credit line builders, SBA loans, non-profit microloans, personal loans for business use, and more.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

9-22%

Estimated Apr

680

min credit score

No minimum

No minimum

Business Line of Credit - Your Best Options

A business line of credit can give your company quick access to revolving credit. And though you may find business credit cards to be equally convenient, you might see lower interest rates, fewer fees, and more flexible repayment terms with a line of credit.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

Starting at 6%

Estimated Apr

600

min credit score

At least 1 year

min $120,000

1.5% - 10%

Monthly Fee Rate

N/A

min credit score

At least 1 year

At least $50,000

14-40%

Estimated Apr

600

min credit score

At least 1 year

At least $100K

9-22%

Estimated Apr

680

min credit score

No minimum

No minimum

9 Best Short-Term Business Loans in 2020 - What You Need to Know

Like traditional term loan, short-term business loans can provide companies with working capital to overcome a financial hurdle, pay off higher-interest debt, or quickly jump on a great opportunity when it comes up. The main difference is that your short-term financing will need to be fully repaid soon, often within two years.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

Starting at 6%

Estimated Apr

600

min credit score

At least 1 year

min $120,000

1.15 - 1.42

Factor Rate

500

min credit score

At least 6 months

$120,000

1.5% - 10%

Monthly Fee Rate

N/A

min credit score

At least 1 year

At least $50,000

Merchant Cash Advance - What are the Options for Your Business?

With a Merchant Cash Advance (or MCA) a lender can buy a piece of your business’ future revenues and you'll receive the cash advance as a lump sum payment. Payments can fluctuate along with your sales volume, so you won't be stuck with a large payment you can't handle. Daily or weekly payments are sometimes drawn directly from the merchant account you use to process debit and credit card sales.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

Starting at 6%

Estimated Apr

600

min credit score

At least 1 year

min $120,000

1.15 - 1.42

Factor Rate

500

min credit score

At least 6 months

$120,000

Invoice Financing

With invoice financing, you could pre-sell your unpaid invoices to another company in exchange for a lump sum payout. The accounts receivable financing service will retain a fraction of the value while they wait for your customer to pay. You can get the remaining funds owed when the customer has paid, minus the weekly fees that have accrued while waiting for payment. This can become very expensive, so it would be wise to use invoice factoring only with customers that you know will eventually pay.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

Starting at 6%

Estimated Apr

600

min credit score

At least 1 year

min $120,000

N/A

Estimated Apr

530

min credit score

At least 3 months

At least $120,000

Business Acquisition Loan - What are The Details?

With a business acquisition loan, you could purchase a company that already has a successful history. You could also use acquisition financing to buy out your partner(s) in a business you already operate.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

Starting at 6%

Estimated Apr

600

min credit score

At least 1 year

min $120,000

Small business loans have grown increasingly complex with a variety of financing options for every kind of borrower.

Let us make the process easier for you, so you can focus on your business.

Our team is available during normal business hours and just a phone call away. Please don’t hesitate to reach out – (800) 348-0997.

From quick short term funding to equipment financing, LendGenius is here to help connect you with a lender.

Potentially Connect with a Lender in Minutes

Start Up Business Funding

Setting out on a new venture? For borrowers with strong credit and collateral to pledge, startup business financing options may be available from a lender in the form of equipment underwriting, credit line builders, personal financing, non-profit microlending, credit cards, and SBA funding.

Learn More
Amount
Up to $150,000
Terms
6 months - 4 years
Interest Rates
7.9 - 19.9%
Time to Funding
As little as 2 weeks

Business Line of Credit

Not unlike a credit card, a line of credit could be used for just about any business expense you can think of. A business LOC from a lender can give you the same quick access to revolving credit, but in some cases with fewer fees, lower interest rates, and favorable repayment terms than you’d see with a generic credit card.

Learn More
Amount
$10,000 - $1 million
Terms
6 months - 5 years
Interest Rates
7 - 25%
Time to Funding
As little as 48 hours

Short Term Business Financing

These options include any funding that is required to be fully repaid within 2 years. For example, accounts receivable financing and merchant cash advances fall under this category because they’re only meant to be used as a temporary cash flow fix.

Learn More
Amount
$2,500 - $250,000
Terms
3 - 18 months
Interest Rates
14% and up
Time to Funding
As little as 48 hours

Term Loans

These are the most common forms of small business financing. They are often used to finance expansions or other long-term growth activities, and they may have higher funding amounts with fixed payments to the lender spread out over an extended period of up to 5 years.

Learn More
Amount
$25,000 - $500,000
Terms
1 - 5 years
Interest Rates
7 - 30%
Time to Funding
As little as 48 hours

Equipment Financing

This option can allow you to start using the revenue-generating equipment you need immediately and pay it off over its estimated operating life. With the machine serving as collateral, the lender’s perceived risk is lower which means you might expect a better rate than you may get with other options.

Learn More
Amount
Up to 100% of equipment value
Terms
Estimated life of equipment
Interest Rates
8 - 30%
Time to Funding
As little as 48 hours

Merchant Cash Advance

A merchant cash advance could be all that stands between you and your next big move. A unique and flexible funding option, MCAs can get you the lump sum of cash you need without overextending your budget. Your payments to the lender would fluctuate along with your credit card sales volume, so you wouldn’t have to worry about a high payment during a bad period or seasonal fluctuations.

Learn More
Amount
$2,500 - $250,000
Terms
Deducted daily from merchant account
Interest Rates
1.14 - 1.45
Time to Funding
As little as 24 hours

Invoice Financing

Invoice financing, also known as accounts receivable financing, is a way for you to get access to the money you’re owed from slow and overdue customers. You’ll have to take a hit on the factoring fee, but if approved you could have funds from a lender in your bank account within 24 hours.

Learn More
Amount
50 - 90% of total value of invoices
Terms
When invoice is paid, you receive the remaining 10 - 50% less the factor fee
Interest Rates
About 3% + %/week outstanding
Time to Funding
As little as 24 hours

SBA Loans

The SBA provides low-interest financing via intermediary lenders. If approved, the Small Business Administration guarantees repayment in the event you default. Since the lender assumes less risk, he or she is also willing to grant more favorable terms. There are a number of programs for a variety of different situations, but they may impose limitations on how your funds are used.

Learn More
Amount
$5,000 - $5 million
Terms
5 - 25 years
Interest Rates
6 - 13%
Time to Funding
As little as 30 days

Personal Loans for Business

Your financial advisor might tell you that mixing company finances with your personal credit is a risky move - but a little risk never stopped the determined entrepreneur. Using this option to fund your venture is a legitimate option, but it may complicate your accounting. On the plus side, this option may be a faster and easier way to fund a startup due to a relatively simple underwriting process.

Learn More
Amount
Up to $100,000
Terms
Up to 7 years
Interest Rates
4 - 36% APR
Time to Funding
As little as 4 days

Business Credit Cards

The right small business credit card could help you effortlessly streamline your finances and operations. Use credit cards to build credit history, keep business expenses separate from your personal accounts, and to grow your company with ease. Of course, the best business credit cards and the most competitive rates are granted to business owners with strong credit scores. If that’s not you, you may want to consider a card with no annual fee that you pay off in full each month to start earning rewards on the necessary expenses you have to pay anyway.

Learn More
Amount
Up to $50,000
Terms
Revolving credit, usually paid monthly
Interest Rates
Intro APR 0% - 24.99%
Time to Funding
As little as 60 seconds

Working Capital Financing

Working capital is considered a form of short term financing because it normally requires full repayment in 2 years or less. Thus, it shouldn’t be thought of as a solution to chronic cash flow issues. Instead, you should use working capital towards improvements that will help you generate additional revenue in the short term, such as upgrading your tools, launching a marketing campaign, or hiring for a key role.

Learn More
Amount
$2,500 - $250,000
Terms
3 - 18 months
Interest Rates
7% - 99%
Time to Funding
As little as 48 hours

Business Acquisition

Perhaps you want to eliminate a competitor, buy a partner out, or maybe just take over your neighborhood corner store. In either case, you’ll want to look at business acquisition financing options to make the transition as smooth as possible.

Learn More
Amount
Up to $5 million
Terms
up to 25 years
Interest Rates
3% - 10%; may be fixed or variable
Time to Funding
as little as 48 hours

Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. Lendgenius.com is not a lender or lending partner and does not make loan or credit decisions. Lendgenius.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Lendgenius.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Lendgenius.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Lendgenius.com’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Lendgenius.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing Lendgenius.com and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize Lendgenius.com to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. Lendgenius.com has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.