As a business owner, you know that the best way to succeed is by investing in new equipment or supplies, covering payroll for your employees, and managing cash flow until your customers or clients pay their bills. In other words, you need capital. But accessing funds in a timely manner is extremely difficult for most small businesses, which is why many entrepreneurs choose to get a business loan.
That said, getting a small business loan from a traditional bank is not always easy. Thankfully, online lending platforms have made it possible to get access to capital without you having to visit a lender’s branch or wait in line. Tapping into an online lender’s small business loan offerings is quick and easy. All you need is a few minutes of your time and a computer with internet access — and you don’t even need to leave your home or office. If you’re looking to get a business loan, here’s a look at the best loans for business owners this year.
Kabbage
Kabbage is an online lender that provides small-business funding and tools. It offers lines of credit up to $250,000 and loans up to $150,000. While Kabbage doesn’t have the lowest rates on the market, we chose it due to its fast funding and flexible payment options. Kabbage is a good fit for businesses with bad credit or those who need money quickly because it has high rates but a quick and easy application process. Kabbage also offers longer terms than many other lenders and has no prepayment penalties.
Fundbox
Fundbox provides business lines of credit that are based on your cash flow and not your credit score. The lender isn’t looking at your personal creditworthiness; they’re only concerned with your business’ ability to repay the loan. However, unlike many other lenders who offer loans of $1 million or more, Fundbox only offers lines of credit up to $100,000.
Kiwa
Kiwa is not a lender but instead a marketplace that connects borrowers with investors who are funding businesses all over the world. The platform has helped more than 2 million businesses and 4 million entrepreneurs from all corners of the globe find the funding they need. Borrowers can earn loans of up to $15,000 and pay them back over 36 months. Kiwa’s technology lets lenders track their investment at every stage of the process, making it easy for them to follow their money. Their application process takes about 20 minutes to complete, and you can begin advertising your loan on Kiwa’s platform within 30 days.
