- Online lenders
- Traditional banks
- Small Business Administration (SBA) loans
- Peer-to-peer lending platforms
Online lenders
Online lenders offer small business loans with quick approval processes and flexible terms. They often cater to businesses with less established credit histories and may have higher approval rates than traditional banks.
Traditional banks
Traditional banks provide small business loans with competitive interest rates and long-standing reputations. However, the application process may be more rigorous, and approval can take longer compared to online lenders.
Small Business Administration (SBA) loans
SBA loans are backed by the government and offer favorable terms for small businesses. These loans are available through participating banks and lenders, providing access to low-cost financing for qualified businesses.
Peer-to-peer lending platforms
Peer-to-peer lending platforms connect small businesses with individual investors willing to fund their loans. These platforms often offer competitive rates and flexible terms, making them a viable option for small business financing.