8 Best Small Business Lines of Credit for 2023

Bluevine is our pick as the best overall provider for small business lines of credit because of its combination of competitive rates, loan amounts, and funding speed. It offers rates as low as 6.2%, loan amounts as high as $250,000, and funding within 24 hours of approval.

It’s important to note that while rates start as low as 6.2%, it is calculated as a simple interest rate from total payments made over 26 weeks, so the actual APR could be as high as 78% or more. Your rate can also be determined by how well-qualified your business is.

As a new applicant, you could get access to funds within 24 to 48 hours of applying. The application itself takes several minutes to complete, and Bluevine states that decisions can be made as fast as 5 minutes. If approved, you can request funds online and have access to the cash in as little as 24 hours.

Funding is available in most states, with the exception of North Dakota, South Dakota, Nevada, Puerto Rico, and the United States territories. The company can also lend to a wide range of industries, although there are several that are ineligible, and those listed on its website include gambling, firearms, auto sales, and illegal substances.

Bluevine offers weekly and monthly repayment plans, referred to as Flex 6 and Flex 12. New applicants interested in the monthly Flex 12 payment plan should know that it has a slightly higher credit score requirement of 650. Existing borrowers wanting to switch from a weekly to a monthly payment schedule must meet the same criteria, in addition to demonstrating at least 10 consecutive weeks of timely payments.

There are no required long-term contracts, and the company charges no setup, subscription, and termination fees. To learn more or to apply, you can visit the Bluevine website.

Fundbox is a good choice if you’re looking to get a small business line of credit quickly. This provider has a short application process and can issue decisions in as little as 3 minutes, with funds being available as quickly as the next business day if approved.

While it has a similar APR range and funding speed compared to Bluevine, it wasn’t our pick for the best overall provider because of restrictions to weekly repayments and a smaller maximum loan amount of $150,000.

To qualify for financing, you’ll need at least six months’ time in business, a credit score of 600 or higher, and annual revenue of $100,000. Fundbox allows you to make weekly payments over 12 or 24 weeks for amounts you draw. The provider charges no prepayment penalties, so you can save money with an early payoff of the loan.

The company is currently running a beta program called Fundbox Plus. For a monthly fee of $99, Fundbox Plus offers many benefits, such as discounted fees on draws, 52-week repayment plans, the option to make payments every four weeks, and priority support. This isn’t currently available to all customers, but you can call and ask if you can be included in the program.

Visit the Fundbox website to apply, or contact the provider using the toll-free number found on its site.

OnDeck offers a small business line of credit that allows you to get instant funding. You’ll get funds deposited to your account within seconds, making the provider our pick for quick access to cash. This funding speed is available throughout the year, 24/7. It’s different from many other providers because some do not make funds available for at least several hours.

OnDeck’s rates can vary based on your specific qualifications as a business. However, it states that rates can range from around 9% to 80%, with APRs starting at 29.9%. You can submit a request for a quote online and follow up with a full application if you like the rate you’re given.

To be eligible for financing, you’ll need a credit score of 625, one year time in business, and annual revenue of $100,000. Lines of credit range from $6,000 to $100,000, which is on the lower end compared to the other providers on our list. You’ll also be limited to weekly repayments over 12 months. As a result, OnDeck may not be your best option if you’re looking for a larger loan amount or more flexible repayment terms.

If you have questions about the line of credit, you can contact the company by requesting a quote or submitting a loan application online. You can also call using the toll-free number on its website. Visit OnDeck for more information.

SBG Funding has a minimum credit score requirement of 500. That’s the lowest out of all the providers in our guide, making it a good choice if you have bad credit.

It offers lines of credit up to $150,000 with rates starting at 1.75% per month. To be considered for a loan, you’ll need to have six months’ time in business and $10,000 in monthly revenue. The application process can be done in less than 10 minutes, with decisions being made as quickly as 24 hours. In some cases, same-day funding is also available.

If you get a revolving business line of credit with this provider, you can have terms ranging from six to 24 months. The loan can also grow with your needs as it’s eligible for a credit limit increase every 60 days. You can draw only what you need from the line of credit, with the option to pay it off sooner to save money on interest charges. SBG Funding does not charge prepayment penalties.

With bad credit, it’s understandable if you are worried about your chances of getting approved. However, the provider states that it has an 85% approval rate for its applications. Submitting an application won’t hurt your credit score either, so there is little downside in reaching out to see if it can help. Visit the SBG Funding website to learn more or to apply.

Credibly is our recommendation as the best line of credit provider for newer businesses. This is because it has a combination of low requirements for business revenue, time in business, and credit scores.

You can qualify for a line of credit with a minimum credit score of 650, revenue of at least $20,000 in average monthly deposits for the past three months, and six months’ time in business. Although these are easier qualification requirements compared to other lenders, you can still get competitive rates with APRs that start around 15%. You also have some flexibility in repayment options as you can choose weekly or monthly payments between six and 24 months.

Credibly offers loan amounts up to $250,000. To apply, you’ll need to provide basic information about you and your business, government identification, and your most recent three months of bank statements. Loans over $100,000 will also require your most recent business tax return.

One downside with Credibly is the fact that it can be difficult to increase your credit limit without reapplying. Some providers, such as SBG Funding, allow for the possibility of an increase through periodic reviews of your existing account. Credibly may also charge an origination fee for its loans, which can be as much as 3%. However, the exact amount is unknown until after you apply.

To learn more or to submit an application, you can visit the Credibly website.

Kabbage Funding issues business lines of credit requiring monthly revenue of just $3,000 to qualify. That makes it a good choice for businesses that may not meet the higher revenue requirement of other lenders.

Other requirements to be considered for a loan include 12 months’ time in business and a credit score of 640. If you are eligible, you can qualify for a credit line of up to $150,000. Repayment can be made monthly over six, 12, or 18 months. Kabbage Funding’s rates come in the form of a monthly fee (detailed in our table above). The term of your loan will determine your rate and minimum draw amounts.

One downside is that while the application process can be done in less than 10 minutes, the approval and funding process can take a bit longer—each can take one to three days. Additionally, it can take anywhere from one to three days to get access to your cash once you decide to draw on the line of credit.

You can apply for a small business line of credit on the Kabbage Funding website.

With more than 75 lenders in its network, submitting an application with Lendio gives you the best chance of approval. It also offers a wide range of loan options and a good chance of finding a loan with favorable loan terms.

To qualify, you’ll need to have a credit score of 560, annual revenue of $50,000, and six months’ time in business. While these requirements are easier to satisfy compared to some providers, a downside is that it can take longer to get access to your funds. Applications can be completed online in about 15 minutes, although approvals can take several days. If you’re starting the process as a new applicant, it could be one to two weeks before you get access to funds.

Lendio provides options for both secured and unsecured lines of credit. You can get more competitive rates with a secured line of credit with less strict application requirements and higher funding amounts. If you don’t want to pledge any business assets as collateral for the loan, you can try to qualify for an unsecured line of credit. However, application requirements may be stricter, and you can expect to receive higher rates with lower funding amounts.

You can submit an application through the Lendio website. Once this is completed, you can review your loan matches from its network of more than 75 lenders. You can also speak with a Lendio team member to help you find the best loan for your needs.

If you’re a small business owner looking for a large amount of financing, Wells Fargo might be a good choice. The provider offers small business lines of credit as high as $1 million, which is more than any other lender on our list.

It offers several different types of small business lines of credit, each with varying qualification requirements and terms. It offers a Prime line of credit, a Small Business Advantage line of credit, and a BusinessLine line of credit. The Prime line of credit offers credit limits as high as $1 million while the Small Business Advantage and BusinessLine loans have a maximum of $50,000 and $150,000.

One possible downside is that Wells Fargo generally requires strong credit to qualify for financing. While the exact requirements can vary based on loan type, you’ll typically need at least a 700 credit score to have a good chance of being approved. This provider also requires at least $2 million in annual revenue to qualify for its higher credit limits on the Prime line of credit, which only comes as a secured loan, so you’ll need to pledge business assets as collateral. Starting rates are based on the US prime rate, currently 7.5%.

If you don’t meet the requirements for the Prime line of credit, you can still consider the lender’s other lines of credit. Rates start as low as 9.25% for the BusinessLine loan, and 12% for the Small Business Advantage loan.

If you decide to apply with Wells Fargo, note that it may not be the fastest to get you a loan. While other providers listed in our guide can fund within 24 hours of receiving a loan application, the process of applying and getting approved and funded can take a total of three to 10 days with this lender.

Head over to the Wells Fargo website to learn more or to apply.