- Current small business loan options for 2024
- Traditional bank loans
- Online lenders
- Small Business Administration (SBA) loans
- Peer-to-peer lending
Traditional bank loans
Traditional bank loans offer competitive rates and terms for established businesses with strong credit history. However, they may have strict eligibility requirements and longer approval processes.
Online lenders
Online lenders provide quick access to funding with flexible terms, making them suitable for startups and businesses with less-than-perfect credit. However, interest rates may be higher compared to traditional bank loans.
Small Business Administration (SBA) loans
SBA loans offer low-interest rates and long repayment terms, making them ideal for both startup and established businesses. However, they require extensive paperwork and may have longer approval times.
Peer-to-peer lending
Peer-to-peer lending platforms connect businesses with individual investors, offering competitive rates and flexible terms. However, they may have higher interest rates for businesses with lower credit scores.