- Latest options for small business loans in 2024
- Rates, qualifications, and lenders comparison
Rates
In 2024, small business loan rates vary depending on the type of loan and the lender. Traditional banks typically offer lower rates, starting at around 4%, while online lenders may have rates ranging from 7% to 30%. SBA loans have competitive rates, often around 7% to 9%.
Qualifications
Qualifications for small business loans in 2024 may include a minimum credit score of 600, at least one year in business, and a minimum annual revenue of $50,000. Some lenders may require collateral or a personal guarantee.
Lenders
In 2024, small business owners have a variety of lenders to choose from, including traditional banks, online lenders, credit unions, and SBA-approved lenders. Each lender may have different requirements, rates, and terms, so it's important to compare options to find the best fit for your business.