6 Best Business Loan Brokers for 2023

Lendio has a network of more than 75 lenders and more than 10 loan programs. It is our pick as the best overall business loan broker because it also has easy qualification requirements and competitive rates for each of its loans.

As with most brokers, the exact qualification requirements will vary depending on the loan you choose and the lender within the broker’s network. It has financing options that include invoice factoring, lines of credit, term loans, equipment financing, real estate loans, startup loans, and business acquisition loans. Loan amounts range from $500 to $5 million.

Lendio can be a good fit for many types of businesses, including startups and companies with low revenue or bad credit. Exact requirements will vary, but you can typically qualify with a minimum credit score of 560. Having annual business revenue of $50,000 and at least three months’ time in business is recommended to expand the types of loans you are eligible for.

Although you may not know your exact loan terms or qualification requirements until after you apply, this isn’t unique to Lendio as you’ll see this with many other brokers. Funding speed can also vary depending on what type of loan you need. It can be done as quickly as 24 hours or can take up to one month or more for SBA or real estate loans.

When you apply, you will be able to work with a dedicated funding manager who will work with you to understand what you need. You’ll walk through your loan options and be guided through the loan process. To learn more or to apply, visit the Lendio website.

National Business Capital has no requirements for minimum credit score or time in business for many of its loan programs. This makes it a good option to consider if you have bad credit, run a startup business, or have been unable to get a loan elsewhere.

Available loan programs include term loans, business lines of credit, equipment financing, MCAs, and invoice factoring. With National Business Capital’s network of more than 75 lenders, you should have a good chance of getting approved. As an example, the company has a 90% approval rate for its business line of credit.

While specific qualification requirements can vary depending on the loan you choose, many of its lending partners require annual revenue of $120,000. Loan amounts range from $10,000 to $5 million with repayment terms of up to 10 years.

Applying with National Business Capital is a quick process, taking only 2 minutes. Paperwork is also kept to a minimum. For instance, qualified businesses can apply with only three months of bank statements and no tax returns for its equipment financing program. After applying, you’ll be paired with a personal advisor to walk you through the process. Visit the National Business Capital website to learn more and to apply.

GoKapital offers real estate loans up to $50 million and can provide financing for high-risk industries, such as cannabis. That makes it our pick as the best business broker for businesses seeking large amounts of financing on properties as well as companies that operate in an industry where few other providers lend.

GoKapital’s real estate financing options include hard money bridge loans, commercial properties, construction loans, and rental investment properties. The minimum loan amount is $100,000, with repayment terms ranging from six months to 30 years. Depending on the lending product, rates can vary from 6% to 14%.

There are no minimum requirements for time in business or annual revenue. The standard credit score required is 650, but the company does offer qualified businesses a no credit check option that has no minimum credit score.

GoKapital also offers many other types of loans outside of real estate. Some examples include MCAs, business lines of credit, startup loans, equipment financing, and SBA loans. Loan amounts for these programs range from $1,000 to $5 million, with rates as low as 5.9%.

The application process takes only 2 minutes, and approvals and funding can be done in as little as 24 hours. If you’re interested in learning more, you can apply via the provider’s website or contact the company using its toll-free number.

We chose SBG Funding as the best broker for SBA loans because it has easier qualification requirements than many other SBA providers. It also has a quick application process and gives you the ability to view your loan options with no impact to your credit score.

Many SBA providers require a credit score above 680 to qualify, but SBG Funding has a lower requirement of 650. Other requirements include annual business revenue of $120,000 and two years’ time in business. Businesses that qualify can get up to $5 million on an SBA loan. Interest rates start at 10% with repayment terms as long as 10 years.

SBG Funding’s application process can be completed in less than 15 minutes and doesn’t impact your credit score. However, if you like the options you’re given and would like to proceed, you’ll need to give permission for a hard pull on your credit, which can then have an impact on your credit score.

In addition to SBA loans, SBG Funding offers term loans, lines of credit, equipment financing, and invoice financing. To learn more or to apply, visit the SBG Funding website.

Smarter Finance made our list of the best equipment financing companies. And with a network of over 37 lenders, we have also chosen it as the best business loan broker for companies seeking an equipment loan or lease.

It can help you with financing heavy equipment and vehicles. This can include excavators, cranes, backhoes, bulldozers, dump trucks, and semi-trucks. It also works with businesses in a variety of industries, such as construction, healthcare, and restaurants.

This provider reviews applications on a case-by-case basis with no minimum requirements for credit score, time in business, or annual business revenue. It also offers 100% financing, although businesses with lower credit scores may need to have at least a small down payment to qualify.

A standout feature of Smarter Finance is that it places a large emphasis on educating its clients throughout the loan process. This is done with the goal of getting you the best loan terms to fit your business needs.

Smarter Finance can offer loans anywhere from $10,000 to $1 million with flexible repayment schedules that include weekly, monthly, seasonal, and deferred terms. You can choose a repayment term between two and five years, with rates that start around 7%. The provider does charge a minimum $399 documentation fee for its loans.

Applications can be completed online in only 5 minutes, and decisions usually take one to two days. You can visit the Smarter Finance website to apply.

Biz2Credit primarily offers loans that have a repayment period of fewer than three years, making it a good choice for businesses that can repay loans quickly. It’s also a good option if you’re looking to get funds quickly as it offers a quick application, approval, and funding process.

Biz2Credit loan products mainly consist of term loans, working capital loans, and CRE programs. You can complete an application in as little as four minutes, with approval and funding as fast as 24 hours. Loan amounts vary depending on the loan you’re applying for but range from $25,000 to $6 million.

One downside with this provider is the annual revenue requirement of $250,000, which is the highest out of all the providers on our list. You’ll also need a minimum of 18 months’ time in business and a credit score of 660, although its working capital loans have lower requirements of 6 months’ time in business and a credit score of 575.

While the requirements are higher than other providers, qualifying businesses can get competitive pricing with rates as low as 7.99%. If you have questions, you can call the company using its toll-free number or by visiting its website.