We rounded up the best small business loans that can help you get the capital that your business needs to operate successfully.
Small business loans can help you get access to cash for starting, expanding or keeping your business up and running. There are several types of small business loans that support a variety of needs, such as starting a franchise, purchasing property or getting cash when you have a stack of unpaid invoices.
With so many choices and so many types of businesses out there, there’s no one-size-fits-all answer to the best financing option. In order to help you find the best loan for your needs, CNBC Select reviewed five different types of loans: term loans, equipment loans, commercial real estate loans, microloans and franchise loans.
We evaluated each small business loan on a range of features, including: minimum and maximum loan amounts, time period to repay loan, personal credit score needed, Better Business Bureau rating and business requirements to apply. (Read more about our methodology below.)
The loans on this list are all from private lenders, which can be an organization or individual that isn’t tied to a specific bank or credit union. Overall, many lenders are pausing traditional loan applications and focusing on Paycheck Protection Program loans, so there are fewer options than usual.
Here are four small business loans that can help you get the money you need to start or expand your business.