Best Small Business Loans | Compare Financing Options with TopRoute

Best Small Business Loans

We researched more than 60 online and traditional lenders to come up with our list of the best small-business loans.

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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.

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.

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Best Small-Business Loans

5 Best Small-Business Loans

1. Lendio : Best overall small-business loan
2. Backd : Best for flexible repayment
3. OnDeck : Best for repeat borrowers
4. Bluevine : Best for fast funding
5. SmartBiz : Best for SBA loans

Compare Small-Business Loans

Compare the Best Small-Business Loans

Best for	Starting APR	Min. revenue	Min. time in business
Business loans	Various	$96,000/yr.	6 months
Fast funding	20.00%	$120,000/mo.	6 months
Repeat borrowers	35.40%	$100,000/yr.	1 year
SBA Loans	11.25%	$50,000/yr.	2 years
Flexible repayment	Unlisted	$100,000/yr.	1 year

Lendio: Best overall for small business

Starting at 6% interest

Lines of credit, term loans, & more
Loan amounts from $1,000 to $5 million
Min. credit score: 560
Funding in as little as 2 days

See Loan Options

Data effective post date. At publishing time, loan amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

Bottom line: Lendio offers the best loans for most small-business owners.

As a lending marketplace, Lendio partners with more than 75 lenders. Just fill out its 15-minute application, and within 72 hours, Lendio will get back to you with a list of loan offers. Pick your favorite option, finalize your application, and enjoy your new loan.

Responsive Loan Table

Lendio Loan Details

Loan Type	Min./Max. Loan Size	Lowest Listed Rate	Repayment Term	Get a Loan
Term Loan	$5,000/$2 million	6%	1–5 years	Apply Now
Line of Credit	$1,000/$500,000	8%	1–2 years	Apply Now
Commercial Mortgage	$250,000/$5 million	4.25%	20–25 years	Apply Now
Invoice Financing	Up to 90% of receivables	2% factor rate	Up to 1 year	Apply Now

Data effective post date. Loan amounts, rates, and requirements may change. Offers may not be available in all areas.

Lendio partners with over 75 lenders, improving your odds of finding suitable financing options for your business.

Strengths

Fast application

Wide variety of lenders

Personalized guidance

Weaknesses

High interest rates

Reports of hard credit inquiries

See Loan Options

Backd Personal Loan

Backd: Best for flexible repayment

Loans up to $2 million

Lines of credit and working capital
Min. credit score: 640
Funding as fast as next-day

See Loan Options

At publishing time, loan amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

Backd offers lines of credit with flexible repayment terms that allow you to repay weekly in 6 months or 12 months. But unlike other lenders that offer lines of credit, Backd also offers working capital loans. Working capital makes it easy to bridge any cashflow issues you might have while you are committing to more long-term funding.

Backd makes it so easy to apply for funding. All you have to do is fill out an online application that takes less than five minutes to complete. You will get a response within 24 hours. To secure funding for your business, Backd requires proof of ownership and bank verification. You will also have to present your most recent tax return and your year-to-date profit and loss and/or balance sheet for accounts receivable.

While Backd’s lines of credit aren’t the cheapest out there, its accessibility to businesses open for less than a year makes it a great option for businesses that can’t qualify for low-interest term loans.

Strengths

Automated application
Low approval requirements
Fast funding

Weaknesses

Higher minimum credit score than competitors
Not available for all industries

See Loan Options

OnDeck Personal Loan

OnDeck: Best for repeat borrowers

Lines of credit and term loans

Min. credit score: 625
Min. revenue: $100,000/year
Min. time in business: 1 year

See Loan Offers

Data effective post date. At publishing time, loan amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

If you think you’ll need plenty of credit over the next few years, you may want to give OnDeck a look. OnDeck offers unique perks for repeat borrowers, making it a good deal for business owners who expect to seek more funding in the future. These benefits include reduced loan origination fees, lower interest rates, and even waived interest on existing loans.

Keep in mind, though, that OnDeck is far from the cheapest loan option out there, even with those perks. It has a high starting APR (annual percentage rate) of 29.90%, so even if you’ve got a great credit score, you won’t get a low interest rate. But to be fair, plenty of other online lenders have pricey loans, too.

That means that OnDeck can still be a good deal for businesses that will have more credit needs in the future.

Strengths

Perks for repeat borrowers
Reporting to business credit bureaus
Excellent reputation with borrowers

Weaknesses

High starting APR
High borrower qualifications
Required lien and personal guarantee

See Loan Options

Bluevine Personal Loan

Bluevine: Best for fast funding

Starting at 7.8% interest

Invoice factoring & lines of credit
Loan amounts up to $5 million
Min. credit score: 625
Funding as fast as same day

See Loan Options

Bluevine remains a top choice for businesses seeking quick access to funding, offering lines of credit with loan amounts up to $250,000 and rates starting at 7.8%.

With an automated application process, decisions are often made within minutes, and approved funds can be available within 24 hours—or instantly for Bluevine Business Checking customers. While Bluevine no longer provides invoice factoring directly, they have partnered with FundThrough to ensure businesses can still access accounts receivable-based financing.

To qualify for Bluevine’s line of credit, businesses must be operational for at least 12 months, maintain a minimum credit score of 625, and have an average monthly bank balance of $10,000.

Flexible repayment terms and a replenishing credit line make Bluevine an excellent choice for ongoing working capital needs.

Strengths

Same-day funding option
Low personal credit score requirements
Large loans available

Weaknesses

Limited availability in some states
High revenue requirements

See Loan Options

SmartBiz SBA Loan

SmartBiz: Best for SBA Loans

Starting at 6.50% to 9.50% interest

Loan amount from $30,000 to $500,000
Min. credit score: 660
Funding as fast as 1 to 2 weeks

See Loan Options

Data effective as of the publication date. Loan amounts, interest rates, and requirements are accurate at the time but may change over time. Offers may vary by location.

If you’re focused solely on U.S. Small Business Administration loans, SmartBiz is worth considering. The platform simplifies the SBA loan application process through its marketplace, delivering a single application to multiple lenders to help match you with the best loan options.

What sets SmartBiz apart from other lending marketplaces is that it exclusively offers government-backed SBA loans, as well as bank term loans and lines of credit.

Strengths

One application for many SBA lenders
Simplified SBA loan application
Low interest rates

Weaknesses

Potentially long, involved process
High application requirements

See Loan Options

Upstart: Best Personal Loan Lending Experience

Starting at 5.40% APR

As fast as next-day funding
3- or 5-year loan terms
Monthly payment schedule
0–10% origination fee

See Loan Options

The given data is true and authentic as on the date of publication. Loan amounts, rates and requirements were true then but may vary in the future. Offers might not be available in all regions.

Upstart has reputation, a privilege that allows them to enjoy being personally ranked number four in terms of lenders who offer personal loans. They also are some of the best of their customers, as reviews about the company are quite positive.

Upstart’s Trustpilot page has 4.9 stars and is based on over 44000 individual comments, 97% of the reviews being excellent, making the average score quite impressive.

What do customers love this much? Quite a few commenters believe in Upstarted because it provides quick approvals, speedy funding, and professional services. Furthermore, thanks to the fair interests and coherent pricing, this offer is a good for those who need personal loans. To be clear, it does not offer the most affordable rates out there, nor the most sizable loans, but consumers do value the service and value offered.

If you want to work with a lender that has the second coming of Jesus Christ, then Upstarted is for you.

Strengths

Excellent customer reviews
Next-day funding
Low starting APR

Weaknesses

High maximum APR
High max. origination fees

See Loan Options

Frequently Asked Questions

To determine the best loan for your business, you’ll need to compare key factors like loan types, amounts, interest rates, fees, and repayment terms. It’s important to understand not only what kind of loan you need but also what deals you qualify for.

For example, if you're planning a major real estate purchase, a large real estate loan would be more suitable than a small line of credit—but keep in mind that real estate loans often have stricter qualification requirements.

We’ve done much of the research for you through our rankings, but remember that lenders may not always offer you the lowest rates or the largest loan amounts. Before you accept a loan offer, make sure to fully understand the details of the terms. (This is one reason we recommend Lendio—it lets you compare loan offers tailored to your business.)

Looking for more guidance? We also have a detailed guide to choosing a business loan to help you make an informed decision.

In direct lending, you borrow directly from a financial institution such as a bank or an alternative lender. On the other hand, with peer-to-peer lending, you're borrowing from individual investors who use a platform to connect with borrowers—so these investors are the ones funding your loan.

For a more in-depth explanation, check out our peer-to-peer lending guide.

There aren't loans specifically for women-owned businesses by law, as anti-discrimination regulations prohibit lenders from offering loans based on gender. However, some lending companies have programs or loan products designed to help women business owners access financing.

For more details, you can explore our guide to business loans for women.

While several loan programs specifically for veterans have expired, there are still various grants, funding opportunities, and business programs tailored to veterans. We’ve compiled a list of these resources in our financing options for veteran-owned businesses article.

Yes, you can. Some personal loan lenders, such as Prosper, even promote their personal loans as options for business use. However, keep in mind that a personal loan won't help build your business credit, which could impact future funding opportunities. But if you’re unable to qualify for a business loan, a personal loan might be a viable alternative.

We can’t make the decision for you, but we’ve created a guide to using personal loans for business to help you weigh the pros and cons.

The easiest SBA loan to get approved for could be found through the SmartBiz loan marketplace.

SmartBiz specializes in government-backed Small Business Administration loans and submits your application to multiple lenders, matching you with the best available options for your business.