How to Manage The Business Loans

As a small business owner, every dollar you save on interest and fees paid for a small business loan is a dollar back into your business. That’s why it’s so important to make sure you’re getting the best deal that your business can qualify for and fulfills your business’s needs.

But with over 44 different financing options, the research involved in finding that best deal and how to get it could take days, if not weeks. That’s not easy, especially when you’ve got a business to run.

To save you time, we’ve put together a list of what we think are the best small business loans for business owners. Check out the list below and sign up for a free Nav account to find out if you qualify.

At the top of the best small business loans list is SmartBiz, an SBA loan provider whose entire application process is online, making it much more flexible process for business owners.They offer 7(a) loans with interest rates starting at 6% (Prime Rate + 2.75% – 4.75%). The total financing cost or Annual Percentage Rate (APR), will include associated fees: referral fees, packaging and guarantee fees, and estimated closing costs. SmartBiz boasts that their APR ranges from 6.96% to 9.06%.

SmartBiz loans are available up to $350,000. If you need a larger loan, Celtic Bank is another great option that offers SBA 7(a) loans $350,000 – $5M.

Requirements to qualify:

  • FICO SBSS score of 160 or above (get your FICO SBSS score with a Nav Premium Plus account).
  • Must have 2+ years of tax returns filed for the business
  • The SBA has a few additional requirements, including:
    • Business must be a small business. The definition of “small business” will vary based on your industry.
    • Business location must be in the U.S., and some business must be done in the U.S.
    • Applicant must have reasonable invested equity. This means the applicant must own a significant portion of the business (>20%).
    • Must be able to demonstrate a need for the loan, and that the loan will be used for a reasonable purpose.
    • Must not be delinquent on any existing debt obligations to the U.S. government.