Top 8 Types of Small Business Loans Compared 

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SBA Loan

Review

As one of the lowest-cost products out there, SBA loans are the holy grail when it comes to growing your business affordably.

  • Years in Business: 2 Years+

  • Revenue: $50,000

  • Credit Score: 640+

  • Profitability Required: No

  • Bankruptcy allowed: Yes, no less then 3 years after filing

  • Credit Card Volume a Factor: No

  • Accounts Receivable a Factor: No

  • Second Position Allowed: No, the SBA will not take 2nd position to another lender

Short Term Loan

Review

A short-term loan operates somewhat like a traditional term loan, but you pay back the money, plus interest, with daily or weekly payments payments over 3 to 18 months.

  • Years in Business: 6 months+ 

  • Revenue: $65,000+

  • Credit Score: 500+

  • Profitability Required: No

  • Bankruptcy allowed: Yes, no less then 1 year after filing

  • Credit Card Volume a Factor: In some cases, if so $3,000+

  • Accounts Receivable a Factor: No

  • Second Position Allowed: In some cases

Medium Term Loan

Review

A traditional medium term loan is a lump sum of cash you pay back, plus interest, over a fixed period of time.

  • Years in Business: 1 Year+

  • Revenue: $150,000+ in most cases. 1 lender will consider $25,000+.

  • Credit Score: 600+

  • Profitability Required: No

  • Bankruptcy allowed: Yes, no less then 1 year after filing

  • Credit Card Volume a Factor: No

  • Accounts Receivable a Factor: No

  • Second Position Allowed: In some cases

Equipment

Financing Review

Equipment financing is a loan that helps you purchase new business equipment right away by using that equipment as collateral.

  • Years in Business: 1 Year+

  • Revenue: $75000+

  • Credit Score: 600+

  • Profitability Required: No

  • Bankruptcy allowed: Yes, no less then 1 year after filing

  • Credit Card Volume a Factor: No

  • Accounts Receivable a Factor: No

  • Second Position Allowed: In some cases

equipment

loan

 sba loan 

medium term

loan 

short term

loan

Line of Credit Review

A business line of credit is flexible “revolving” capital that works almost like a credit card, except you get access to cash and, in some cases, lower APRs.

  • Years in Business: 1 Year+

  • Revenue: $200,000+

  • Credit Score: 600+

  • Profitability Required: Yes

  • Bankruptcy allowed: Yes, no less then 2 years after filing

  • Credit Card Volume a Factor: No

  • Accounts Receivable a Factor: Yes

  • Second Position Allowed: In some cases

Invoice Financing

Review

Accounts receivable financing lets you get paid for your outstanding invoices right away—for a fee.

  • Years in Business: 6 months+ 

  • Revenue: $50,000+

  • Credit Score: 500+

  • Profitability Required: No

  • Bankruptcy allowed: Yes, Bankruptcy is not a factor

  • Credit Card Volume a Factor: No

  • Accounts Receivable a Factor: Yes

  • Second Position Allowed: Yes

Merchant Cash Advance

Review

A merchant cash advance is a lump sum of capital you repay using a portion of your daily credit card transactions.

  • Years in Business: 5 months+

  • Revenue: $75,000+

  • Credit Score: 400+

  • Profitability Required: No

  • Bankruptcy allowed: Yes, no less then 1 year after filing

  • Credit Card Volume a Factor: Yes, $4,500+

  • Accounts Receivable a Factor: No

  • Second Position Allowed: In some cases

Startup Loan

Review

A small business startup loan is any kind of financing aimed specifically towards startups with little to no business history. 

  • Years in Business: 0+

  • Revenue: $0+

  • Credit Score: 700+

  • Profitability Required: No

  • Bankruptcy allowed: Yes, no less then 3 years after filing

  • Credit Card Volume a Factor: No

  • Accounts Receivable a Factor: No

  • Second Position Allowed: No

line of

credit

invoice financing

merchant cash

advance

startup

loan

Compare All Business Lenders Side by Side

business line of credit 

personal loan for business 

 merchant

advance 

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