Across the board, online lenders offer convenient online applications, but the documents they require vary depending on the type of loan and lender. To apply, small business owners generally have to provide personal and business data, bank statements, annual revenue, and credit score and collateral documentation. Furthermore, applications can be processed quickly and applicants can receive their funds a matter of days.
Money recently ranked the best small business lenders for entrepreneurs and small business owners to find the funding they need to reach their short-term goals. To acquire the ideal loan for your unique situation, however, you may need to do some research. As you evaluate the different lenders and their products you want to make sure they follow transparent and fair business practices.
While the best loan for you will depend on multiple individual factors, some lenders stand out for their low starting rates, fair loan terms, and easy application process. The best business loans featured below meet those criteria.
- Biz2credit: Best for PPP Loans
- OnDeck: Best Small Business Loans for New Business Owners
- Fundbox: Best Small Business Loans for Easy Approvals
- Funding Circle: Best Small Business Loans with a Low APR
- National Funding: Best for Short-Term Borrowing
You can read more as to why these are the best options by heading over to Money’s Best Small Business Loans article.
Of course, the most discussed loan program was the Federal government’s Paycheck Protection Program (PPP) small businesses that received money from the PPP were told that they wouldn’t have to pay back funds if they were used for certain purposes, such as, payroll costs, interest on rent or mortgages, and utilities. Now the government will be rolling out PPP loan forgiveness decisions. Be sure to check out Money’s PPP Loan Forgiveness Update.