Our Top Picks

BlueVine
BlueVine

BlueVine is an online banking company that offers loans and other financing options to small business owners. The company has funded over 200,000 businesses since its inception in 2013. It offers a credit line that allows users to draw as much or as little as they need as long as they stay below the set credit limit.

To qualify for a loan, your business must be in operation for at least three years. You also need to have a minimum credit score of 650 to obtain a BlueVine loan. Interest rates are pegged at 4.8%.

What Customers Are Saying

Many clients see BlueVine as a dedicated partner in their business's growth strategy. Reviews mention that the account managers are accessible and knowledgeable and the company is easy to work with compared to traditional banks. Customers appreciate the streamlined application process, minimal documentation requirements, and quick funding.

Summary

BlueVine
BlueVine
  • Funding Amounts Offered
    up to $250,000
  • Fees
    Not Provided
  • Rates
    4.8% Interest Rate
  • Customer Support Options
    Phone, Email
  • Loans
    Yes
  • Min. Annual Revenue
    $40,000 Minimum Annual Revenue
  • Min. Credit Score
    650 Minimum Credit Score
  • Min. Time in Business
    3 Years in Business
  • Line of Credit
    Yes
Fora Financial
Fora Financial

Fora Financial was established in 2008 by two college roommates who had a passion for helping small businesses obtain the financing they need. The company was foundedto provide personalized and innovative funding solutions for small businesses. Since its inception, the company has supplied over $2 billion in working capital to over 25,000 small businesses.

Fora Financial offers customer support via phone during business hours. Small businesses must be operational for over six months to obtain a loan between $5,000 and $500,000 from the company, depending on their needs.

What Customers Are Saying

Customers praise Fora Financial's team for their responsiveness, efficiency, and diligence to find the ideal funding solution. The company's transparency and fast approval process impress clients as well. Fora Financial's flexible financing options have given SMB clients peace of mind as they expand their enterprises.

Summary

Fora Financial
Fora Financial
  • Funding Amounts Offered
    $5,000 – $500,000
  • Fees
    Not Provided
  • Rates
    Not Provided
  • Customer Support Options
    Phone
  • Loans
    Yes
  • Min. Annual Revenue
    $12,000 Minimum in Gross Sales
  • Min. Credit Score
    Not Provided
  • Min. Time in Business
    At Least 6 Months in Business
  • Line of Credit
    Yes
Funding Circle
Funding Circle

Funding Circle was created to build a bridge between businesses and investors. The company was founded in August of 2010 to provide a platform where investors can lend money to businesses directly as long as they meet the set requirements.

Funding Circle has over 100,000 investors, including local and national governments and financial institutions.To access loans, small businesses should have a credit score of at least 660. The company offers customer support via email and by phone during business hours.

What Customers Are Saying

Funding Circle is popular for its affordable rates compared to other online lenders. Positive reviews highlight the company's intuitive application and resourceful customer service. Clients report feeling supported through the entire loan process as the account managers keep in touch and thoroughly explain pertinent matters.

Summary

Funding Circle
Funding Circle
  • Funding Amounts Offered
    $25,000 up to $500,000
  • Fees
    Late Payment Fee
    Origination Fee
  • Rates
    Interest Rate Varies
  • Customer Support Options
    Phone, Email
  • Loans
    Yes
  • Min. Annual Revenue
    No Minimum Annual Revenue
  • Min. Credit Score
    660 Minimum Credit Score
  • Min. Time in Business
    2 Years in Business
  • Line of Credit
    Yes

Kabbage has been offering direct funding to small businesses since 2008. The company is geared toward leveling the playing field for small businesses by providing them with a range of reliable financing solutions to support their operations.

The lender allows its users to combine all their business accounts in one place. Small businesses must have a minimum credit score of 560 and be operational for more than one year to qualify for loans. Customer support is offered via email and by phone during normal business hours.

What Customers Are Saying

Customers feel Kabbage's merge with American Express makes the loan process simpler and more secure than before. They enjoy being able to choose repayment terms. Some clients also love the option to sell online gift certificates through the Kabbage Payments platform.

Summary

  • Funding Amounts Offered
    up to $250,000
  • Fees
    Late Fee
  • Rates
    24.00 - 99.00% APR
  • Customer Support Options
    Phone, Email
  • Loans
    Yes
  • Min. Annual Revenue
    Annual Revenue of at Least $50,000
  • Min. Credit Score
    560 Minimum Credit Score
  • Min. Time in Business
    1 year
  • Line of Credit
    Yes

OnDeck was founded in 2006 to provide efficient and convenient financing for small businesses. The company offers a sustainable and scalable financing model that allows small businesses to thrive. It's provided over $13 billion in loans to over 20,000 clients.

OnDeck strives to ensure all customers have a positive experience on its platform. It provides customer support by phone during business hours and online. The lender offers lines of credit and loans of up to $600,000 to small businesses with at least one year of history and a minimum credit score of 600.

What Customers Are Saying

Customers seem highly pleased with OnDeck's proactive, personable customer service. This lender appeals to many SMBs that desire to build their business credit while having access to quick funding. OnDeck's prepayment discount option and fee waivers for subsequent loans are also popular features.

Summary

  • Funding Amounts Offered
    $6,000 – $600,000
  • Fees
    Monthly Maintenance Fee**
    Origination Fee
  • Rates
    As Low As 10.99% APR**
  • Customer Support Options
    Phone, Online
  • Loans
    Yes
  • Min. Annual Revenue
    $100,000 in Business Annual Revenue
  • Min. Credit Score
    600 Credit Score
  • Min. Time in Business
    1 Year in Business
  • Line of Credit
    Yes

How We Chose the Best Small Business Financing Software

There are several ways to raise capital for a small business, including personal savings, angel investors, and crowdfunding. However, small business loans are a favorite choice among business owners. While years ago bank loans were at the top of the list when seeking funding, today numerous small business financing companies operate online, making it easier for SMEs to obtain fast and more affordable funding. We came up with a list of the top five financing companies based on funding amounts offered, requirements, and fees.

Funding Amounts Offered

Each business has specific financing needs. Borrowers need to know how much funding they can access from the provider.

Requirements

Every lender has certain requirements that businesses have to meet before they qualify for a loan. Borrowers need to know the requirements that must be met to access funding, such as a minimum credit score, minimum annual revenue, and minimum years in business.

Fees

Ideally, there will be minimal fees in addition to the base interest rate/APR on the loan. In most cases, fees are associated with the loan application and processing and vary from one lender to another.