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Compare $40,000 business loans

Find a lender and get an estimate of the monthly payment before you apply.

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Anna Serio
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You can find a $40,000 business loan with most types of lenders. But to qualify, your business must have the revenue to support repayments. While it's possible to find $40,000 in startup financing, you generally need good or excellent credit to qualify for this amount — typically a credit score of at least 670. And it can help if you already have experience working in the industry.
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Name Product Filter Values Min. Amount Max. Amount APR Requirements
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, 600 personal credit score
Lendio business loans
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
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Big Think Capital
Finder Rating: 4.7 / 5: ★★★★★
Big Think Capital
$10,000 – $5,500,000
Starting from 6%
600+ credit score, 2 years in business, $100,000 annual revenue
Big Think Capital
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Fora Financial business loans
Finder Rating: 4.1 / 5: ★★★★★
Fora Financial business loans
$5,000 – $750,000
Varies
12+ months in business, $15,000+ gross monthly sales, no open bankruptcies
Fora Financial business loans
Get qualified for funding in minutes for up to $750,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.
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ROK Financial business loans
Finder Rating: 4.7 / 5: ★★★★★
ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 1+ year in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
ROK Financial business loans
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.
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Upstart
Finder Rating: 4.3 / 5: ★★★★★
Upstart
$5,000 – $200,000
Varies
550 minimum credit score, 12+ months in business, Operate in any US state (including DC) except NV, NH, MD, WV, IA, be registered as an LLC, LLP, S-Corp, or C-Corp
Upstart
Upstart features a quick, online application and accepts all credit scores. Its unique underwriting process considers alternative factors, such as education and work history.
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Where to get a $40,000 business loan

Get a $40,000 business loan at a bank, online lender, community development financial institution (CDFI) and even some microlenders. Some credit unions may also offer $40,000 loans, though not all offer business financing.

When it comes to bank loans, community banks and regional banks can be a particularly good choice for a $40,000 loan. Some large national banks have small business loan programs, but most prefer to fund larger amounts.

How much a $40,000 loan costs

The cost of a $40,000 loan depends on the APR and terms that you qualify for. This usually includes an origination fee of 1% to 6%, or $400 to $2,400, which the lender either deducts from or adds to your loan balance at closing.

Use our calculator to get an estimate of your monthly payment and total cost of a $40,000 loan.

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Can I get a $40,000 SBA loan?

Get a $40,000 SBA loan through any loan program, including SBA 7(a) and CDC/504 loans. The SBA microloan program also offers $40,000 loans, though that amount is more than three times the average microloan size of $13,000. Apply through an SBA-approved lender.

SBA loans to help business struggling during the coronavirus outbreak, such as the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program, are also available at $40,000. However, you can't apply for a specific amount. These loans are based on payroll costs or income lost due to COVID-19.

PPP loans are available through SBA-approved lenders until May 31, 2021. EIDLs are available through the SBA website.

How to apply for a $40,000 business loan

Before you apply for a $40,000 business loan, decide what type of financing your business needs. For example, a term loan can cover a one-time expense, while a line of credit can cover ongoing costs and emergencies.

Compare lenders that offer the type of $40,000 loan you need with minimum requirements that your business meets. Pay attention to factors like the the annual percentage rate (APR), origination fee, terms and how often payments are due. With banks, you may need to set up an appointment to find some of this information.

Prequalify with a few of your top choices to get an estimate of the rates and terms your business might receive, if possible. After you've made your final decision, follow the lender's directions to complete the application and submit additional documents.

How to get a $40,000 business loan with bad credit

Get a $40,000 business loan with bad credit by applying with an online lender or CDFI that accepts your credit score range. These types of lenders often offer options to people with credit scores below 580, which is considered bad or poor credit.

If your personal and business finances are otherwise in good shape, a community bank might also be willing to overlook a negative credit history. Microlenders often have loan programs for bad or no credit, but often these are not available at $40,000.

Bottom line

Find a $40,000 business loan through most providers — even if you have bad credit. To get one that best fits your business's needs, compare business loans and check your rate with a few options before you apply.

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