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Whether you need a revolving line of credit or a long-term business loan, $60,000 loans come in many forms. You generally need to be in business for a few months, have the required documents and have a minimum monthly revenue as low as $5,000. Compare providers to make sure you get the best rates and terms possible.
Where to get a $60,000 business loan
You can find $60,000 business loans from banks, online lenders, credit unions and more. These funding sources can come in the form of SBA loans, equipment financing, business line of credit and term loans. Established businesses might find more competitive rates at a large national bank. However, newer businesses might have better luck with an online lender or marketplace or an SBA loan specialist offering SBA 7(a), Express and 504 loans.
Compare $60,000 business loans
Enter your time in business, annual revenue and credit score ranges to unlock lenders you may qualify with. Then select Go to site to get started on your application. Alternatively, you can visit our review page by selecting More info.
Business loans that finance up to $60,000 for your business can cover the following.
Type of financing
Description
Use
Short-term business loan
An unsecured lump sum loan with repayment terms of up to 18 months
To cover unexpected costs or to survive a downturn
Business term loan
An unsecured lump sum loan with repayment terms of up to 10 years
To provide working capital for more established businesses
Business line of credit
A revolving line of credit for ongoing expenses
To tap into funds as needed and pay off as you go
Merchant cash advance
A quick turnaround loan for newer businesses or those with bad credit
To borrow against your future credit card sales
SBA loan
A low interest small business loan partially backed by the government
To provide working capital to grow your business
Equipment financing
A collateralized term loan to fund equipment
To pay for any kind of equipment for your business
Inventory factoring/Inventory financing
A loan secured by businesses’s inventory
To free up cash tied to inventory
Secured vs. unsecured business loans for $60,000
Secured business loans require collateral, while unsecured loans don’t. For a $60,000 loan, a secured loan may be easier, especially for borrowers with lower credit scores. You’ll need an asset that can back the loan, which goes through an appraisal process.
Unsecured loans don’t require collateral but may require a personal guarantee and typically come with higher costs and APRs.
How to qualify for a $60,000 business loan
While a $60,000 business loan is below the average borrowing amount of $660,000, it may still be difficult to qualify if you just started your business.
To qualify for a loan of this size, you typically need but not always:
At least six months in business. Many lenders require you to be in business for at least six months to a year to qualify.
Minimum monthly revenue. A general rule of thumb is that lenders will loan you 10% to 30% of your annual revenue.
Good personal credit. Banks typically require a personal credit score of 680 and up, while online lenders may go as low as 520 for short-term financing like MCAs. And for invoice financing or factoring, your credit score may not factor in at all.
A personal guarantee. The lender may also ask you for a personal guarantee, especially for unsecured loans not backed by business assets.
A business plan. A business plan shows your lender how you’ll be bringing in revenue.
How much does a $60,000 business loan cost?
Expect competitive rates for a $60,000 business loan if you have strong credit and business financials. However, costs vary depending on the loan type. A traditional bank term loan might start as low as 8% APR, while SBA loan rates are capped at the prime rate plus 2.25% to 2.75% for most programs. In 2024, the SBA states that upfront fees for a loan of $1,000,000 or less will be 0%.
For shorter-term financing like merchant cash advances and lines of credit, APRs can run much higher — typically starting below 10% for the best credit borrowers and exceeding 60% APR for borrowers with lower credit scores.
Use the calculator below to find out how much your loan might cost based on different rates and terms.
It depends on the terms you’ve signed off on with your lender. Most $60,000 loans are term loans with fixed or monthly repayments. Some short-term business loans come with biweekly, weekly or even daily repayments.
The application process for a $60,000 loan varies by lender but generally involves the following steps:
Determine the type of loan you need. Whether it’s a term loan for one-time costs or a line of credit for ongoing expenses.
Compare lenders offering $60,000 loans. Consider factors such as APR, terms and funding speed.
Check your eligibility. This may involve filling out an online form for online lenders or contacting a bank directly.
Gather the required documents. This includes personal and business tax returns, profit and loss statements, and bank statements.
Fill out the application. This can take from a few minutes to over an hour, depending on the lender and loan type.
Submit any additional information. Then review and sign the loan contract once approved.
Read and sign the contract. Review your final offer, making sure the rates, terms and monthly payments fit your business’s budget. If you agree, sign and submit your contract.
The turnaround time for $60,000 loans is typically shorter than larger loans, with some lenders offering funding within a few business days to a week.
Can I get a $60,000 SBA loan?
Yes, you can opt for a $60,000 SBA loan. These loans offer low rates and higher amounts to business owners who struggle to qualify with other private lenders. But the process is very competitive, and many applicants don’t walk away with an approved loan.
Can I get a $60,000 loan with bad credit?
It is possible to find a $60,000 business loan if you apply for a merchant cash advance or invoice financing – but you’ll need the revenue or unpaid invoices to support this loan amount. But prepare to pay more in fees and interest if you get a bad credit business loan.
Can I get a loan for $60,000 to start a business?
Lenders such as online lenders and SBA lenders may be open to working with startups seeking this amount.
However, because it can be hard to qualify for an SBA loan, some entrepreneurs use their own savings or take out a personal loan to launch a new enterprise. Personal loans don’t have a business revenue requirement or time in business requirement, making them ideal for start-ups – if the lender allows the funds to be used this way.
To get a $60,000 business loan, you may need several months in business as well as a good credit profile, though this amount may be easier to qualify for compared to a larger amount. To compare lenders and get prequalified, see our guide to the best business loans.
Dhara Singh is a freelance personal finance writer at Finder specializing in loans. Formerly she was a top 10 journalist at Yahoo Finance with more than 38+ million content views where she covered retirement and mortgages. She has also written for Bankrate, and CNET and continues to write for a variety of outlets, such as Investopedia and Worth magazine. Her articles focus on equipping readers with the right information and data so they can make the most informed decisions related to their finances.
Dhara previously worked as an insights analyst for Finder’s PR team, where she started the Deadliest Cities to Drive series in 2018, connecting interesting data analysis to a suite of car insurance products. When she’s not writing, Dhara coaches small business owners through her Stories to Sales programs and empowers them to use their life experiences to help other people. She has also self-published a poetry book on Amazon called Tell her She’s Lovely.
Dhara holds a B.S. in Finance and Supply Chain Management from Rutgers University and a M.S. in Journalism from Columbia University.
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