Most lenders offer secured and unsecured $30,000 business loans. Banks, online providers and even some microlenders are all options. It’s also possible to find a loan of this size if you have a startup or bad credit.
Start your search by comparing lenders that offer the type of financing your business needs.
You can get a $30,000 business loan from an online lender, regional bank, community development financial institution (CDFI) and some credit unions. Some large banks like Wells Fargo offer $30,000 business loans too. But many national banks prefer to work with higher loan amounts.
While some microlenders might offer loans of this size, some have maximum loan amounts below $30,000 — especially if you’re looking for a bad credit loan or startup financing.
The application process for a $30,000 business loan varies depending on your funding needs and your business’s financials. But generally, you need to follow these steps:
The cost of a $30,000 business loan depends on the APR and loan terms that you qualify for — which depends on the lender and your creditworthiness. But terms for this loan amount are usually around a year or two.
Use our calculator to find out how much a $30,000 loan might cost you each month and overall.
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Most business loan APRs include an origination fee, which typically ranges from 1% to 6%. That’s $300 to $1,800 on a $30,000 loan.
When you close the loan, your lender either deducts it from or adds it to your loan balance. Make sure to factor in that cost before you apply for the loan to avoid underborrowing.
You can often get a $30,000 business loan with bad credit by applying with an online lender or CDFI. These types of providers tend to have lower credit requirements than your typical bank and may accept credit scores below 580.
Some community banks might also be willing to overlook a low credit score. But usually, the rest of your personal and business financials are in good shape to qualify.
Most types of business loans are available at $30,000, with the possible exception of commercial real estate. Make sure you go with a lender that offers the financing you need before applying.
If you’re looking for $30,000 to get a new business off the ground, consider a personal loan for startup financing. Lenders tend to base startup financing on the business owner’s personal credit and income since there aren’t any business financial records.
A $30,000 business loan is still low enough to be attainable for most small businesses — and easier to find than lower loan amounts. But you might not have as many bad credit or startup options as you would with a $15,000 loan.
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