To keep things nice and up to date, we verified the loan rates, amounts, and other details in this article. We were unable to verify info for Kabbage and StreetShares, as neither lender has resumed lending yet. Once they’re back in the game, we’ll be sure to update this article again. It also looks like Funding Circle has changed its lending model. We’ll update this article with more details soon.
Updated: 5 months ago
The pandemic continues to affect both businesses and business lenders. Some lenders have stopped lending entirely, while others continue to accept Paycheck Protection Program (PPP) loan applications instead of―or in addition to―their usual loan products.
We’ve updated our rankings to reflect these disruptions. For example, Kabbage has dropped to an honorable mention as we wait for it to start lending again. (Fundera, which is actively lending, took its place.) We’ve also added information about what kinds of financing you can expect from each lender right now.
We’ll keep updating this page as lenders keep making changes.
Updated: 5 months ago
When COVID-19 hit, most business lenders switched to accepting only Paycheck Protection Program (PPP) loan applications or stopped lending entirely. That’s finally starting to change.
Funding Circle, for example, is now accepting applications for SBA 7(a) loans as well as its usual term loans. OnDeck has also begun accepting funding applications for normal funding, though it’s not lending to certain hard-hit states and industries at this time. Likewise, SmartBiz is back to accepting SBA loan applications, though it has tweaked its application process.
Not everyone has resumed business as usual though. Other lenders, like Fundbox and Kabbage, continue to focus exclusively on PPP loans for the time being.
That said, things are changing very quickly at this point. We expect more lenders to resume non-PPP lending soon. As we’ve already seen with Funding Circle and OnDeck though, that may involve big changes to funding products and borrower requirements.
We’ll keep a close eye on developments for you, and we’ll keep updating this page with the latest business funding information.
Updated: several months ago
Due to COVID-19 and all its effects, most small-business lenders―including those reviewed here―have temporarily stopped extending loans. Some have even called in existing lines of credit. As of right now, there’s no telling when lenders will resume normal operations. (Sorry, we know that’s probably not what you want to hear.)
Lendio, Bluevine, and Fundbox are all approved SBA lenders that can help you get funding through the Paycheck Protection Program.
Otherwise, we’ll keep an eye on the situation and update this page as soon as lenders start accepting loan applications again. When that time comes, we expect borrower requirements and interest rates to change, which could affect our rankings. We’ll keep you posted.
Updated: several months ago
Due to COVID-19 and all its effects, most small-business lenders―including those reviewed here―have temporarily stopped extending loans. Some have even called in existing lines of credit. As of right now, there’s no telling when lenders will resume normal operations. (Sorry, we know that’s probably not what you want to hear.)
If you need a loan right away, Lendio and BlueVine are still accepting applications for Paycheck Protection Program (PPP) loans.
Otherwise, we’ll keep an eye on the situation and update this page as soon as lenders start accepting loan applications again. When that time comes, we expect borrower requirements and interest rates to change, which could affect our rankings. We’ll keep you posted.
Updated: several months ago
Have you heard of the Paycheck Protection Program? This program is part of the recently passed $2.2 trillion stimulus package and is meant to provide relief for small businesses that need extra cash to cover payroll.
The program offers loans up to $10 million to small businesses. These loans are calculated using 250% of your average monthly payroll in 2019. The program is only being offered through SBA ized lenders.
These loans are eligible to be forgiven if at least 75% of the funding is used to pay workers and if no worker is compensated above $100,000. It’s currently not clear if that maximum includes benefits. Those who can’t get the loan forgiven will have to pay it back in two years at a 0.5% interest rate after six months of interest deferment.
Applications open on Friday, April 3, and close on June 30. The application consists of a two-page form in addition to required documentation.
If you’re interested, be sure to apply at a Paycheck Protection Program ized lender.
Updated: several months ago
Is your business in an area affected by COVID-19? While we still recommend the loans below, you should know that you may qualify for special disaster loans from the U.S. Small Business Administration (SBA). If you do, you can get up to $2 million at a 3.75% rate. It probably won’t fix all your problems, but hopefully it can help. You can learn more and apply on the SBA website.
Updated: several months ago
We updated our rankings with the latest data for loan requirements and rates. We also removed QuarterSpot from our rankings (it no longer offers loans, but we were going to remove it anyway based on our updated data). StreetShares has taken its place as an honorable mention.