Where can small businesses secure low-interest loans in 2024? Explore the best options for small business loans

1. Traditional banks and credit unions
2. Online lenders
3. Small Business Administration (SBA) loans
4. Community development financial institutions (CDFIs)

Traditional banks and credit unions

Traditional banks and credit unions offer low-interest loans for small businesses. They typically require a strong credit history and collateral for approval.

Online lenders

Online lenders provide quick and convenient access to low-interest loans for small businesses. They often have less stringent requirements compared to traditional banks.

Small Business Administration (SBA) loans

The SBA offers various loan programs with low-interest rates and favorable terms for small businesses. These loans are guaranteed by the government, making them an attractive option for many entrepreneurs.

Community development financial institutions (CDFIs)

CDFIs are non-profit organizations that provide low-interest loans and financial services to underserved communities, including small businesses. They often have more flexible lending criteria and a mission to support economic development.