$2 million business loans

Compare lenders that offer $2 million business loans

Select your business’s average annual revenue, time in business and your personal credit score range, then select Show loans to start comparing. Visit the lender’s application by clicking Check eligibility or read our review by clicking More info.

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Name	Product	Filter Values	Loan amount	APR	Requirements
Lendio business loans			$500 – $5,000,000	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 75 legit business lenders.	Check eligibility More Info		loading Fetching your data...
SmartBiz business loans			$30,000 – $5,000,000	4.75% to 7.00%	650+ 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.	Check eligibility More Info		loading Fetching your data...
Fundera business loans			$2,500 – $5,000,000	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.	Check eligibility More Info		loading Fetching your data...
Main Street Finance Group business cash advances			$5,000 – $1,000,000	Varies	1+ years in business, $10,000+ monthly revenue	Apply online and get approved within hours with minimal paperwork. Multiple financing options available.	More Info		loading Fetching your data...

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Where can I get a $2 million business loan?

Your business can apply for a $2 million business loan from a bank, credit union or online lender. Banks and credit unions typically have strict requirements — like higher minimum revenue and more time in business — than online lenders, but may offer lower rates. Online lenders accept smaller businesses, but yours will still need to meet a few basic requirements to qualify.

$2 million SBA loans

To cover such a large amount, many lenders work with the SBA. When you borrow, the SBA backs a portion of your loan to help reduce your rates. There are two programs that offer $2 million loans:

• SBA 7(a) program. General-use funding for a wide range of projects — from working capital to refinancing business debts.
• SBA 504 program. Financing to purchase equipment, commercial real estate and other assets.

The application process takes longer than other types of business loans, and it’s harder to be approved. However, if you meet the requirements set by the SBA, your business may be able to borrow $2 million at an extremely competitive rate.

How can I qualify for a $2 million business loan?

While eligibility requirements will vary by lender and the type of financing you’re interested in, you typically need to meet the following criteria:

• In business for a few years
• Strong personal credit
• High monthly revenue to afford repayments
• Collateral to back the loan

How much will a $2 million business loan cost?

It depends on your business and the type of financing you’re applying for. Generally, $2 million is on the higher end of what most lenders offer — if they even offer loans of this size at all. You can expect long terms, from seven to 25 years, and rates on the lower end, from 7% to 15% APR.

If you were to take out a $2 million business loan at a 9% APR with a 15-year term, your business would be on the hook for monthly repayments of $20,285.33 and a total loan cost of $1,651,359.70.

Types of $2 million business loans

You have a wide range of options when it comes to $2 million business loans, even though loans of this amount are typically on the higher end. Which option is best for you depends on your business and its needs.

Business term loan

A term loan gives you a lump sum of financing, which you repay plus interest and fees over a set term — usually from seven to 25 years for a $2 million loan. It’s meant to cover a one-time business expense and typically requires collateral for loan amounts of this size.

Business line of credit

For an ongoing project where you need access to cash, a business line of credit makes more sense. This allows you to draw from a $2 million credit line as needed — and you only pay back what you borrow. These tend to also have rigorous credit standards and are typically secured by your business assets.

Equipment financing

Equipment financing is a term loan backed by the equipment you buy. You typically need to make a down payment of around 20% to qualify. And your loan amount is based on the value of the item you’re purchasing.

Bottom line

Though not as common as small-dollar business loans, it’s still possible to find $2 million in financing from the standard providers: banks, credit unions and online lenders. But you might have trouble qualifying for a competitive rate if you don’t have good credit or high-enough revenue to afford the five-digit repayments.

You can learn more about how it all works by reading our guide to business loans.

Frequently asked questions

• Can I buy a business with a $2 million business loan?

  Yes, you might want to consider a term loan if you’re looking to buy a business. Or check out our guide to business acquisition loans.

• Can I get a startup loan for $2 million?

  Probably not. Most loans available to startups come in much smaller amounts. If you need $2 million to fund your new business, you might want to consider venture capitalists or angel investors.

• Are there $2 million business loans without collateral?

  You might be able to find a $2 million business loan that doesn’t require collateral if you have excellent credit and high revenue. But you and your business partners still might be required to sign a personal guarantee, meaning you’re responsible for repaying the loan if your business can’t.