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Having a credit score of 740 or higher — or excellent credit — works in your favor if you’re looking for a business loan. But when it comes to business financing, your credit score isn’t as important as it would be with a personal loan. Banks typically weigh cash flow and your time in business over the owner’s credit scores.
We compared the rates, terms and different needs of business owners who are in the market for financing — with particular attention to low rates that excellent credit might help you win. We included a range of types of lenders and a connection service to meet the needs of different types of businesses.
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Lendio is an online connection service that can make your search for an online loan a lot easier. By filling out its online form, you can find out what rates and terms you might qualify for with its over 300 partner lenders. It cuts down on the time you would otherwise spend researching and prequalifying with multiple lenders.
| Loan amount | $500 – $5,000,000 |
|---|---|
| APR | Starting at 6% |
| Min. Credit Score | 560 |
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LendingClub could be a good option if you have excellent credit but have a business that’s still in the startup phase. Especially if you have low profits. Your business only needs to be around for one year and have a low $50,000 in annual sales to qualify. But rates and fees are a little higher than you might get with a direct online lender. And the turnaround can take a few weeks.
| Loan amount | $5,000 – $500,000 |
|---|---|
| APR | 12.15% to 29.97% |
| Min. Credit Score | 580 |
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SmartBiz doesn't fund these government-backed loans directly — but it makes the process a lot easier. It works with a network of preferred lenders and offers packaging services so you don’t have to fill out the time-consuming application on your own. But you’ll have to pay a referral fee for its services. And SBA loans are generally for big projects. You need to borrow at least $30,000 to qualify.
| Loan amount | $30,000 – $5,000,000 |
|---|---|
| APR | 4.75% to 7% |
| Min. Credit Score | 660 |
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Short-term loans typically come with astronomical costs. But Rapid Finance offers discounted rates and fees to borrowers with good or excellent credit. And as its name suggests, it’s fast. You can get funded as soon as the next business day. But it may require daily repayments on products like a merchant cash advance. And it has a higher-than-average time in business requirement of two years, compared to similar lenders.
| Loan amount | $5,000 – $1,000,000 |
|---|---|
| APR | Fee based |
| Min. Credit Score | 500 |
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Lake Michigan Credit Union offers some of the lowest rates across the board — ranging from 5% to 7% APR. It's one of the few credit unions that offers financing in all 50 states while also providing the personalized service you might get if you went to a credit union in person. The main drawbacks are that you can’t borrow more than $50,000, and it might take longer than applying with an online lender.
| Loan amount | Up to $50,000 |
|---|---|
| APR | 5% to 7% |
| Min. Credit Score | 700 |
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PNC Bank is a regional bank and an SBA-preferred lender that offers a simpler bank loan than you might find elsewhere. You can apply online if you already have an account and easily manage your repayments without leaving home. Like with most banks, PNC is best for starting a long-term banking relationship rather than getting one-off financing. Loans start at a high $20,000. And you likely won’t get funded within days, the way you might with an online lender.
| Loan amount | $20,000 – $100,000 |
|---|---|
| APR | 8.18% to 15.57% |
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Community banks can be a great option for small business owners that want to develop a strong, long-term relationship with a lender. Community bank loan officers are experts in your area’s business marketplace and can become a partner in growing and developing your business safely.
It might take a few weeks to fund your first loan. But once they get to know your business, your lender should learn to anticipate your business’s financing needs so you never need an emergency loan.
| Lender | Minimum credit score | Best for … | Finder Rating | What sets it apart |
|---|---|---|---|---|
| SmartBiz | 660 | SBA loans | ★★★★★ 4.3 / 5.0 | A network of SBA-preferred lenders and packaging services to simplify the application process. |
| PNC Bank | Bank loans | ★★★★★ 2.53 / 5.0 | Online accessibility with the option for an in-person application. | |
| Lake Michigan Credit Union | 700 | Credit union financing | ★★★★★ 3.4 / 5.0 | Low rates and a nationwide reach. |
| LendingClub | 580 | Businesses in the startup phase | ★★★★★ 4.5 / 5.0 | Low time in business and revenue requirements. |
| Rapid Finance | 500 | Short-term financing | ★★★★★ 3.74 / 5.0 | Rate discounts for good and excellent credit. |
| Lendio | 560 | Comparing multiple offers | ★★★★★ 4.79 / 5.0 | Over 300 partner providers in its network. |
See what else is out there by selecting ranges for the amount you’d like to borrow, revenue, time and business and the excellent credit score range.
The best lender for your business depends on several factors, such as what type of financing you need, the time you have to spend on the application and what your business can qualify for. Follow these steps
Having excellent credit isn’t the only factor that lenders consider when you apply for a business loan. In fact, your time in business, revenue and cash flow often count more toward your application than your credit score. Get the basics on business financing with our guide to business loans.
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