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Compare $300,000 business loans

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If your business can qualify for a $300,000 business loan, you'll likely get one of the lower rates a lender has to offer. But simply meeting a lender's minimum requirements often isn't enough. You generally need good credit, a few years in business and the cash flow to support hefty monthly payments. That's why it's essential to compare providers and prequalify to make sure your business is eligible.
Name Product Filter Values Loan amount APR Requirements
Biz2Credit business loans
Finder Rating: 4.7 / 5: ★★★★★
Biz2Credit business loans
$25,000 – $6,000,000
Starting at 5.99%
6+ months in business; $100,000+ monthly revenue; 500+ credit score
Get only the capital you need through secure, prescreened lenders with this highly rated company offering SBA, expansion, working capital and other loans.
OnDeck short-term loans
Finder Rating: 4.6 / 5: ★★★★★
OnDeck short-term loans
$5,000 – $250,000
As low as 35%
600+ personal credit score, 1 year in business, $100,000+ annual revenue, active business checking account
A leading online business lender offering flexible financing at competitive fixed rates.
Fora Financial business loans
Finder Rating: 4.1 / 5: ★★★★★
Fora Financial business loans
$5,000 – $500,000
Varies
6+ months in business, $12,000+ monthly revenue, no open bankruptcies
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.
Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★
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 300 legit business lenders.
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Where to get a $300,000 business loan

You can get a $300,000 business loan from most banks and lenders that offer loans backed by the Small Business Administration (SBA). 

Community and regional banks might be a particularly good choice for small businesses. While large banks like Chase often offer loans of this size, it can be difficult for smaller businesses to qualify for financing. Especially if you have fewer than 10 employees.

Some online lenders like Fora Financial and Rapid Finance offer $300,000 loans — even to borrowers with bad credit. But online lenders typically off finance smaller projects, and some don’t offer financing over $250,000.

How to apply for a $300,000 business loan

You can apply for a $300,000 business loan by following these general steps. But beware — the application process is usually more intensive for a loan of this size than for financing under $100,000.

  1. Decide on the type of loan your business needs. If you need funds to cover overhead costs during a construction project, a line of credit could be the way to go. But if you only need funds to onboard and train a team of new employees, a term loan is likely a better choice.
  2. Compare business loan providers and check your eligibility. This could involve setting up an appointment with a loan officer at a bank. Or use a connection service like Lendio that partners with both bank and online lenders to quickly compare offers.
  3. Gather all required documents to complete the application. For a $300,000 loan, this usually includes bank statements for the business and owners, tax returns, financial statements and financial projections.
  4. Fill out the application according to your lender’s instructions. If your lender has an online application, this sometimes only takes a few minutes. But SBA loans typically require multiple forms that can get complicated. It may be worth signing up for a packaging service from a company like SmartBiz.
  5. Hire a professional to appraise your collateral if it’s required. While standard for real estate loans, you might also need to take this step for an equipment loan or if you're financing inventory.
  6. Read your loan offer before signing, noting the interest rate, fees, repayment terms and due dates.

How much a $300,000 loan costs

How much a $300,000 loan costs depends on the rates, fees and loan terms your lender offers. 

Suppose your business took out a $300,000 loan at a 8% APR and a seven-year term. The loan would cost your business around $4,676 each month and about $92,772 in interest after you’ve fully paid off the loan.

See how much a $300,000 business loan costs at other rates and terms by using our calculator.

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Can I get a $300,000 SBA loan?

Get a $300,000 loan from most SBA lenders. In fact, SBA loans can be a great option for established small businesses that have been around for about three years but can’t qualify for a bank loan.

It’s not a bad credit option, however. You need to have a credit score of at least 620 to qualify for government-backed financing. And your business typically needs to have enough revenue to support payments — usually around just under $1 million to $3 million.

But keep in mind that the SBA sometimes has revenue caps, which vary depending on your industry. For example, many agriculture businesses must earn less than $1 million in annual revenue to qualify.

Which SBA programs offer $300,000 loans?

Most SBA loan programs offer $300,000 loans. Here are some options you might want to consider:

  • SBA 7(a) loans are a general-purpose term loan and the most popular SBA loan program. But for a $300,000 loan, avoid the largest 7(a) lenders like Live Oak bank, which typically specialize in financing higher dollar projects.
  • SBA Express loans can be used in the same way as a 7(a) loan — but with a faster turnaround. However, a lower SBA guarantee means your business likely needs to back the loan with collateral valued at up to $150,000.
  • 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.
  • SBA CDC/504 loans are specialized financing for real estate or equipment purchase, and are available at $300,000.

The SBA also offers disaster loans and other assistance programs to businesses affected by COVID-19. These are generally available at $300,000, though you don’t get to choose your loan amount. That’s typically based on your business’s revenue loss or payroll expenses. 

SBA Community Advantage and microloans aren’t available at this size.

Can I get an unsecured $300,000 business loan?

It’s possible to get an unsecured $300,000 business loan, especially if you apply with an online lender. However, most lenders prefer to collateralize $300,000 loans because they stand to take a sizable loss if your business defaults.

And even then, most unsecured loans require a personal guarantee from all business owners with a 20% stake in the company.

Bottom line

Banks and SBA lenders are often your best bet when it comes to $300,000 business loans — some online lenders are offering lower loan amounts in response to COVID-19. But they're still an option and may be your only choice if you have bad credit or need financing for a startup.

Before you land on a lender, compare the best business loans of October 2021. Work out which has the type of financing you need and offers the type of service you're looking for, and — if it's available — remember to prequalify before you submit your full application.

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