Best Small Business Loans in California of November 2024

ElitePersonalFinance
Last Update: September 25, 2023 Business Loans by States and Cities

Due to state regulation, California’s small business loans are open and straightforward to apply for and manage. SB 1235, signed into law in California, imposes transparency requirements for small business lending consistent with federal consumer lending regulations.

Suppose you’re a California small company owner applying for a loan. In that case, you may rest comfortably knowing you have access to the complete picture, even if your counterparts in other states applying to the same lenders may not.

Finding California-specific small business loans online could increase the openness and accountability of the state’s funding system. California offers the country’s best small business loan rates and terms.

Businesses can get funding from traditional banks, community lending institutions, online lenders, and crowdfunding platforms. Whether you’re looking to expand your business, finance a new startup, or pay off existing debt, plenty of options can help you achieve your goals.

Our Marketplace

ElitePersonalFinance has the most significant financial marketplace in California, with hundreds of lenders and options. Whether you’re looking for a traditional bank loan, an online lender, or a community lending institution, we can help you find the best options for your needs.

With our easy-to-use comparison tool, you can quickly and securely find the best small business loans that match your needs. Enter some basic details about your business, and we’ll do the hard work!

Why Trust ElitePersonalFinance Guides?

We know that navigating the complex world of small business loans can seem overwhelming. That’s why our team is dedicated to providing you with the best information and guidance possible. Our experts have years of experience in the lending industry and know precisely what it takes to secure funding for a successful small business.

So, if you’re looking for a best-in-class small business loan to help you grow and succeed, look no further than ElitePersonalFinance. With our expert guidance, you’ll be well on your way to reaching your financial goals in no time!

In addition, we only work with reputable lenders who offer competitive rates and terms. When you use our services, you can trust that you are getting the best deal possible on your small business loan.

Best Small Business Loans in California November 2024: Key Findings

You can get a small business loan from a traditional bank, an online lender, a community lending institution, or a crowdfunding platform in California. Whether you’re looking to expand your business, finance a new startup, or pay off existing debt, plenty of options can help you achieve your goals.

The best small business loan lenders in CA offer between $2,000 and $6.5 Million, depending on your business needs and credit score.

The best small business loans in California cost between 3.99% and 79.80% APR, depending on your credit score, the lender you choose, and other factors.

The best SBA loan lenders in California offer repayment terms ranging from 2 to 7 years and flexible credit requirements.

To qualify for the best SBA loans in California, you’ll need a credit score of at least 600 and an established business with solid revenue.

Best Small Business Loans in California of November 2024

Lender:Loan Amount:APR:TermMin. Credit Score:Best For:
PNC BankUnsecured- ($20,000 – $100,000)

Secured – ($100,001 – $3 Million)

Either a fixed rate or a rate that can change over time.2 – 7 years720Line of credit loans
Wells Fargo SBA LoansUp to $6,500,000Prime + 1.75% and up2 – 7 Years700Established businesses with solid credit
Kabbage$2,000 – $250,0002% — 27%6, 12, or 18 months.640Businesses with low revenue (a minimum of $3,000 monthly)
Blue Vine$5,000 – $250,0006.2% – 50.00%6 or 12 months625Quick funding
Credibility CapitalUp to $500,0009.49% – 15.49%Up to 5 years650Established businesses
FundboxUp to $150,00010.10-79.80%12 – 24 weeks600Borrowers with bad credit
TAB BankUp to $350,0008.99% – 35.99%Up to 5 years650Bank small-business loans

PNC Bank

Loan Amount:Unsecured- ($20,000 – $100,000)

Secured – ($100,001 – $3 Million)

APR:Either a fixed rate or a rate that can change over time.
Min. Credit Score:720
Approval:Same day
Terms:2 – 7 years
Fees:
  • Loan origination fees of an unsecured business loan of $175 annually.
  • Late payment fees range from 0.25% of the committed line amount or up to $10.
  • Don’t charge prepayment fees.
  • Obtaining a secured line of credit for your business incurs a 0.25% annual cost.
Qualification Criteria:
  • Be at least 18 years of age.
  • A minimum credit score of 720.
  • Business owners must provide a personal guarantee.
  • At least three years under their belt in terms of business experience is typical.
  • Personal credit report that has been empty of negative information for at least five years.
  • Companies with a clean credit history devoid of bankruptcies, tax liens, judgments, and lawsuits.
  • Fill out your information through PNC Bank’s online portal.
Average Borrower Profile:
  • PNC Bank doesn’t disclose the average borrower’s information.
Best For:Line of credit loans
CHECK RATES

PNC Bank is of the best small business loan lenders in California because they offer competitive rates of APR and customizable terms, regardless of the amount you need to borrow. Plus, they provide convenient online application processes and fast approval times, so you can get your loan quickly and focus on growing your business.

Additionally, the Small Business Administration has partnered with PNC to provide financing. This way, the company can provide borrowers with an alternative to its bank products through Small Business Administration loans. SBA 7a loans, SBA 504 loans, SBA Express, and SBA Export Express are available through PNC.

PNC Bank’s unsecured SBA loans start at $20,000 up to $100,000, with APRs of up to 14.69%. If you need a secured option, you can borrow between $100,001 and $3 million, with a fixed rate of 4.74% and 14.69%.

To be eligible for a PNC Bank SBA loan, you’ll need a minimum credit score of 720 and at least three years of business experience.

PNC SBA loans stand out because of their fast and convenient approval process makes them stand out. You can submit your application online through their easy-to-use portal, and you’ll get a decision within the same day.

Pros:

  • Affordable rates of up to 16.49% APR.
  • Customizable terms ranging from 2 to 7 years.
  • Fast approval times and convenient online application process.
  • PNC Bank offers amounts from $20,000 to $3 million.

Cons:

  • Requires a personal guarantee and credit score of 720 or higher.
  • Requires a personal guarantee.

The Impact of Covid-19:

Borrowers affected by the pandemic can apply for a hardship program to qualify for a loan modification. PNC Bank is committed to supporting businesses during these difficult times and will work with you to find the best solution for your needs. So if you need specific help in California, contact PNC Bank at 855-288-3974.

Wells Fargo SBA Loans