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.
How we picked these best business lenders
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.
6 best business loans for excellent credit
- Best for comparing all of your options: Lendio
- Best for businesses in the startup phase: LendingClub
- Best for SBA loans: SmartBiz
Best for comparing your options: Lendio business loans
560
Min. Credit Score
6%
Starting APR
$5,000,000
Max Loan Amount
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.
- Network of over 300 lenders
- Saves time researching loans
- Rates starting at a low 6% APR
- Doesn’t directly fund loan
- Might receive lots of marketing materials
| Min. Loan Amount | $500 |
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| Max. Loan Amount | $5,000,000 |
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| APR | Starting at 6% |
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| Interest Rate Type | Variable |
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| Min. Credit Score | 560 |
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| Minimum Loan Term | 12 months |
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| Maximum Loan Term | 300 months |
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Best for businesses in the startup phase: LendingClub business loans
580
Min. Credit Score
12.15%
Starting APR
$500,000
Max Loan Amount
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.
- Only requires one year in business
- Low revenue requirement of $50,000
- Loans starting at a low $5,000
- High APRs of 12.15% to 29.97%
- Flat 5.99% origination fee for all borrowers
- Collateral required on loans over $100,000
| Min. Loan Amount | $5,000 |
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| Max. Loan Amount | $500,000 |
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| Interest Rate Type | Fixed |
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| Min. Credit Score | 580 |
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| Minimum Loan Term | 12 months |
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| Maximum Loan Term | 60 months |
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Best for SBA loans: SmartBiz business loans
650
Min. Credit Score
5.04%
Starting APR
$5,000,000
Max Loan Amount
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.
- Referral and packaging services
- Turnaround of a few weeks, rather than months
- Only works with preferred lenders
- Referral and packaging fee if approved
- No loans under $30,000
- Not as fast as nongovernment options
| Min. Loan Amount | $30,000 |
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| Max. Loan Amount | $5,000,000 |
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| APR | 4.75% to 7% |
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| Interest Rate Type | Variable |
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| Min. Credit Score | 650 |
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| Minimum Loan Term | 120 months |
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| Maximum Loan Term | 300 months |
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Best for short-term financing: Rapid Finance small business loans
500
Min. Credit Score
N/A
Starting APR
$1,000,000
Max Loan Amount
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.
- Discounts available with excellent credit
- Wide range of loans from $5,000 to $1 million
- Loans available as soon as tomorrow
- Requires at least two years in business
- No terms longer than 18 months
- Not transparent about costs on website
| Min. Loan Amount | $5,000 |
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| Max. Loan Amount | $1,000,000 |
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| APR | Fee based |
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| Fee | 9% to 30% |
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| Interest Rate Type | Fixed |
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| Min. Credit Score | 500 |
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| Minimum Loan Term | 3 months |
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| Maximum Loan Term | 60 months |
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| Turnaround Time | As soon as the same day |
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Best for credit union loans: Lake Michigan Credit Union business loans
700
Min. Credit Score
5%
Starting APR
$50,000
Max Loan Amount
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.
- Low APR of 5% to 7%
- Loan customized to business’s needs
- Available in all 50 states
- No online application
- No loans over $50,000
- Little information available online
| Max. Loan Amount | $50,000 |
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| Interest Rate Type | Fixed |
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| Min. Credit Score | 700 |
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| Maximum Loan Term | 240 months |
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Best for bank loans: PNC Bank business loans
Not stated
Min. Credit Score
8.18%
Starting APR
$100,000
Max Loan Amount
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.
- Online application available to current customers
- SBA-preferred lender
- Loans under $100,000 are unsecured
- No loans under $20,000
- Must be customer to apply online
- No information about costs online
| Min. Loan Amount | $20,000 |
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| Max. Loan Amount | $100,000 |
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| APR | 8.18% to 15.57% |
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| Interest Rate Type | Variable |
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| Minimum Loan Term | 24 months |
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| Maximum Loan Term | 60 months |
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The best bank loan for excellent credit might be your local bank
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.
Summary of best business loans for excellent credit
| SmartBiz | 650 | 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. |
Other business loans you can apply for today
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.
How to choose the best lender for your business
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
- Define your priorities. Ask yourself questions to figure out what’s the most important to you. For example, are low rates more important than speed? Knowing what you want out of a lender is key to narrowing down your choices.
- Compare types of lenders. Start your search by comparing different types of business financing and lenders to see which offer the type of financing you need — and which might accept your business.
- Compare actual lenders. Rule out any lenders that don’t offer the rates, terms and loan amounts you’re looking for or any provider you definitely can’t qualify with.
- Prequalify. Reach out to your top choices to get an estimate of the types of rates you might receive. With some lenders, you can prequalify by filling out an online form. Others might require a phone call.
Bottom line
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.
