$200,000 to $5,000,000
10.50 to 14.00
14% for loans $50,000 or less
13.5% for loans $50,001 to $250,000
12% for loans $250,001 to $350,000
10.5% for loans above $350,000
Some borrowers may qualify for lower rates. Based on the current prime rate of 7.50% + a rate maximum set by the SBA.
12.50 to 15.50
15.5% for loans $25,000 or less
14.5% for loans $25,001 to $50,000
13.5% for loans $50,001 to $250,000
12.5% for loans above $250,000
Some borrowers may qualify for lower rates. Based on the current prime rate of 7.50% + a rate maximum set by the SBA.
Up to 300 months
Backed by the Small Business Administration (SBA), an SBA 7(a) loan with Bank of America can provide multi-million-dollar business loans to tackle expenses like general operating costs, equipment, expansions and commercial real estate.
As an SBA Preferred Lender, Bank of America typically processes and funds SBA 7(a) loans within two weeks instead of the average 30 to 90 days. And with all SBA loans, you can enjoy competitive fixed rates, flexible terms and additional support through the SCORE Business Mentoring program.
Bank of America also offers business lines of credit, term loans, credit cards, checking accounts, merchant services and more, as well as in-person support, making it a good fit for businesses who want to handle all of their financial accounts with one bank.
In order to qualify for an SBA 7(a) loan, you’ll need to meet Bank of America’s criteria of:
Up to $15,000,000
About 3.00% Based on SBA guidelines
Up to 300 months
While most SBA 504 loans max out at $5,500,000, Live Oak Bank provides up to $15,000,000 to help fund commercial real estate, renovations or large equipment. As with all SBA loans, a portion of the SBA 504 loan is guaranteed by the government, with rate and term maximums determined by the SBA.
Since Live Oak Bank is an SBA Preferred Lender, loans are typically processed and funded three to four weeks faster than standard SBA lenders timelines.
If you need quicker access to cash, the Live Oak Bank Express loan provides up to $500,000 with an expedited closing process. Although Live Oak Bank offers business checking and savings accounts, it lacks the full range of business products, solutions and in-person support available with traditional banks.
In order to qualify, you’ll need to meet Live Oak Bank’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
$5,000 to $1,500,000
1.13 factor rate
4 to 18 months
Alternative lender Fora Financial is our top pick for those needing a bad credit business loan because it accepts credit scores as low as 570. In addition, startups are welcome to apply after only six months of operation — although the minimum annual revenue requirement is steep. Funds can be used for operational costs, supplies, equipment, emergency bills and more.
Note that Fora Financial uses a factor rate instead of interest or APR, making it hard to estimate the total cost of borrowing. Also, the short repayment terms could be a strain on your budget, especially if you borrow a large amount.
In order to qualify, you’ll need to meet the Fora Financial’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
Up to $500,000
Not publicly disclosed
3 to 18 months
If you need startup financing with large amounts and quick turnarounds, QuickBridge could be for you. Early-stage startups can qualify after only six months of operating, with fair to excellent credit scores accepted. Funding goes up to $500,000 and can be used for startup expenses like hiring and training staff, marketing, supplies and more.
QuickBridge supports diverse businesses, offering customized working capital loans and resources for women-owned businesses, minority entrepreneurs and veteran business owners. However, QuickBridge’s steep annual revenue requirement could be a dealbreaker for new or small-scale businesses.
In order to qualify, you’ll need to meet the QuickBridge’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
$20,000 to $500,000
10.49% APR
Up to 144 months
BHG Financial offers long-term business loans up to mmps name=’sbloan.504.max_loan’], allowing you to take up to 144 months to repay your debt. While SBA loans offer even longer terms, you can’t beat BHG Financial’s lenient eligibility criteria, making it an ideal choice for early-stage startups and low-revenue companies. Funds can be delivered within a few business days.
However, you may be subject to a fee if you repay your loan early. And because BHG places a lien against your business, you may find it more difficult to get additional financing, like a business auto loan, while repaying your loan.
In order to qualify, you’ll need to meet the BHG Financial’s criteria of:
$25,000 to $500,000
7.49%
6 to 84 months
If you’re exploring business debt consolidation options, iBusiness Funding provides up to $500,000 to help streamline your business finances. Every applicant is paired with a dedicated account manager to help guide you through the entire funding process. In addition, terms go up to seven years, with no fees for repaying the debt early.
However, iBusiness’s minimum business history and credit score requirements are on the higher end compared to other alternative lenders. That said, its lenient annual revenue requirement makes it ideal for low-revenue companies.
In order to qualify, you’ll need to meet the iBusiness Funding’s criteria of:
$20,000 to $1,000,000,000
Not publicly disclosed
24 to 300 months (depending on loan type)
PNC Bank is our top pick for a traditional bank business loan with a wide range of small business and commercial banking products, plus nationwide in-person support when you need it. If you generate over $5 million a year, you can apply for PNC’s commercial business loan — with funds going as high as $1,000,000,000.
For lower-revenue companies, PNC’s secured business loans start at $100,000+ with terms extending to seven years. You can use business assets to secure your PNC business loan, meaning you won’t be personally responsible for payment if your business defaults.
In order to qualify, you’ll need to meet the PNC Bank’s criteria of:
As the name suggests, large business loans are a type of business financing that provide a substantial amount of funding. Typically, large business loan lenders can provide up to $500,000 or more in financing.
These loans are available from a wide variety of sources, including government programs, banks and online lenders.
Here are the key steps to help you get a large loan for your business.
1. Determine how much you need. Before you apply for a loan, make a list of your most essential business needs and goals. A business loan calculator can help estimate your monthly payments, and doing a business cash flow analysis can ensure your business is able to meet any new debt obligation. If in doubt, borrow less than you need to keep your business credit profile in good standing.
2. Evaluate your qualifications. Although large business loan requirements vary by lender and loan type, you can expect lenders to review the following when considering your application:
3. Shop around for a lender: It’s always a good idea to compare lenders to find the best small business loan for your needs. Start by reading LendingTree reviews or asking fellow business owners in your industry for suggestions. You typically have a 14- to 45-day window to rate shop without further impact to your credit score.
4. Submit an application: Applications can usually be done online or over the phone, although some banks may require an in-person appointment. You’ll typically need to provide identifying information about you and your business, supplemental documentation like a business plan and business tax returns, as well as information about collateral.
| Pros | Cons |
|---|---|
Access the funding you need for large expenditures Most loans will have predictable monthly repayment schedules Repaying responsibly can help build business credit | High monthly repayments could strain your business budget May require collateral or a personal guarantee Eligibility criteria is typically stricter for large loans |
