- Latest options for small business loans in 2024
- Traditional bank loans
- Online lenders
- Small Business Administration (SBA) loans
Traditional bank loans
Traditional banks offer small business loans with competitive rates and longer terms. However, they often have strict approval criteria and may require collateral.
Online lenders
Online lenders provide quick and convenient access to small business funding with varying rates and terms. Approval criteria are generally more flexible, making them a popular choice for small businesses.
Small Business Administration (SBA) loans
SBA loans are backed by the government and offer low rates and long terms. However, the application process can be lengthy, and approval criteria are stringent.