$5,000 to $250,000
27.30%*
Up to 24 months
Up to $5,000,000
Prime rate + 3.00% to 6.50%, depending on loan size and term length
120 months
$5,000 to $1,500,000
Factor rates from 1.10 to 1.40
Up to 18 months
Up to $150,000
4.66% for 12 weeks 8.99% for 24 weeks
12 or 24 weeks
$6,000 to $250,000
6.20% simple interest
6 or 12 months
$25,000 to $500,000
15.22%
6 to 84 months
$5,000 to $250,000
8.49%
12, 24, 36 or 60 months
| Pros | Cons |
|---|---|
| Flexible funding for a wide range of business purposes Quick funding from some online lenders Accessible to a wide range of businesses with varied minimum requirements | Interest rates can be high due to factor rates Some lenders require daily or weekly payments Collateral may be required |
The process for applying for working capital financing varies by loan type and lender. However, here are the steps you will likely need to take to get a small business loan:
1. Decide how much you need. Write a list of your company’s most urgent needs and estimated operating costs. Consider whether you need the funds upfront or prefer ongoing access to cash on an as-needed basis. Use our business loan calculator to estimate your borrowing power, making sure the weekly or monthly payments are within your budget.
2. Determine your eligibility. Lenders will typically list their business loan requirements on their website. Factors that determine your creditworthiness usually include your credit profile (your personal FICO Score and business credit score), time in business and annual revenue. Some working capital loans also require a personal guarantee or collateral, such as with secured business loans.
3. Compare small business lenders. You can apply for a working capital loan with a traditional bank, credit union or an online business lender. Compare interest rates, repayment terms and additional fees to find the best loan option for your business needs.
4. Gather required documents. Having essential documents ready can help speed up the application process. You will likely need a business plan, personal and business bank statements, personal and business tax returns and any applicable business licenses.
5. Submit your application. The application process is typically quick and automated, often done online. Your lender may reach out to you for additional information and next steps.
