Able Lending may no longer be in business, but you aren’t out of options.
Why doesn’t Able Lending offer small business loans anymore?
Able Lending stopped offering financing because it was bought out by small-business lender Fundation in 2017. Fundation now uses some of the technology that this Texas-based online built for its online platform. But it doesn’t offer financing under the name Able Lending.
Able Lending sold its assets to Fundation despite receiving press recognition from Forbes, the Wall Street Journal, Business Insider, BuzzFeed and Entrepreneur. The sale came after rumors circulated that Able Lending was planning on selling its portfolio, and President and Co-founder Evan Baehr left the company in 2016.
3 alternatives to Able Lending small business loans
Before the acquisition, Able Lending used to offer low-interest funding from $25,000 to $5 million. It did this through what it called a “hybrid peer-to-peer model”. Through this model, Able Lending funded most of the loan while friends and family of the small business owners financed the other other portion.
While you might not be able to find loans through this funding model, some online lenders offer loans at similar rates and terms through an equally quick application process.
Best for a personal touch: Fundation
Since Fundation bought out Able Lending and still uses its technology, this might be the closest thing to an Able Lending loan you can get. It offers term loans and lines of credit designed to help cover day-to-day expenses.
Unlike many other online lenders, Fundation lets you discuss your application and eligibility with a representative while still offering a fast turnaround. Its annual revenue requirements are twice as high as what Able Lending used to offer, though it’s available in more states.
- How much you can borrow. $20,000 to $500,000
- APRs. 7.99% to 29.99%
- Terms. 1 year to 4 years
- Eligibility requirements. 12+ months in business, 3+ employees, $100,000+ annual revenue
Best for continual projects: Kabbage
This online lender offers lines of credit with similar revenue requirements as Able Lending, though you don’t need excellent credit to qualify.
Its maximum credit limit is significantly lower than Able Lending’s former maximum loan amount of $5 million. But your limit renews once you pay off your balance. And it’s available in all states.
- How much you can borrow. $500 to $250,000
- Terms. 0.5 years to 1 year
- Eligibility requirements. 1+ years in business, $50,000+ annual revenue or $4,200+ monthly revenue over last 3 months
Best for large projects: SmartBiz
SmartBiz simplifies the application process for a government-backed SBA loan. This lender could cut down on the time it takes complete one of these notoriously complicated applications and get your business the same maximum amount Able Lending used to offer at potentially more competitive rates.
- How much you can borrow. $30,000 to $5,000,000
- APRs. 7% to 9.25%
- Terms. 10 years to 25 years
- Eligibility requirements. 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
Does Able Lending offer similar loans?
No. Able Lending was a small business lender that completely stopped all operations after being acquired by Fundation.
Compare more small business loans
Able Lending might not offer business loans any more. And you might not be able to find anyone offering funding through a similar hybrid peer-top-peer model. Butt there are several online lenders that offer the same quality of service, high loan amounts and competitive rates.
Compare all business loan options available to you for the best terms and rates.