Compare $30,000 business loans

Most lenders offer secured and unsecured $30,000 business loans. Banks, online providers and even some microlenders are all options. It’s also possible to find a loan of this size if you have a startup or bad credit.

Start your search by comparing lenders that offer the type of financing your business needs.

Where to get a $30,000 business loan

You can get a $30,000 business loan from an online lender, regional bank, community development financial institution (CDFI) and some credit unions. Some large banks like Wells Fargo offer $30,000 business loans too. But many national banks prefer to work with higher loan amounts.

While some microlenders might offer loans of this size, some have maximum loan amounts below $30,000 — especially if you’re looking for a bad credit loan or startup financing.

How to apply for a $30,000 business loan

The application process for a $30,000 business loan varies depending on your funding needs and your business’s financials. But generally, you need to follow these steps:

1. Compare lenders that offer the type of loan you need at $30,000. Also consider factors like annual percentage rates (APRs), origination fees and requirements. If you need vehicle or equipment financing, also consider the minimum down payment required.
2. Check offers from top providers by filling out a prequalification form or speaking with a commercial loan officer.
3. Gather the documents you need to complete the application, such as tax returns, financial statements and bank statements. If you’re taking out a secured $30,000 loan, now is the time to get your collateral professionally appraised.
4. Finish the application by providing more details about your business and personal finances. In some cases, your lender might ask for more documentation, such as a business plan.
5. Review the loan agreement, taking note of the APR, fees and terms. Also look for the payment amount, frequency and due date on your $30,000 loan.

How much a $30,000 business loan costs

The cost of a $30,000 business loan depends on the APR and loan terms that you qualify for — which depends on the lender and your creditworthiness. But terms for this loan amount are usually on the shorter end, around a year or two.

Use our calculator to find out how much a $30,000 loan might cost you each month and overall.

Watch out for the origination fee

Most business loan APRs include an origination fee, which typically ranges from 1% to 6%. That’s $300 to $1,800 on a $30,000 loan.

Your lender either deducts it from or adds it to your loan balance when you close the loan. Make sure to factor in that cost before you apply for the loan to avoid underborrowing.

How to get a $30,000 business loan with bad credit

You can often get a $30,000 business loan with bad credit by applying with an online lender or CDFI. These types of providers tend to have lower credit requirements than your typical bank and may accept credit scores below 580.

Some community banks might also be willing to overlook a low credit score. But usually, the rest of your personal and business financials are in good shape to qualify.

Types of $30,000 business loans

Most types of business loans are available at $30,000, with the possible exception of commercial real estate. Make sure you go with a lender that offers the type of financing you need before you apply.

• Unsecured term loans give you a lump sum of financing without any collateral from the business, which you repay in installments. However, owners usually need to back the loan with their personal assets by way of a personal guarantee.
• Secured term loans give you a lump sum of funds backed by collateral valued at around $30,000 that your business pays with installments. Business owners are also usually required to back the loan with their assets.
• Lines of credit give your business access to a credit limit that it can draw from as needed. Some lines of credit turn each withdrawal into a short-term loan, while others come with a minimum monthly payment.
• Equipment and vehicle loans are usually based on the value of your purchase and require a down payment of up to 20%. So $30,000 can fund equipment or a vehicle worth as much as $37,500.
• Microloans offer small-dollar term loans with short terms. They’re sometimes available at $30,000, though loans of this amount might not be available to startups or borrowers with bad or no credit.
• Small Business Administration (SBA) loans are available at $30,000 through all SBA programs. But the SBA’s microloan program could be a particularly good choice since it’s designed for loans under $50,000.
• Merchant cash advances offer an advance on future sales. You repay the loan plus a fixed fee with a percentage of your daily deposits or credit card sales. It’s friendly to startups and bad credit, but rates can top 300% APR. Save this option as a last resort.

If you’re looking for $30,000 to get a new business off the ground, consider a personal loan for startup financing. Lenders tend to base startup financing on the business owner’s personal credit and income since there aren’t any business financial records.

Bottom line

A $30,000 business loan is still low enough to be attainable for most small businesses — and easier to find than lower loan amounts. But you might not have as many bad credit or startup options as you would with a $15,000 loan.

Compare even more options with our guide to business loans.