Small business loans are an integral component of the business world. Business owners rely on them to invest in new equipment or supplies, cover payroll, or manage cash flow. With a small business loan, business owners and entrepreneurs can access a lump sum of cash or a line of credit, which they can use to remain operational and continue growing their business for years to come.
The best small business loans have convenient application and funding processes, with competitive fees and flexible terms. Investopedia compared more than 20 of the top small business loan lenders based on their loan products, rates, fees, eligibility requirements, and overall transparency, among other factors. See our top-rated lenders below.
Best Small Business Loans of 2024
- Best Lender Comparison Site: Lendio
- Best for Business Checking: Kabbage
- Best Revolving Line of Credit: Fundbox
- Best for Microloans: Kiva
- Best for SBA Loans: Fundera
- Best for Same-Day Funding: OnDeck
Lendio
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Image Credit : Google
Key Specs
- Mobile app: Yes
- Best perk: 24-hour funding
- Loan/LOC amount: $25,000-$500,000
Why We Chose It
We chose Lendio as one of the best loan comparison sites based on the fact that they let you compare loan options from more than 75 lenders in one place, more than other marketplace sites. You can also have your loan funded in as little as 24 hours, which can be a major boon for business owners who need cash fast.
Kabbage
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Image Credit : Google
Key Specs
- Mobile app: Yes
- Best perk: Business checking
- Loan/LOC amount: Up to $150,000
Why We Chose It
We chose Kabbage as best for business checking thanks to its comprehensive package of tools for your small business, including a checking account and mobile app.
Fundbox
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Image Credit : Google
Key Specs
- Mobile app: Yes
- Best perk: Decision in minutes
- Loan/LOC amount: Up to $150,000
Why We Chose It
Fundbox focuses on offering lines of credit for business owners, and they make it possible to get prequalified online without a hard inquiry on your credit report. Their focus on business lines of credit makes them an expert on this particular type of small business funding. They offer decisions in minutes as well as funding as soon as the next business day.
Kiva
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Image Credit : Google
Key Specs
- Mobile app: Yes
- Best perk: Zero percent interest
- Loan/LOC amount: Up to $15,000
Why We Chose It
Kiva is the best option for small business owners who only need to borrow a small amount of money. Their microloans currently come with a 0% interest rate, and you can borrow up to $15,000.
Fundera
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Image Credit : Google
Key Specs
- Mobile app: No
- Best perk: Many lenders
- Loan/LOC amount: Up to $5.5 million for an SBA loan
Why We Chose It
We chose Fundera as the best option for Small Business Administration (SBA) loans due to the fact that it offers the most SBA options, including loans through the popular SBA 7(a) loan program. You can apply for an SBA loan directly on Fundera with your loan funded through a variety of top SBA lenders.
OnDeck
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Image Credit : Google
Key Specs
- Mobile app: Yes
- Best perk: Same-day funding
- Loan/LOC amount: Up to $250,000 for a loan; up to $100,000 for a line of credit
Why We Chose It
We chose OnDeck due to the fact they offer small business loans with funding as soon as the same business day. This can be crucial for business owners who need fast access to cash to keep up with business expenses or pay for an important piece of equipment right away.
We looked at more than 20 lenders who offer small business loans, small business lines of credit, and unique funding options like invoice factoring. We looked for lenders who offer transparency when it comes to their loan products and eligibility requirements, and we also looked for lenders who post fees and ongoing costs prominently on their websites.
To find the best small business loans, we compared loan options and lenders to find companies with excellent ratings and user reviews on websites like Trustpilot. We also looked for lenders who offer high loan amounts and flexible repayment options, as well as the ability to apply and set up loan funding online.
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