Small Business Loans

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Small Business Loans

Receive a lump sum of funds to use for any business purpose.

What Do You Need to Qualify for a Small Business Loan?

1+ Year in Business

$100,000+ in Annual Revenue

How It Works

You’re only a few clicks away from the capital you need to reach your full potential.

Apply Securely Within Minutes

Move through our streamlined application within minutes and upload your business documents with zero risk.

Review Your Offers

Compare your offers with expert advice from our team and select the best one for your specific circumstances.

Get Funded

With your money in hand, you can take advantage of opportunities and tackle challenges with confidence.

Small Business Loan FAQs

You’re only a few clicks away from the capital you need to reach your full potential.

It depends. Some lenders can be more difficult to get approved for. For example, banks and SBA loans tend to feature the strictest requirements. However, online lenders are more lenient and more likely to offer a wider range of small business loans.

It’s best to apply for small business loans strategically. You should apply with both bank and non-bank lenders to get a general understanding of what your business qualifies for and, more importantly, ensure you have options to choose from.

Most lenders will need to see a 580 to 620 credit score at a minimum to approve a business for a small business loan. Banks and credit unions are a bit more restrictive, with a 700+ minimum FICO requirement.

Some non-bank lenders work with businesses with poor credit histories. However, these lending institutions often impose higher interest rates as a trade-off.

Small business loans typically don’t feature a set minimum amount, although many lenders will only work with businesses seeking $10,000+. If you’re seeking capital below a lender’s minimum funding amount, consider using business credit cards, personal investments, or fundraising to achieve your goals.

There’s no limit to how many times you can apply for small business financing. You can even apply for additional loans while you pay off your original one. Some lenders, though, see a borrower with multiple loans as inherently risky, so you might find it challenging to secure financing if you have existing loans.

Interest rates range from 8% to over 50%, depending on the lender you’re working with, the financial background of your business, and the economic conditions surrounding the transaction. Equipment financing rates mirror those of secured financing products, as the purchased equipment serves as collateral for the loan.

Unsecured loans have no collateral requirements, whereas secured loans are backed by collateral. Secured loans are generally easier to obtain because the collateral offering mitigates some of the lender’s risk. If the borrower were to default, the lender can seize the collateralized asset and recoup some of the lost cost.

Unsecured loans are usually preferred, but the robust eligibility requirements won’t work for every borrower. However, if an unsecured loan is what you need to achieve your goals, it’s possible to negotiate a compromise that satisfies both parties.

Find out why IBA Business Solutions Offers the Best Small Business Financing

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