Business Lending

Facing business financing challenges alone can be a daunting experience. This guide outlines 5 ways to pick the best business lending company for you, along with our recommendations for the top business lenders of 2024.

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Solvent Funding

our top pick

Overall rating

9.8

Highlights

Type of Loans

Term loans, lines of credit, equipment financing, merchant cash advance.

Loan Amounts

$5,000to $5,000,000

Approval Time

As fast as 24 hours.

Repayment Terms

3 months to 5 years.

Requirements

Minimum 1 year in business and $100,000 in annual revenue.

Application Process

Simple online application.

Customer Service

Dedicated account specialists who cater to specific business Needs.

Funding Speed

Quick disbursement after approval.

Collateral

Not always required.

Credit Score

Flexible requirements.

Additional Services

Financial planning resources.

Stand Out Feature

Solvent Funding is the best choice overall due to its fast approval process, competitive interest rates, and a wide range of flexible loan products. It caters to the diverse needs of small businesses, offering quick and reliable funding solutions that help businesses grow and manage their finances effectively. All this is supported by dedicated account specialists who understand and address the unique needs of each business.

877-807-1180

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BlueVine

Overall rating

9.4

Highlights

Type of Loans

Lines of credit, invoice factoring, term loans.

Loan Amounts

Lines of credit up to $250,000;
invoice factoring up to $5 million.

Approval Time

As fast as 24 hours.

Repayment Terms

6 or 12 months for lines of credit.

Requirements

Minimum 6 months in business and $10,000 in monthly revenue.

Stand Out Feature

BlueVine provides flexible financing options, including invoice factoring, which can be particularly beneficial for businesses with cash flow issues due to unpaid invoices.

(888) 216-9619

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Funding Circle

Overall rating

9.4

Highlights

Type of Loans

Term loans.

Loan Amounts

$25,000 to $500,000.

Approval Time

As fast as 24 hours.

Repayment Terms

6 months to 5 years.

Requirements

Minimum 2 years in business and $150,000 in annual revenue.

Stand Out Feature

Funding Circle offers competitive rates and transparent terms, making it a solid choice for established small businesses seeking predictable and manageable repayment plans.

(855) 385-5356

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National Funding

Overall rating

9.1

Highlights

Type of Loans

Small business loans, equipment financing, working capital loans.

Loan Amounts

$5,000 to $500,000

Approval Time

As fast as 24 hours.

Repayment Terms

6 months to 5 years.

Requirements

Minimum 1 year in business and $100,000 in annual revenue.

Stand Out Feature

National Funding offers personalized loan options and customer support, helping businesses find the right financing solutions for their specific needs.

888-733-2383

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Fora Financial

Overall rating

8.9

Highlights

Type of Loans

Small business loans, merchant cash advances.

Loan Amounts

$5,000 to $750,000.

Approval Time

As fast as 24 hours.

Repayment Terms

3 to 15 months.

Requirements

Minimum 6 months in business and $12,000 in monthly revenue.

Stand Out Feature

For a Financial provides quick and accessible funding options with a straightforward application process, making it easy for businesses to obtain the capital they need.

(877) 419-3568

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How We Rank Business Lending Services

When vetting and qualifying the companies that make up our recommended list, the bizlenderreviews.com editors focused on five key points:
  • Qualifications
  • Services Offered
  • Pricing
  • Reputable Practices
  • Customer Services

With so many business lending companies emerging, along with potential scams, it’s crucial to know how to find the best firm for your needs. Choosing the right lender will depend significantly on your specific financial situation. Therefore, we recommend following similar guidelines to help you in your search for the best business lending service.

Qualifications

You don’t want to trust just anyone with your business finances! This is why it is essential to research your lending company’s qualifications.

A reputable lending firm generally holds numerous accreditations and memberships, such as accreditation from the BBB (Better Business Bureau), and memberships from professional organizations in the lending industry. Many qualified lending services hold additional local and state accreditations as well.

You can also contact the company or check their website to verify their staff’s licensing and accreditation. It’s essential that a business lending company has licensed professionals who are qualified to operate in all the states where they offer services.

Read More

Services Offered

When it comes to services offered, “more” is always “better”! Take a look at the list of services a business lending company offers. Some only offer a few basic services due to a lack of staff training and experience or because they focus on the most profitable areas. On the other hand, top lending companies offer a wide variety of services such as:

Term loans

Lines of credit

SBA loans

Equipment financing

Invoice factoring

Startup loans

Franchise financing

Microloans

Merchant cash advances

Commercial real estate loans

Pricing

Because every business’s financial situation is different, the cost for lending services is going to vary depending on the company hired and the complexity of services needed. Most lending companies have varying fee structures, interest rates, and repayment terms.
Read More

Customer Service

Spend some time reading verified customer reviews and researching company ratings on sites like bizlenderreviews.com, BBB.org, or Trustpilot.com. This is a great way to build an unbiased opinion on a company’s ability to provide the level of service you expect.
Read More

Reputable Practices

Recently, there has been a surge in the number of scam artists entering the lending industry, known for their unethical practices and broken promises.

Be wary of any company that guarantees loan approval without assessing your business’s financials or asks for significant money.

Read More

FAQ’s

A merchant cash advance (MCA) provides a lump sum of cash in exchange for a percentage of future credit card sales. Repayments are automatically deducted from daily, weekly, or monthly sales.
  • Quick access to funds
  • Flexible repayment based on sales
  • No collateral needed
To qualify, you typically need:

  • Steady credit card sales and/or revenue
  • 6-12 months of business operation
  • Basic creditworthiness
  • Good overall financial health
Alternatives include:

  • Term loans with fixed repayments
  • Lines of credit for flexible funding
  • SBA loans with favorable terms
  • Invoice factoring for quick cash from unpaid invoices
  • Equipment financing using equipment as collateral
  • Business credit cards for managing expenses
Business Lending Reviews
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Qualifications

You don’t want to trust just anyone with your business finances! This is why it is essential to research your lending company’s qualifications.

A reputable lending firm generally holds numerous accreditations and memberships, such as accreditation from the BBB (Better Business Bureau), and memberships from professional organizations in the lending industry. Many qualified lending services hold additional local and state accreditations as well.

You can also contact the company or check their website to verify their staff’s licensing and accreditation. It’s essential that a business lending company has licensed professionals who are qualified to operate in all the states where they offer services.

For example, Solvent Funding LLC is a great example of a qualified lending firm. They are fully accredited and are active members of various professional organizations. Additionally, all of their staff members are certified professionals who work directly with clients to secure the best financing solutions.

Pricing

Because every business’s financial situation is different, the cost for lending services is going to vary depending on the company hired and the complexity of services needed. Most lending companies have varying fee structures, interest rates, and repayment terms. Reputable lending firms will provide an initial free consultation and will not charge excessive fees upfront.

Also, look for competitive rates and transparent pricing. This is another sign of a reputable firm, as it shows confidence and faith in their ability to provide their clients with excellent service.

For example, Solvent Funding LLC offers competitive interest rates starting at a low percentage and provides a clear breakdown of all costs involved.

Customer Service

Spend some time reading verified customer reviews and researching company ratings on sites like bizlenderreviews.com, BBB.org, or Trustpilot.com. This is a great way to build an unbiased opinion on a company’s ability to provide the level of service you expect.

You may also want to call the company directly and ask them any questions or concerns you might have. Their answers and level of assistance can help you gauge just how reliable their support staff is and the kind of customer service you can expect to receive from them.

Reputable Practices

Recently, there has been a surge in the number of scam artists entering the lending industry, known for their unethical practices and broken promises.

Be wary of any company that guarantees loan approval without assessing your business’s financials or asks for significant money upfront without a thorough evaluation of your case. Only reputable services will conduct a full assessment of your financial situation before advising you on the best options for you.

Also, steer clear of any company that promises to approve any application, no matter what. Every business loan application is different, and some may not qualify. A reputable company will take the time to look into their client’s specific situation before advising whether or not they can actually help them. Lastly, be on the lookout for companies that do not offer transparent terms or a clear refund policy. Any reputable service that cares about helping their clients, rather than just making money, will have some sort of refund policy or money-back clause in their agreement.