Top 8 Types of Small Business Loans Compared
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As one of the lowest-cost products out there, SBA loans are the holy grail when it comes to growing your business affordably.
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Years in Business: 2 Years+
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Revenue: $50,000
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Credit Score: 640+
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Profitability Required: No
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Bankruptcy allowed: Yes, no less then 3 years after filing
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Credit Card Volume a Factor: No
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Accounts Receivable a Factor: No
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Second Position Allowed: No, the SBA will not take 2nd position to another lender
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.
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Years in Business: 6 months+
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Revenue: $65,000+
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Credit Score: 500+
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Profitability Required: No
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Bankruptcy allowed: Yes, no less then 1 year after filing
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Credit Card Volume a Factor: In some cases, if so $3,000+
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Accounts Receivable a Factor: No
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Second Position Allowed: In some cases
A traditional medium term loan is a lump sum of cash you pay back, plus interest, over a fixed period of time.
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Years in Business: 1 Year+
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Revenue: $150,000+ in most cases. 1 lender will consider $25,000+.
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Credit Score: 600+
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Profitability Required: No
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Bankruptcy allowed: Yes, no less then 1 year after filing
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Credit Card Volume a Factor: No
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Accounts Receivable a Factor: No
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Second Position Allowed: In some cases
Equipment financing is a loan that helps you purchase new business equipment right away by using that equipment as collateral.
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Years in Business: 1 Year+
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Revenue: $75000+
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Credit Score: 600+
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Profitability Required: No
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Bankruptcy allowed: Yes, no less then 1 year after filing
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Credit Card Volume a Factor: No
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Accounts Receivable a Factor: No
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Second Position Allowed: In some cases
equipment
loan
sba loan
medium term
loan
short term
loan
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.
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Years in Business: 1 Year+
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Revenue: $200,000+
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Credit Score: 600+
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Profitability Required: Yes
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Bankruptcy allowed: Yes, no less then 2 years after filing
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Credit Card Volume a Factor: No
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Accounts Receivable a Factor: Yes
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Second Position Allowed: In some cases
Accounts receivable financing lets you get paid for your outstanding invoices right away—for a fee.
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Years in Business: 6 months+
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Revenue: $50,000+
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Credit Score: 500+
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Profitability Required: No
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Bankruptcy allowed: Yes, Bankruptcy is not a factor
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Credit Card Volume a Factor: No
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Accounts Receivable a Factor: Yes
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Second Position Allowed: Yes
A merchant cash advance is a lump sum of capital you repay using a portion of your daily credit card transactions.
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Years in Business: 5 months+
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Revenue: $75,000+
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Credit Score: 400+
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Profitability Required: No
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Bankruptcy allowed: Yes, no less then 1 year after filing
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Credit Card Volume a Factor: Yes, $4,500+
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Accounts Receivable a Factor: No
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Second Position Allowed: In some cases
A small business startup loan is any kind of financing aimed specifically towards startups with little to no business history.
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Years in Business: 0+
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Revenue: $0+
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Credit Score: 700+
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Profitability Required: No
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Bankruptcy allowed: Yes, no less then 3 years after filing
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Credit Card Volume a Factor: No
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Accounts Receivable a Factor: No
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Second Position Allowed: No
line of
credit
invoice financing
merchant cash
advance
startup
loan
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merchant
advance
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