Best Small Business Loans of July 2021

ElitePersonalFinance
Last Update: July 1, 2021

ElitePersonalFinance helps you find the best business loans.

    Up to $10,000,000

    Rate as low as 5.99%

    Comparing offers doesn’t affect your credit score

Your successful business can make you rich!

But what is a perfect business without funding? Nothing …

We at ElitePersonalFinance are here to tell you that there are many companies that will fund your business.

Before applying for a business loan, it is important to understand the types of business loans.

Bank Business Loans

Banks offer high amount business loans, but require collateral, and in some case cosigner. Banks offer high amount business loans, low interest rates and great terms. Unfortunately the application process is not short. In most of the cases, you can’t expect to get your loan in less than a month.

Best Business Loans from Banks
Business Loans from Credit Unions

Credit unions bank loans are like bank loans. The difference is that credit unions are more flexible. They have lower credit requirements. Instead of relying on your credit score, credit unions try to evaluate your ability to pay the loan.

Best Business Loans from Credit Union
SBA Loans

SBA loans are small-business loans guaranteed by the SBA and issued by participating lenders, mostly banks.

SBA loans are the cheapest business loans.

The SBA can guarantee up to 85% of loans of $150,000 or less and 75% of loans of more than $150,000. The average 7(a) loan amount was about $425,500 in 2018, according to the agency’s lending statistics.

The program’s maximum loan amount is $5 million.

SBA loans are provided but banks or online lenders. On their official site you can find a matching tool that will help you find the best option for you.

Learn More about SBA Loans
Business Line of Credit

A business line of credit gives access to a pool of funds to draw from when you need capital. Unlike a traditional business loan, you have the flexibility to borrow up to a set amount (typically anywhere from $50,000 to $500,000), repaying only the amount you withdraw, with interest. Draw on your small business line of credit to handle cash flow gaps, get more working capital, or address almost any other emergency or opportunity.

Learn More about Business Credit Lines
Fast Business Loans

Getting a business loan is not fast procedure. We at ElitePersonalFinance understand this problem, that’s why we created a list of business lenders that will fund you more quickly.

Fast Business Loans
1370 Reviews
Amount:

$75,000 to $5 million

Min. Credit Score:

650

APR:

5.50% to 7.75%

Annual Revenue:

Cash flow must be able to support the debt

Time in Business:

N/A

1370 Reviews
Amount:

$30,000 to $350,000

Min. Credit Score:

600

APR:

9.7% to 11.04%

Annual Revenue:

$50,000

Time in Business:

2 years

1370 Reviews
Amount:

$2,000 to $150,000

Min. Credit Score:

600

APR:

9% to 40%

Annual Revenue:

$75,000

Time in Business:

1 year

1370 Reviews
Amount:

$10,000 to $350,000

Min. Credit Score:

650

APR:

10% to 25%

Annual Revenue:

$150,000

Time in Business:

18 months

1370 Reviews
Amount:

$25,000 to $500,000

Min. Credit Score:

620

APR:

11.67% to 36%.

Annual Revenue:

None

Time in Business:

2 years