Whether you need a term loan, a line of credit or a business cash advance, $75,000 business loans come in many forms to suit a range of credit scores. To qualify for a loan of this amount, you typically need to be in business for at least six months to a year and generate around $500,000 a year in revenue.
Compare providers to make sure you’re getting the most competitive rates and terms before you apply.
Where to get a $75,000 business loan
Most lenders, including banks, credit unions, alternative online lenders and business loan marketplaces, offer $75,000 business loans. Established businesses might find more competitive rates at a large national bank, while 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.
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What types of $75,000 business loans are available
Business loans for $75,000 cover a wide range of funding needs. Here’s a list of the most common types.
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
A loan with an amount tied to your receivables
To access cash by selling your purchase orders or receivables
Inventory financing
A loan with an amount tied to your receivables
To access cash with a loan backed by your invoices
Secured vs. unsecured business loans for $75,000
Business loans can be categorized into two main types: secured and unsecured. Secured loans require collateral, which are assets like equipment, vehicles or even the business itself. The collateral serves as a guarantee for the lender, reducing their risk and possibly snagging you more favorable loan terms. 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 $75,000 loan
While a $75,000 business loan is well below the average business borrowing amount of $660,000, it’s still substantial enough that you’ll need to meet certain revenue and other criteria, including:
At least six months in business. Many lenders require you to be in business for at least six months to a year to qualify for a $75,000 loan.
Minimum monthly revenue. A general rule of thumb is that lenders will loan you 10% to 30% of your annual revenue. If you earn $500,000 a year, you could potentially borrow between $50,000 and $150,000.
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.
How much does a $75,000 business loan cost?
The cost of a $75,000 business loan varies a lot depending on the type of loan. For example, 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 — plus additional fees.
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 your loan. Most $75,000 loans are term loans, SBA loans, lines of credit, merchant cash advances (MCAs), equipment financing and invoice factoring and financing. Payments vary widely across these different types of financing. They might be monthly for a term loan but weekly or even daily for an MCA. And if you use invoice factoring, you won’t repay the factoring company at all — rather, you sell your invoices to the company for a discount.
How to get a $75,000 business loan
The application process depends on the lender. While traditional bank loans might require a lot of paperwork, some online lenders offer “no-doc” loans that connect to your accounts to verify your financials right away.
Regardless of the lender, here are the general steps to apply for a $75,000 business loan:
Determine the type of loan you need. Decide what type of loan you need. For funding a one-time cost, look for a term loan. For ongoing expenses or cash flow dips, look for a line of credit or an MCA. For equipment, choose an equipment loan, which is backed by collateral, to get the best rates.
Compare lenders. Find and compare lenders that offer $75,000 loans by looking at the loan’s APR, terms and requirements. Do you need the money right now, or would you rather do more research first? Online business lenders can get you funding faster than banks but may cost more.
Check your eligibility. Online lenders typically offer online prequalification so you can find out if you’re eligible and check your rates. But if you’re applying through a bank, you might have to call or apply in person and wait several days for funding.
Gather your documents. For a bank, prepare to gather your personal and business tax returns, profit and loss statements, and bank statements. For an online lender, you may get away with uploading your last three months’ bank statements.
Fill out the application. This can take a few minutes to over an hour, depending on the lender and type of loan. No doc lenders tend to have the fastest application processes, allowing you to connect to your bank accounts directly.
Submit any additional information. Your lender will review your application and reach out for more information or documents if needed. Usually, you can submit these online, by mail or in person at a branch.
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 on $75,000 loans depends on the loan type. SBA loans can take weeks to process, while short-term loans from online lenders can take one business day or less. For the fastest application times and turnaround, consider a no-doc lender.
Can I get an SBA loan for $75,000?
Yes, many SBA loan programs are available for $75,000, including the popular 7(a) and Express loan programs. Loans backed by the Small Business Administration (SBA) offer low rates and high loan amounts to businesses that have a hard time qualifying elsewhere. But they also come with some of the highest rejection rates in the market.
Can I get a loan for $75,000 with bad credit?
It’s possible to borrow up to $75,000, even with bad credit. The most common types of business loans and financing available to bad credit borrowers are merchant cash advances, invoice factoring or financing, as well as loans backed by collateral, such as equipment loans and leases. But prepare to pay more in fees and interest if you get a bad credit business loan.
Can I get a loan for $75,000 to start a business?
Yes, but your options are basically limited to SBA 7(a) and SBA microloans and possibly SBA 504 loans to finance equipment. But SBA loans aren’t the easiest to qualify for. For example, the 7(a) program requires that you have good credit, a down payment of 10% to 30%, a business plan showing how the business will generate revenue, plus a personal guarantee.
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 startups — if the lender allows the funds to be used this way.
While it’s likely easier to qualify for a $75,000 loan than a larger amount, you’ll still need to meet the lender’s criteria. Compare the best small business loans to see the amounts and rates you might qualify for.
Kat Aoki is a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time.
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