Disclaimer: Information in the term loan articles is provided for general information only, does not constitute financial advice, and does not necessarily describe Biz2Credit commercial financing products. In fact, information in the term loan articles often covers financial products that Biz2Credit does not currently offer.

As a small business owner, I’m sure you’ve asked yourself this question before. Perhaps it was when you were drafting your business plan, or maybe even before, when the thought of owning a small business just occurred to you. After all, loans are often foundational to the success of small businesses. The U.S. Small Business Administration Office of Advocacy released a “Small Business Finance FAQ” in February 2022, stating that there are four reasons small business owners will seek out financing: They are starting a new business, expanding a business, buying inventory, or building the financial health of their business.

There is no easy answer to which company is the best place for small business loans, and it is often very subjective. Small business loans are offered by many companies, and there is really no one “best” place. Instead, there are lenders that are top-rated and reputable and there are lenders that are not. Therefore, the best place is really about what is the best place for the borrower.

So, instead of talking about a bunch of different lenders, we are going to take a look at one of the industry’s top-rated and most reputable lenders, Biz2Credit. Obviously, we are a bit biased, but we still want to take a moment to highlight all of Biz2Credit’s offerings and what they can do for your small business. At the same time, we’ll discuss some of the key traits that you should look for when choosing a lender – that way you will know you are borrowing from one of the “best.”

In this article, we will examine how:

• Numbers support Biz2Credit’s success
• The Best Places for Small Business Loans Empower Business Owners
• The Best Places for Small Business Loans Encourage Long-term Financial Health
• The Best Places for Small Business Loans Are the Most Efficient
• The Best Places for Small Business Loans Have the Best Financing Options
• The Best Places for Small Business Loans Offer Individual Assistance

The Numbers Behind Success

You may have heard of Biz2Credit before. Founded in 2007, Biz2Credit has been working to make business finance better. We have since become a hub for owners to get funding for their small businesses online, and we’ve accumulated some pretty staggering numbers. 

Biz2Credit has been able to provide $7 billion dollars in loans and financing for small businesses all throughout the United States. We’re rated 4.6 out of 5 stars on BestCompany, 4.5 out of 5 stars on Trustpilot, and 4.6 out of 5 stars on Google. We’ve received accolades from Inc. 5000, Deloitte Technology 500, and Great Place to Work.

But this didn’t happen overnight. We grew our reputation as a financing option for small businesses because we offer an easy, accessible way for small business owners to receive payment through online lenders. We’re looking toward the future, shifting away from traditional bank loans, and toward a future where borrowers have a say in their funding options.

Biz2Credit’s online application allows for small business owners to get funding options within 24 hours of submitting an online application. And for Working Capital and Term Loans, you will have funds ready to use within 48 hours.

The Best Places for Small Business Loans Empower Business Owners

There is much to consider when determining which loan is best for you and your small business. Luckily, Biz2Credit offers a wealth of information on business loans that small business owners can access in their own time.

In “Understanding the Importance of Speaking the Language of Business Loans,” Biz2Credit separates important information from complex, financial jargon in order to prepare our customers for conversations about loans.

This FAQ encourages small business owners to be prepared to examine their annual revenue, bank statements, time in business, and credit score, as well as answer the question: What is the purpose of this loan?

Answering these online questions empowers small business owners to learn about what funding options best suit them. Biz2Credit uses its online platform as a wealth of information, to encourage business owners to have the autonomy to learn about all their options. No longer do small business owners have to rely on the expertise of a brick-and-mortar bank’s loan officer; Biz2Credit allows the small business owner to have this information at their fingertips.

And this is only the beginning. Biz2Credit offers a plethora of more resources to help empower the individual business owner, whether it be its frequently updated blog, research reports (featured in Business Insider, CNBC, Yahoo, and Forbes), eBooks that give expert advice and lender perspectives, and webinars on topics like small business accounting, female entrepreneurship, business financing, and improving business credit.  

The Best Places for Small Business Loans Encourage Long-term Financial Health

Reputable places to turn to for loans should be places that have your business’s long-term financial health in mind. Biz2Credit does this with the use of the BizAnalyzer. In an “encryption-secured digital vault,” you can determine your cash flow summaries, personal credit score, and benchmarks within your small business’s industry. This means you can assess the financial longevity of your small business without affecting your credit score.

The Biz2Analyzer also gears small business owners to think about the future by giving feedback on new things to track. Plus, it is accessible on a mobile device. For a business owner always on the go, you have the ability to watch your business grow right in front of your eyes, no matter where you are.

The Best Places for Small Business Loans Are the Most Efficient

Efficiency is vital for small business owners. The reason Biz2Credit thrives in the world of small business loans is because online lending completely disrupts the slow and traditional bank loans. Rather than scheduling an appointment with a brick-and-mortar bank, the information about different loans is now at your fingertips. You can seek out the best small business loans by finding a loan program that is right for you, all on your own time.

On the main site, you’ll find our efficiency slogan, “Connect to business financing before finishing your cup of coffee,” with a loan application link below.

So, let’s break it down. Even if you are a quick coffee drinker, you’re looking at an application process that takes about 5 minutes. When we outline our funding process, we give you a frame of reference for each step of the process, because we want to reinforce the importance of the business owner’s time.

The first step in our application is to create a profile, which takes roughly 1 minute. This allows us to get to know your business. This is followed by the application process, which takes 4 minutes. This is where the business owner can complete a questionnaire and provide documentation. Some documentation you may be asked to provide include bank statements, individual or corporate tax returns, and a statement of profit and loss (These are the very documents you learned about in “Understanding the Importance of Speaking the Language of Business Loans”.

Some loan applications (Working Capital and Term loan) will take as little as 24 hours to come back with loan provider options.

The importance of efficiency is supported by Tejas Ghandi’s experience, a small business owner who recently acquired the New Jersey-based independent pharmacy, Scotch Hills Pharmacy. Because the acquisition was time-sensitive, Ghandi realized that Biz2Credit was the best option, and was approved for a loan shortly after his application process. Ghandi shared that he “would recommend Biz2Credit to any business owner in any industry. Their process was so simple and streamlined.”

Even before applying for a loan, Biz2Credit offers a time-efficient way for small business owners to determine what type of funding options they are qualified for. In a series of 4 clicks, or in a matter of seconds, small business owners can target the right loan options to apply for. This resource asks small business owners to consider:

• How much does your business need?
• Are you looking for under $10,000? $20,000-$5,000? Over $300,000?
• What do you need your funds for?
• Do you want to use these funds to start a business? Buy inventory or equipment? Cover payroll? Are you acquiring a business, or do you just need working capital?
• How long have you been in the business?
• Has it been less than 6 months or over 5 years?
• About how long do you need funds?
• You need a business term loan. But what kind? Do you need a Short Term Business Loans? A long-term loan?

Not only is this resource quick but it also gives business owners a variety of options to choose from.

The Best Places for Small Business Loans Have the Best Financing Options

There are a lot of funding options out there and Biz2Credit helps small business owners know their options. Importantly, our funding process is reliant on the individual business’ needs within the current economy. While there are many different loan options and loan amounts depending on what your small business may need to start or grow, Biz2Credit will give you funding options specific to your business in this economic climate.

As a reputable place for small business loans, Biz2Credit can help your business get $25K-$2M or more in Working Capital loans, $250K-$6M in Commercial Real Estate Loans (CRE loans), or $25K-$500K in Term Loans.

Moreover, online lending is beneficial when you are in good credit. Although bad credit does not dismiss you from a loan (see the 5 areas of improvement in “How important is your credit profile when applying for a small business loan?”), good credit allows for your business to have more lender options.

Small business owners come from a variety of industries. Biz2Credit offers comprehensible loan options explanations for a variety of different industries. Our site unpacks funding options for restaurants, hotels, gas stations, convenience stores, pharmacies, liquor stores, doctors, dental practices, salons, lawyers, accountants, insurance agencies, real estate agents, construction companies, accountants, veterinary practices, car dealerships, startups, and franchise development, among other industries highlighted in our customers’ Success Stories.

Biz2Credit assesses your eligibility for each of these loans with the help of loan-specific data. Most small business owners applying for each of these loans have an idea upfront how their creditworthiness, annual revenue, and how longevity in business compares to others applying for the same loan and which loans they will be qualifying for. Even after loan application approval, Biz2Credit is a source that gives you options, with the option to customize your loan payment schedule based on your loan’s repayment terms (monthly payments or biweekly payments could be an option based on the type of loan you are receiving, of course).

Biz2Credit’s Financing How-To page gives its small business owners a comprehensive list of the many business funding options available to them: Small Business loans, Commercial loans (i.e. equipment loans), Merchant Cash Advance, SBA loans (and the different types of small business loans, like SBA Express loans, SBA 7(A) loans, and SBA 504 financing), Business Line of Credit, Real Estate Financing, Equipment Financing, Franchise Loans, Disaster Loans, Business Acquisition Loans, a Business Credit Card, Unsecured Loans, Bad Credit Business Loans, Loans for Working Capital, E-Commerce Business Loans, and Bridge Loans.

The Best Places for Small Business Loans Offer Individual Assistance

And fear not, for those who believe that online applications lose the personal touch. Biz2Credit offers funding specialists, who can help you understand the ins and outs of your funding process.

In fact, Tejas Ghandi shared in his testimonial that he spoke to one of the funding specialists before making the decision to apply for a loan through Biz2Credit. And this isn’t the only story of our individualized assistance. “They were…very communicative, which was important to me. At times, I was not sure if I was doing things right, and they kept letting me know that I was right on track,” said Debbie Elder, owner and head of Texas-based School of Shady Oak Primary School.

After all, communication is vital to the success of any company supplying loan options.

Final Thoughts

Biz2Credit is a truly a top-rated and industry-leading place to come for small business loans. We pride ourselves on offering loans and programs that encourage the creation and maintenance of small businesses across the country. We do this by offering funding for all different types of small businesses.

Moreover, Biz2Credit is a company that is evolving so that the future of business can evolve as well. This is how business finance is made better.

FAQs

What is the best source for small business loans?

Following are some of the options for the best small business loans:

• Credibly: It's the best if your credit score is poor.
• OnDeck: It is suitable for working capital.
• Bank of America: If you want to have the best experience at the bank,
• Wells Fargo: Best for small business line of credit.
• Accion Opportunity Fund: It is good for unreserved communities.

Which SBA loan is easiest to get approved for?

SBA Express loans, a smooth option within the 7(a) loan program, provide the most efficient application and approval process compared to other SBA loans. These loans offer flexible repayment terms, up to 25 years for real estate acquisitions and ten years for working capital, equipment, or inventory purchases.

What is the best way to borrow money to start a business?

The U.S. Small Business Administration (SBA) provides multiple programs to support small business financing. These programs often include business coaching, technical assistance, and flexible financing options. One prominent example is the 7(a) Loan Program, the SBA's most popular loan guarantee program.

What disqualifies you from getting an SBA loan?

There are severy reasons that can be a barrier to your qualification for an SBA loan,

• Credit history: Poor credit score
• Collateral: If you don't have enough collaterals or equity investments
• Business plan: Not having a strong business plan
• Debt: If you have too much of existing debt
• Criminal history: If there is a criminal record filed against you
• Industry: If your industry is prohibited, like gambling, real estate investing, or political lobbying
• Business size: If you don't meet the SBA business size

Is it worth getting a loan to start a business?

Personal and small business loans effectively cover expenses to get your business off the ground. Your choice may come down to how much money you need, where you can get the lowest interest rate, and whether or not you want to put your credit on the line.

Frequent searches leading to this page

loan refinancing, Small business financing options, how to get a business loan, how can i get a business loan