Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

$1 million business loans

Find out eligibility requirements, potential costs, SBA options and more.

How to get a $1 million business loan

Although each lender has its own process, these steps should help guide your business toward the right loan option:

  1. Compare lenders. Your first step should be to compare business loan lenders. Not every lender offers loans of $1 million, and those that do will have different requirements that could make the difference between approval and rejection.
  2. Prepare financial documents. Lenders want to see your business plan, annual revenue projections, bank statements, tax documents and other information that demonstrates your business’s ability to repay a loan.
  3. Speak with a financial advisor. Loop a financial advisor into your plan for a $1 million business loan to ensure your business can afford it and develop a plan to repay it.
  4. Apply for preapproval. This allows you to see your loan’s potential terms before your personal or business credit is officially checked. Not all lenders offer preapproval, but if it’s available, take advantage of it.
  5. Review and sign the loan contract. If approved, review your loan contract with your partners and financial advisor to ensure the terms are beneficial for your business.

Compare providers that offer $1 million in business financing

Click Check eligibility to apply on the lender’s website or More info to read our review.

1 – 4 of 4

Name Product Filter Values Min. Amount Max. Amount APR Requirements

Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★

Lendio business loans
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.

ROK Financial business loans
Finder Rating: 4.7 / 5: ★★★★★

ROK Financial business loans
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.

SmartBiz business loans
Finder Rating: 4.5 / 5: ★★★★★

SmartBiz business loans
6.25% to 8.50%
660+ personal credit score, US citizen or permanent resident, 2+ years in business, $50,000+ annual revenue, no outstanding tax liens, no bankruptcies or foreclosures in past 3 years
Get funding for your small business with a government-backed loan and extended repayment terms.

Fundera business loans

Fundera business loans
7% to 30%
$300,000+ of annual revenue, 680+ personal credit score, in business for 3+ years
Get connected with short-term funding, SBA loans, lines of credit and more.

Compare up to 4 providers

Where can I get a $1 million business loan?

Banks, credit unions and online lenders frequently offer loans up to $1 million for established businesses. The Small Business Association (SBA) also backs loans of $1 million, but to apply for funding, you will need to submit an application through an SBA-approved lender.

$1 million SBA loans

Since SBA loans are guaranteed by the federal government, they’re one of the most affordable options out there for a small business owner looking for a large loan. They’re also one of the most difficult loans to qualify for. Only 100,000 applicants were approved across all SBA programs in 2019, according to data from the SBA.

Here’s how a $1 million loan breaks down for the SBA 7(a) program:

  • Percent guaranteed: 75%
  • Amount guaranteed: $750,000
  • Closing costs: Guaranty fee equal to 3.5% of the amount guaranteed, or $26,250, plus any additional charges by the bank or lender
  • Maximum interest rate: Prime + 2.75%
  • Terms: 5 to 10 years for working capital and equipment; up to 25 years for real estate

How hard is it to get a $1 million business loan?

It depends on you and your business. If you exceed a lender’s minimum requirements, you might not have any trouble. But if your business is less than a year old, not yet profitable or you have poor personal credit, you may be unable to qualify for such a large loan. Having an unpredictable cash flow or low revenue can also get your business rejected.

How do I qualify for a $1 million dollar loan?

Your business needs to prove it can afford a $1 million business loan. While requirements vary by lender, you’ll typically need to meet the following criteria to be considered:

  • Good to excellent credit. Lenders look for high personal and business credit scores. The better your credit scores, the more likely you are to be approved.
  • Two years in business. Lenders are generally wary of giving this amount to businesses that are new to the game, especially if you’re applying with a bank.
  • $10 million in annual revenue. The higher your loan amount, the higher your revenue requirements. It might be possible to find $1 million in financing with revenue under this amount, but it won’t be easy.
  • Large profit margin. On top of having a strong annual revenue, many lenders want to see that your business is actually making money rather than breaking even.
  • Personal guarantee. Many business loans require the owner or owners to back the amount they’re borrowing with a lien on their personal assets. You and your business partners will likely need to have at least $1 million in equity on your homes, cars and other investments.

How much will it cost to pay back a $1 million business loan?

$1 million business loans tend to come with longer terms — typically between 10 to 25 years — and lower rates. But monthly repayments tend to be high because the principal is so large. On average, online lenders tend to offer higher rates than local banks, so you might want to go with a bank you trust if keeping the cost down is your top priority. Use our calculator to estimate the monthly cost of your loan.

Business loan calculator

See how much you'll pay

Your loan
Loan amount
Loan terms (in years)
Interest rate

Fill out the form and click on “Calculate” to see your
estimated monthly payment.


Compare business loans now

You can expect to pay back


per month

Based on your loan terms
Total Cost$

Bottom line

Well-established enterprises with high annual revenues are most likely to qualify for business loans of $1 million or higher. To find more lenders and learn about your other financing options, check out our business loans guide. To learn more about what rates to expect, read our guide to interest rates on business loans to learn more about what to expect.

Frequently asked questions

More guides on Finder

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

2 Responses

  1. Default Gravatar
    SybilFebruary 9, 2019

    what is the lowest interest rate one can get for a one million dollar unsecured loan?

    • Avatarfinder Customer Care
      JoshuaFebruary 10, 2019Staff

      Hi Sybil,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      As of now, we currently don’t have this specific information since most lenders would not go far from the average market interest rate. However, generally speaking, online lenders tend to charge a higher interest rate compared to traditional banks. Perhaps, you can also take into consideration SBA loans. They could be the one that offers the lowest interest rate since they are partly backed up by the government. However, getting approved by them is not that easy.

      I would highly recommend that you consider all your options. Check terms and conditions and eligibility requirements. From there, you should be able to find the right loan for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


Go to site