Editor's choice: Lendio business loans
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Although each lender has its own process, these steps should help guide your business toward the right loan option:
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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.
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:
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.
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:
$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.
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|Loan terms (in years)|
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.
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