The 6 Best Small Business Loans of 2022: Because small business loans are essential to the business world, business owners depend on them to help with cash flow management, payroll, and equipment purchases. Entrepreneurs and business owners can get a loan for a small business to access cash in a lump sum or a line credit. This allows them to continue operating and growing their business for many years.
Online lenders offer the best small business loans today, and not traditional banks. Online lenders are able to offer the easiest application and funding process, as well as the lowest fees and the best terms.
The 6 Best Small Business Loans of 2022
1. Best Overall: Kabbage
Kabbage was chosen as the best overall because of its quick funding and flexible payment options. Kabbage also has a comprehensive set of tools that can be used to help your small business. This includes a business checking account, as well as a mobile app.
2. Best Revolving Line of Credit: Fundbox
Fundbox offers lines of credit to business owners. They make it easy to apply online for prequalification without any credit checks. Fundbox is an expert in small business funding due to their focus on business credit. They can provide funding within 24 hours and make decisions in minutes.
3. Best for Microloans: Kiva
Kiva is the best choice for small business owners who need only a small amount of cash. You can borrow up $15,000.
4. Best for SBA Loans: Fundera
Fundera was chosen by us as the best option to obtain Small Business Administration (SBA), loans because it offers the most options for SBA loans, including loans through the SBA 7(a loan program. Fundera allows you to apply for an SBA loan. Your loan will be funded by a number of top SBA lenders.
5. Best for Same-Day Funding: OnDeck
OnDeck is a small business loan company that provides funding within 24 hours. This is a great option for small business owners who require quick access to funds to pay their bills or purchase an essential piece of equipment.
6. Best Lender Comparison Site: Lendio
Lendio was chosen by us as the best loan comparison website because they allow you to compare loan options from more 75 lenders in one location, which is more than any other marketplace site. Business owners who require cash quickly will appreciate the fact that you can have your loan funded within 24 hours.
What Is a Business Loan?
A business loan is a loan that business owners can take out to fund their inventory, payroll, or other business expenses. Although there are many types of business loans, traditional small-business loans tend to come in one lump sum with a fixed monthly fee and interest rate.
Small businesses have other funding options. Because they allow business owners to borrow only what they need, lines of credit are very popular. Invoice factoring is another option for business owners who have a lot of unpaid invoices but are short on cash.
Small business owners may also be eligible for an SBA loan. This type of loan is backed by Small Business Administration. Although the SBA doesn’t lend money, they can connect borrowers to approved lenders who offer SBA-backed loans at competitive rates and terms.