The Best Small Business Loan Reviews of 2020


Need cash for your business? Startups and established companies alike can benefit from a small business loan.

There are hundreds of different lenders out there that provide funding to small business owners for a wide range of purposes. But it’s important to shop around to find the best loan for your unique situation.

Factors like the loan type, term length, lender, and your business credit will impact whether or not you’re approved, how much you’re approved for, and your interest rate. 

After extensive research, we’ve narrowed down the top ten small business loans on the market today. 


Best Overall Small Business Loans

Loan marketplace with 300+ lenders. Loans up to $5 million. Apply in just 15 minutes.

The Best Small Business Loan Options to Consider:

  1. Lendio
  2. Accion
  3. OnDeck
  4. SmartBiz
  5. Kiva
  6. Funding Circle
  7. StreetShares
  8. BlueVine
  9. Rapid Finance
  10. Crest Capital

When it Makes Sense to Get a Small Business Loan

Generally speaking, you can get a small business loan for virtually anything related to your business. 

Some loans will have some contingencies. For example, certain loans can only be used to purchase equipment. Other loans are specifically intended for your commercial mortgage. If you’re an entrepreneur trying to fund your startup, there are even loans designed for new businesses. 

From building maintenance to purchasing a new vehicle, expanding your operation, and everything in between, there are lots of reasons to get a small business loan. 

It’s too early to get a business loan if you don’t have a plan to repay what you’ve borrowed. Startups should have a business plan with financial projections before applying for a loan. Even established organizations should know exactly how and when the loan will be repaid. If you don’t have this figured out, getting a loan right now could hurt your business down the road.

#1 – Lendio Review — The Best Overall Small Business Loans



Best Overall Small Business Loans

Loan marketplace with 300+ lenders. Loans up to $5 million. Apply in just 15 minutes.

For the vast majority of small business owners, Lendio will be the best option for you to consider. Lendio is a business loan marketplace with more than 300 lenders nationwide. Some of those lenders include well-known names like Bank of America, American Express, PayPal, and more.

Since inception, Lendio has funded 107,000+ loans valued at $2+ billion in total. 

This platform is even helping small business owners get COVID-19 relief with the Paycheck Protection Program (PPP loans).

It takes just 15 minutes to apply for a loan online. Then compare your options and get the loan funded quickly. 

Loan types offered via Lendio include:

  • Term loan
  • Line of credit
  • Equipment financing
  • Commercial mortgage
  • Credit cards
  • Startup loan
  • SBA loan
  • Short term loan
  • Merchant cash advance
  • Accounts receivable financing
  • Business acquisition loan

Lendio has term loans for up to $2 million and SBA-backed loans up to $5 million. You can use Lendio to get a startup loan for up to $750,000.

#2 – Accion Review — The Best For Startup Loans



Best Startup Loans

Accion loans money to entrepreneurs with diverse backgrounds. Their loan experts will help you find the best possible loan for your startup or small business.

Accion is a global nonprofit organization that is dedicated to helping entrepreneurs. The Accion network helps serve business owners and communities throughout the nation. By providing small business owners with loans, Accion is committed to creating jobs within communities. 

With a small business loan from Accion, you’re getting loan terms that are fair and flexible. The interest rates and payback requirements are realistic for new business owners. 

Accion has loan experts that will help you through the entire loan application process. These experts will help you find a loan that’s suitable for your unique needs.

Another unique standout of Accion is its dedication to diversity. They provide loans to owners of various backgrounds and industries, such as:

  • Veteran-owned business loans
  • Women-owned business loans
  • Restaurant and food industry loans
  • Salon and spa loans
  • Minority-owned business loans
  • Native American business loans
  • Green business loans
  • Business loans for people with disabilities

If you’re launching a startup or small business that falls into one of these categories, Accion will be a top choice for you to consider.

#3 – OnDeck Review — The Best For Short Term Loans



Best Short Term Loans

Loans up to $250,000 and lines of credit up to $100,000. Same day funding available.

OnDeck is one of the most reputable and popular small business lenders on the market today. They’ve delivered more than $13 billion to companies across the globe. 

With OnDeck, you can get a term loan of up to $250,000 with repayment terms up to 12 months. In addition to term loans, OnDeck has business lines of credit up to $100,000. Like the term loan, OnDeck credit lines have 12-month repayment terms.

Applying is easy. Simply fill out a form online or call OnDeck to complete the application process over the phone. An OnDeck loan advisor will help you find the best option for your business.

Unlike other business lenders out there, OnDeck delivers funds on the same day to eligible applicants. 

Unfortunately, not everyone is eligible for an OnDeck small business loan. These are the minimum qualification requirements:

  • 1 year in business
  • 600+ personal FICO score
  • $100,000 annual revenue
  • Business bank account

If you meet these qualifications and you’re looking for a short-term loan or line of credit, apply with OnDeck. 

#4 – SmartBiz Review — The Best For SBA Loans



Best SBA Loans

SBA loans up to $5 million. Low interest rates and repayment terms of 10-25 years

For more than ten years, SmartBiz has served 20,000+ businesses. Over that time, they’ve facilitated over $4 billion in small business loans. 

Small business owners use SmartBiz to complete the application process for SBA loans and bank term loans. Their team of loan experts can help you secure low-cost financing from banks within the SmartBiz network.

According to the SmartBiz website, about 90% of loan applications submitted to lenders in their network get approved. 

SBA loans (backed by the US Small Business Administration) are the gold standard in small business lending. These loans typically come with long repayment terms and low interest rates. 

With SmartBiz, you can get an SBA loan from $30,000 – $5 million. The repayment terms for an SBA loan fall in the 10 to 25-year range. Interest rates start as low as 4.75%.

If you want an SBA-backed loan, SmartBiz is the place to get it. 

#5 – Kiva Review — The Best 0% Interest Loans



Best 0% Interest Loans

Borrow up to $15,000 at 0% interest and repay your loan up to 36 months. Great for entrepreneurs.

Kiva is a nonprofit organization with a mission to help raise capital for entrepreneurs across the globe. More than 2.5 million business owners have raised $1+ billion through this platform.

With Kiva, you can borrow up to $15,000 at 0% interest. That’s right; you can get an interest-free loan with Kiva and repay it up to 36 months.

What’s the catch? The loan process takes a bit longer than going through a traditional lender. Kiva is a mix between P2P lending and crowdfunding. The process involves getting your friends and family to loan you money as well, which isn’t ideal for everyone.

As you can see, it can take up for 45 days for you to get a loan. So if you’re strapped for cash and need money now, Kiva won’t be the best option for you.

But the lengthy process can definitely be worth the wait for 0% interest. 

#6 – Funding Circle Review — The Best For Long Term Loans

Funding Circle

Funding Circle

Best Long Term Loans

Funding Circle has SBA loans up to $5 million. Repay your term loan up to 10 years. Connect with a dedicated loan expert.

Lots of lenders force business owners to repay loans in 12-36 months. But Funding Circle offers term loans of up to 10 years. 

You can get loans from $20,000 to $5 million with Funding Circle. They offer low interest rates and no prepayment penalties. 

Here’s a look at some of the common reasons why small business owners seek a loan from Funding Circle:

Over the last decade, Funding Circle has helped 81,000+ businesses across 700+ industries raise more than $11.7 billion.

After answering a few simple questions about your business, you’ll be connected with a dedicated loan specialist in less than an hour. 

The eligibility requirements are a bit strict. You must be in business for at least three years and have $500,000+ in annual revenue. Your business can’t have any federal tax liens, and you need a FICO score above 680.

#7 – StreetShares Review — Best For Unsecured Business Loans



Best Unsecured Business Loans

StreetShares offers secured and unsecured business loans. This lender has a primary focus on helping veteran-owned businesses.

StreetShares is relatively new compared to some of the other lenders on our list. The company was founded with a mission of helping veteran-owned businesses. 

The platform offers secured loans like merchant cash advances, invoice factoring, equipment financing, and SBA loans. But for those of you who don’t want to put up any collateral to get a loan, you can get an unsecured small business loan with StreetShares as well.

More than 69,000 small businesses have used StreetShares to get a loan.

You can get pre-approved for a loan in just minutes by providing recent bank statements, your EIN, and SSN of the business owner. You’ll also need to disclose any outstanding debts and provide your most recent tax returns. 

StreetShares automatically deducts a fixed amount from your bank account on a weekly basis until the loan is repaid. 

There are no prepayment penalties, and it’s free to apply. 

#8 – BlueVine Review — The Best For Large Business Loans



Best For Large Loans

Term loans and lines of credit up to $250,000. Invoice factoring up to $2 million. Get approved in five minutes.

BlueVine has lent over $3 billion to 25,000+ businesses. For those of you who need a significant amount of capital, BlueVine will be a top choice for you to consider. 

The application process is simple. By applying online, you can be approved in as quickly as five minutes. 

Here’s a quick glance at the type of small business funding solutions offered by BlueVine:

  • Invoice factoring up to $5 million
  • Lines of credit up to $250,000
  • Term loans up to $250,000

BlueVine has dedicated advisors to walk you through the entire process. This ensures that your business will obtain the funding you need.

#9 – Rapid Finance Review — Best For Merchant Cash Advances

Rapid Finance

Rapid Finance

Best Merchant Cash Advance

Wide variety of loans, including merchant cash advances of up to $500,000. Get funded as fast as 24 hours.

Rapid Finance is a simple and fast way to get a small business loan. You can get funded within hours of approval.

Over $2 billion has been lent to small businesses across a wide range of industries. Rapid Finance offers flexible payments with automatic deductions tailored to your specific needs.

Rapid Finance has a variety of financing options, including:

  • Merchant cash advance
  • Healthcare cash advance
  • Bridge loans
  • Line of credit
  • SBA loans
  • Invoice factoring
  • Commercial real estate loans
  • Asset based loans

You can use Rapid Finance to get a merchant cash advance up to $500,000 with funding as fast as 24 hours. $500,000 lines of credit and bridge loans are available with terms of 18 months. Invoice factoring is available with advances of up to $10 million.

#10 – Crest Capital Review — Best For Equipment Financing

Crest Capital

Crest Capital

Best Equipment Financing

Crest Capital offers financing for equipment, vehicles, and software. Get a loan with fixed terms of up to $500,000.

Crest Capital is perfect for small business owners with specific needs. This lender provides equipment financing, vehicle financing, and software financing. 

By completing the simple online application process, you’ll get a decision within hours.

You can get a loan from Crest Capital for as low as $5,000 or as high as $500,000.If you’re seeking a loan for less than $250,000, you won’t even need to provide any financial statements. 

Applying for a loan with Crest Capital won’t affect your personal credit. 

The fixed-term loans available from this lender keeps your repayment process simple and straightforward. They won’t adjust your rates, force you to re-qualify the loan annually, or surprise you with hidden charges. 

Methodology For Choosing The Best Small Business Loan

There are certain factors that must be taken into consideration as you’re shopping around for the best small business loan. This is the methodology that we used to come up with the top options in this guide.

I’ll explain what matters in greater detail below so you can weigh these elements according to your personal needs.

Terms and Interest

The first thing you should look at when you’re seeking a small business loan is the terms. How fast do you have to repay the loan? What will the interest cost over the lifetime of the loan?

Fast cash always sounds great. But if the terms are unreasonable, you may need to seek an alternative solution—the repayment terms for loans on our list range anywhere from 12 months to 25 years. 

Loan Amount

How much money do you need?

Some lenders are better for smaller sums of cash, such as $5,000 or $10,000. Other lenders have loans that fall in the $500,000 to $5 million range. Make sure you only apply for the amount you actually need. 

Type of Loan

What do you need the money for?

You could always get a general purpose small business loan. But there are other options to consider for specific use cases. For example, you can get an equipment loan to finance a new purchase. There are commercial real estate loans for buying property. Some lenders have loans for inventory, vehicles, working capital, and more.

Make sure you understand the specifications for certain loan types. For example, you can’t use a commercial real estate loan to purchase inventory or pay employees. 

Type of Lender

Some lenders will fund you directly. But you can’t be sure that you’re getting the best rate and loan terms with this method.

Other platforms don’t directly offer financing. Instead, they act as a business loan marketplace. When you apply, you’ll get different offers from a wide range of direct lenders. This option makes it easier for you to shop around. 


Make sure you check the eligibility requirements of a loan before applying. 

Most loans will require a minimum personal credit score and minimum annual revenue to be considered. Be prepared to show bank statements, tax returns, and other information to verify your business as you’re going through the application process. 



Best Overall Small Business Loans

Loan marketplace with 300+ lenders. Loans up to $5 million. Apply in just 15 minutes.


What’s the best small business loan?

Lendio is our top overall recommendation. But with that said, there are plenty of other viable options to consider. 

Whether you’re looking for $5,000, $5 million, or anything in between, this guide has a small business loan for you. I made sure to include something for everyone on the list.

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