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Funded by the United States Department of Agriculture, these programs can support a variety of purposes, including business expansion, refinancing, and working capital.
Here is a quick overview of some of the key USDA business loan programs:
The Export-Import Bank of the United States (EXIM) Working Capital Loan Guarantee is a specialized financial solution designed to support U.S. businesses involved in international trade. This program aids businesses by covering their short-term working capital needs, such as inventory purchases, manufacturing costs, or even payment to suppliers.
The beauty of this program lies in its structure – instead of directly lending money to businesses, EXIM provides a guarantee to the lenders, covering up to 90% of the loan amount. This guarantee reduces risk to the lender, making it easier for businesses to secure financing.
FSA loans cater to farmers and ranchers, providing the necessary funding for various agricultural activities.
Common types of FSA loans include:
*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
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Small business owners take out business loans either through banks or online lenders. Amounts and loan requirements can vary quite significantly. The business owner will repay the loan over a set period along with any associated interest and fees.
It is possible to get certain types of business financing with a lower credit score. For example, some business cash advance funders will allow for a minimum credit score in the 500s. Just know that with a lower credit score, lenders typically look for a longer time in business and higher monthly revenue.
If you are not approved for a small business loan, look at the reason given by the lender. Reasons can vary from too little revenue to it being too soon to qualify for a second loan. Since requirements vary significantly, consider applying with a different lender or loan product.
The credit score required to qualify for a business loan can vary significantly depending on the type of loan and the lender. However, as a general rule, lenders often look for a credit score of 600 or higher for traditional loans. Some types of loans, like the SBA 7(a) loan, may require a higher credit score, typically around 650 or above. On the other hand, some alternative lenders may have more flexible credit requirements, with minimum scores as low as 500.
Obtaining a business loan for a brand-new business can be quite challenging. However, startups can still get equipment financing right from the day they launch their business. Depending on their monthly revenue and credit score, they may qualify for cash advances, accounts receivable financing, or a line of credit within 3-6 months of starting their business.
See what you can qualify for on the Lendio Marketplace.