Banks like Celtic Bank and Chase Bank are in a race to become the premier lenders in this new Internet of things ( IOT) businesses environment.
It has never been easier for small businesses to access capital as it is today. Thanks to the world-wide proliferation of the internet and all things tech, financial institutions old and new are finding new innovative ways to get capital in the hands of those who need it the most; Small business owners and Entrepreneurs.
Banks like Celtic Bank and Chase Bank are in a race to become the premier lenders in this new Internet of things ( IOT) businesses environment. It is simply unthinkable, today for a small business in need of capital to struggle to find various platforms willing to dole out varying amounts of cash, at flexible repayment terms for a modest interest rate.
All that being said, with so many options out there when it comes to small business loans. I feel the need to highlight my top five. Some, I have personal experience with, and others simply have great ratings and business growth-friendly terms.
As opposed to a traditional loan, Kabbage gives small businesses a line of credit that they can borrow against. If your financials aren't strong, they'll give you a lower line of credit, and as you borrow and pay back loans on time, your line of credit will increase.
It is a great option for small businesses and Entrepreneurs who do not require massive amounts of cash upfront but like to have access to dormant capital when they need.
At least one year in business
$50,000+ annual revenue
560+ personal credit score
Must have a business checking or online payment platform
$2,000 to $250,000
Fundbox, an online lender that offers invoice financing and lines of credit, is best suited to entrepreneurs who need to quickly fill a cash-flow gap.
With an awesomely user-friendly Web platform, Fundbox offers short-term loans or lines of credit for the Small business owner suffering from slow cash flow due to a large amount of receivables. With Fundbox’s invoice financing, you can borrow up to $100,000 and get 100% of the value of invoices that you’re waiting for customers to pay.
At least 3 months in business
$50,000+ annual revenue
Must have a business checking, Accounting software, or online payment platform
$1,000 to $100,000
3. Paypal Working Capital
PayPal Working Capital is a business loan for PayPal sellers. You can apply for PayPal business loans in minutes and immediately access the funds in your PayPal account. You repay your PayPal business loan, plus a fee, with a percentage of your business’s PayPal sales. Through PayPal business loans, borrowers can qualify for as much as 30% of their annual PayPal sales, up to a maximum of $100,000 for the first loan.