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Compare $250,000 business loans

Small banks and SBA lenders are a great place to start your search — but they aren’t your only options.

Best overall

Lendio business loans

  • Large network of 75+ lenders
  • Quick & easy application
  • May receive funding in as little as 24 hours

Low rates and flexible options

SMB Compass

  • Easy online application
  • Funding within 24 hours
  • Cost-effective and flexible loan options
  • Borrow up to $5M

For start-ups with strong financials

ROK Financial business loans

  • Offers same-day funding
  • No credit requirements
  • Startup and cannabis-friendly
You have many choices when you need a $250,000 business loan. Almost all business lenders offer loans in this amount, so you won’t be locked out of loan rates based on the loan's size. But you might struggle to qualify for a loan of this size from any lender if your business has been around for less than a year or you have a credit score below 670.
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.
SMB Compass
Finder Rating: 4.4 / 5: ★★★★★
SMB Compass
Starting at 5.99%
2 years in business, $25,000 monthly revenue, business bank account
Enjoy personalized solutions and a consultative approach to business lending.
ROK Financial business loans
Finder Rating: 4.7 / 5: ★★★★★
ROK Financial business loans
Starting at 6%
Eligibility criteria 1+ year in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
Apply for up to $5 million with a 15-second online application. Choose your best offer and get funded as soon as the same day.
OnDeck short-term loans
Finder Rating: 4.6 / 5: ★★★★★
OnDeck short-term loans
29.9% to 65.9%
625+ personal credit score, 1 year in business, $100,000+ annual revenue, active business checking account
Receive flexible financing at competitive fixed rates from this A+ rated business lender.
Bluevine business lines of credit
Finder Rating: 4.3 / 5: ★★★★★
Bluevine business lines of credit
Estimated 8% to 86%
24+ months in business, $40,000+ in monthly revenue, 625+ credit score
Get approved for a revolving credit line in as fast as 5 minutes.

Where to get a $250,000 business loan

Find a $250,000 business loan from most types of providers. Community and regional banks can be a good choice for established small businesses.

Most offer this amount of financing, often with some of the lowest rates available. And community and regional banks are often more willing to work with small businesses than large national banks.

SBA lenders offer a low-cost alternative to bank loans, thanks to backing by the government. It’s a good option if your business has been around for a few years but struggles to qualify. But smaller SBA lenders like Regions Bank might be more willing to offer this amount than SBA lending giants like Live Oak Bank, which tend to finance projects in the millions.

Businesses that can’t qualify for an SBA loan or don’t have time to spend on an application want to consider online lenders. While the average online loan is usually much lower than $250,000, many lenders like OnDeck offer loans of this size. But since online lenders tend to offer higher rates than banks and SBA lenders, save this choice for last.

How to apply for a $250,000 business loan

The application process for a $250,000 business loan might be more involved than an application for smaller amounts of funding. While the application varies depending on the type of financing and the lender, you’ll usually follow these steps:

  1. Decide on the type of financing your business needs. An equipment loan is the way to go if you need to buy an excavator or new office furniture. But a line of credit is more useful if you regularly need working capital.
  2. Compare different types of lenders that offer the type of financing you need. If you have time, set up an appointment with a local bank and reach out to an SBA loan provider. Or, for a quick comparison, use an online marketplace like Lendio to review all of your options.
  3. Collect the documents you need to complete the application. For a $250,000 loan, you typically need business and personal tax returns and bank and financial statements at a minimum.
  4. Complete the application by following the lender’s instructions. If you’re applying for an SBA loan this involves completing multiple forms — though you can hire a service like SmartBiz to cut down on time and effort.
  5. Get your collateral appraised if your lender requires it. This mainly applies to equipment loans and financing to stock up on inventory.
  6. Review and sign your loan offer, paying attention to the rates, terms and payment due dates.

A $250,000 loan often takes a few days to a few weeks to process. Lenders prefer to be thorough when it comes to loans of this size — even online providers.

How much a $250,000 loan costs

The cost of your $250,000 loan depends on the rates, fees and loan terms your business receives.

For example, a $250,000 loan with a 5% APR and a 10-year term would cost your business about $2,652 each month and a total of almost $68,197 in interest. Use our calculator to see how much a $250,000 business loan might cost at different rates and terms.

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Which SBA programs offer $250,000 loans?

Almost all SBA programs offer $250,000 business loans — with the exception of microloans, which don’t go above $50,000.

  • SBA 7(a) loans offer government-backed financing for almost any purpose, including working capital, buying equipment or real estate and refinancing debt.
  • SBA Express loans offer a more streamlined version of SBA 7(a) loans to speed up the process. But these come with a low 50% SBA guarantee — meaning your business must provide collateral worth up to $125,000 to back the loan.
  • SBA CDC/504 loans can help you finance a real estate or equipment purchase. While these loans tend to run larger than $250,000, it’s possible to find financing in this amount.
  • SBA Community Advantage loans come with more relaxed credit and revenue requirements for businesses that operate in an underserved area — and cap out at $350,000.
  • SBA CAPLines offer $250,000 lines of credit for expenses like working capital, filling a government contract, completing a construction project or preparing for a seasonal spike in sales.

Your business might also qualify for a $250,000 SBA disaster loan and other COVID-19 assistance programs. But the amount you can borrow often depends on the financial damage your business experienced during a crisis.

Bottom line

If you’re eligible for a $250,000 business loan, chances are your business can qualify for SBA or bank financing. But if you can’t qualify or simply don’t have the time to spend on an intensive application, online lenders can be a good alternative.

Compare our picks for the best business loans before you apply.

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