Best Small Business Loans and Large Business Loans for 2022
Updated: Apr 13
AmeriCapital Solutions does have many options for the best small business loans and the best large business loans. If you are looking for good business loan options, AmeriCapital Solutions can connect you with just about any kind of business loan or line of credit currently available in the United States at this time.
We are able to assist a small business to acquire a small business loan. However, we also have options for large nationwide businesses. We have business funding options up to $25-Million and sometimes more for large commercial projects or developments.
Small business loans can be challenging to acquire because most bank loan products require that the company has at least 2 years in business. If you don't have 2 years in business, you may have to utilize alternative cash flow assistance tools such as invoice factoring, accounts receivable financing options, purchase order financing options, equipment financing using your personal credit, or Small Business Administration (SBA) options.
For Small Business Administration (SBA) or SBA Loan options, it is very advantageous to find a Business Loan Broker that has multiple SBA lenders with whom they have relationships. In order to process your SBA business loan application with the highest chance of approval, you really want to have it packaged by a professional.
This is because the SBA is so busy, that they will decline your loan application if even the smallest thing is wrong or not the way they like it. And once something is seen, it can't be unseen. Once they have declined an application, it is hard to get them to look at it again.
What is the Minimum Credit Needed for a Business Loan?
For a secured bank business loan or a loan that has collateral, it is difficult to get approved to receive funds unless you have at least a 650 credit score. There are loan programs and loan options available for persons with bad credit or lower credit scores but they will require you to provide business bank statements that show you can easily meet the repayment terms.
They will calculate your average monthly revenue and determine your projected annual revenue. If this fits into their scoring model, you will then receive a loan offer but the loan terms may be a bit on the expensive side, which means you may not like the interest rate.
Can a Credit Repair Person Help Me Meet the Credit Score Requirements?
The short answer is perhaps. Here at AmeriCapital Solutions we have an in-house credit repair person who can audit your credit report and tell you if he can help you or not. But we have seen him work miracles and get some clients scores up 100 to 200 points in just a few months. He can get inquiries, late pays, repos and other derogatory items on a client's credit report removed quickly.
As a USA small business owner, this can make it much easier for you to be approved for business funding, a credit line, business financing, personal loans, equipment loans, SBA loans, commercial real estate loans term loans, with interest rates and repayment terms that are much more affordable.
What Loans Are Available?
If you are a client of AmeriCapital Solutions and you have at least 6 months' time in business, then we begin to have financing options for you. Small businesses love working with us because we consult with them one-on-one to access loan amounts from as little as $7,500 all the way up to $25,000,000. Interest rates can be as low as 4%. For USA small business owners, we can really make the financing world your oyster.
Types of Loans We Can Help You With - We Have Options:
Working Capital Loans
Commercial Real Estate Loans
Mergers and Acquisitions
SBA Standard 7(a)
SBA Express Loan
SBA Export Express
SBA Export Working Capital
SBA CAPLines: The SBA’s version of a business line of credit
SBA CDC/504 Loan Program: The SBA’s version of a commercial real estate loan
Business Line of Credit
Equity Line of Credit
Hard Money Loans
Accounts Receivable Financing
Personal Business Start-up Term Loan
Fix & Flip Loan
0% Business Credit Cards up to $100,000
We Have Many Banks and Credit Unions in Our Network
We not only have a lot of banks and credit unions in our network, which means higher approval chances for our clients, but even better, we have banks and credit unions that specialize in funding certain industries. This enables us to take your file to an institution that likes your specific type of business.
We Are Nothing Like the Online Lenders You May Have Experienced
Online lenders or business loan brokers usually do not work with you one-on-one. They simply take your application and documents online, and auto-submit or shotgun your file out to multiple lenders, sometimes 50 to a 100 or more, and see what comes back.
Your phone and email start getting blown up with all types of loan offers and offers for lines of credit, often claiming that you are pre-approved, only to find out later that there is no such thing as pre-approved. Not-to-mention now your information is all over the place, opening you up to and increasing your odds of identity theft and fraud.
Experience the Business Financing Difference of Working with AmeriCapital Solutions and the Oasis Funding Network.
We put you in a secure funding circle and have an easy secure application process. We underwrite your file in-house only after having 1 or more phone consultations with you to make sure we understand your short-term and long-term needs and your specific business situation, so that we can get you the type of loan. Our goal is to meet your small business financing needs. (We work with large nationwide businesses as well)
We do not pull your credit, so your credit score is not impacted, and we then come back to you with a list of the options we feel you can get approved for. These will be loan options with eligibility requirements you can actually meet, and that fit your business needs. Included will be approximate rates and terms, so that you can evaluate if any of those loan or line of credit options make sense for your business.
We work with online lenders, brick and mortar lenders, traditional lenders, alternative lenders, private lenders, private funding companies, SBA lenders, investors and hedge funds. We make sure you know your maximum loan amounts. The right types of loans can help your business grow and always have fuel on the fire so-to-speak.
Small Business Loans that Make Sense
We help our small business owners and small businesses gain access to financing options and small business loans as well as multi-location nationwide large company business loans, that make sense for their unique business situation.
If you are looking to get a small business loan it is important to understand how small business loans work, including SBA loans, Merchant Cash Advance loans, Working Capital Loans, Unsecured Loans, Term Loans, Equipment Financing, Secured loans, and other cash flow assistance programs. Some programs have minimum credit requirements that are easy to meet. The average term loan for example may not require any collateral. However, unsecured term loans often have higher interest rates.
Some small business owners prefer to use a term loan in the place of equipment financing because it is easier to get approved for and has a flat interest rate instead of an APR or annual percentage rate. Term loans can be offered by a bank or by an alternative lender. Whereas equipment financing can require you to jump through a lot more hoops than a term loan.
As well a term loan may not require you to have as many years in business.
If you do not currently meet the minimum credit requirements, or have bad credit currently, we have our own in-house credit repair expert. He can be one of the best tools small businesses can have at their disposal.
The best small business is a small business with no derogatory items on their credit report. If you have bad credit, or your business has bad credit (you must build your personal credit score and your business credit score) it is going to be very difficult to grow your business.
Small businesses really need access to credit lines and loan options so it is very important that you can meet the minimum credit requirements.
Lines of credit these days often have minimum credit requirements that can be difficult to build and easy to lose. SBA loans as well can be difficult to get a small business loan approval with, although they also do have equipment financing or equipment loan options for business owners.
For example, when most business owners think of any kind of loan, they usually imagine that they will be making monthly payments. However, in the case of a merchant cash advance loan, some term loans, and some equipment loans, business owners may not be making monthly payments.
Instead, after the business owners receive their lump sum disbursement of funding, they could be making weekly payments, bi-weekly payments or in some cases even daily payments Monday through Friday.
Cash Flow is King
As a business owner, you of course want to exercise tight control over your cash flow. Many small business lenders in the alternative lending space, may claim to only offer loans and alternative business lines of credit that their clients can afford, and that can get a small business certain advantages in the current business climate, but that is not always the case. They may be happy to sell you a loan amount that is not really affordable for you, because as long as you do not default in the first 30 days, they get to keep their commission.
Beware of Predatory Loan Brokers
Unfortunately, there are a lot of unscrupulous characters in the alternative lending world. Many loan brokers will not be honest with you about the type of loan they are trying to sell you. They may tell you it is a line of credit, when actually it is an unsecured working capital loan.
They may try the bait-and-switch technique of sales where, for example, they say the are going to help you get an SBA loan or SBA business line of credit, when they have no intention of or ability to, deliver on that promise.
They soon just tell you, "Sorry but you don't qualify, you have bad credit, you have insufficient time in business, " or whatever other excuse they can come up with, and then they try to move you to more expensive loan options or line of credit options that make them the most money.
If you have a small business, with short time in business, yes, you may be stuck in the more expensive alternative lending world initially. One nice thing about the alternative lending worls is that lenders may only need bank statements to provide you with an approval and let you know what your maximum loan amounts are.
But when you are working with AmeriCapital Solutions and the Oasis Funding Network, we will help you build a roadmap to meeting the eligibility requirements where traditional lenders may be more inclined to issue you higher maximum loan amounts and much better rates and terms.
We will help get you to a place where more loans are available to you, more loan programs, more lenders with a streamlined application process, minimum credit inquiries, and financing options that fit your business needs.
How Much Time in Business Do I Need?
You need to have at least 4 months time in business for alternative lending or funding such as a Merchant Cash Advance. For our business start-up personal term loan programs, you do not need any time in business. But for traditional lenders, brick and mortar lenders, many SBA loans, traditional small business lines of credit with monthly payments, traditional working capital loans or SBA working capital loans, lenders may never even consider you unless you have at least 2 years of time in business.
If you have 5 years or more time in business, even more options will become available to you. Especially if your annual revenue is over $500,000. Once your average gross revenue is over a million dollars, depending on your business industry type, longer term business financing and business funding options with a low interest rate will also be attainable.
Best Loan Terms
The best loan terms with the best repayment terms, have high credit score requirements. Ideally you want to achieve a 700+ credit score, have a consistent growing annual gross business income. The best small business is a business that has a high business credit score with Dun & Bradstreet and Experian Business Credit.
It is very important for USA small businesses to get a Dun 7 Bradstreet account and an Experian Business Credit account and utilze trade lines that build their credit history and credit score with these 2 agencies.
Business Owners Looking for the Best Small Business Loans
SBA loans can be very useful if you can get approved. You need to have a personal credit score of 650 or higher. AS previously mentioned, if you do not currently have at least a 650 personal credit score we may be able to help.
The SBA has lines of credit, at great interest rates, and the loan amount can go into the millions. As well, there are online lenders that work with the SBA and SBA loans are loved by banks and credit unions because if the borrower defaults, the federal government pays off the loan to the bank. This means that banks and credit unions have no risk. An SBA loan is like free money to the bank or lender.
Online lenders love to get SBA approvals because it is easy money to them if they can get enough applicants into the application process pipeline. However, online lenders are not the best option for getting working capital or small business financing, especially from the SBA. Online lenders do not work with you one-o-one to prepare your loan application properly, help you with your personal credit.
Use a Professional that Knows How to Tell the "Story" of Your Business to the SBA for Your Small Business Loan Application.
The Small Business Administration is very particular about how the business loan package is sent to them. Online lenders do not usually help with the application process. When dealing with the SBA, your business needs to have a representative that knows how to properly tell the story of your business to the SBA, beyond your credit score, and walk you through every step of the application process, especially if you are seeking a higher loan amount.
It is possible to get an SBA loan or line of credit with a loan amount into the millions. But not if your SBA business loan application is just a generic preparation and it cannot have any mistakes.
Obviously, you want to get a max approval of the highest loan amount possible. Even if that loan amount is more than you think you can afford to take at the time, at least you know your loan amount range at your current revenue. A good loan broker professional who knows the underwriters for his lending partners can be invaluable at helping you, the business owner, in this area.
Don't Get Double Dipped on the Interest!
Some alternative lenders love to charge interest on interest. How do they do this? With certain types of merchant loans or merchant advances (these have higher interest rates and are not legally speaking an actual business loan) you can get additional capital when you are 40% to 50% paid in.
As some of the loan terms can be as little as 3 months, that means you can potentially get new funding every couple of months. The average contract is a six-to-nine-month loan term or cash advance contract term, so in most cases, you can get additional capital every three to five months. They call this a "renewal."
If you decide to take the renewal at 50% paid in, what most of these types of lenders or funders do, is refinance the balance owed on the current loan or advance, including all of the interest you still owe, into the new contract. Now they are now charging the business owner interest on their own interest!
Their interest rates are likely already high, and now they are charging you interest on money they were charging you to use their money in the first place: on money you never even got to use! If this process is repeated again and again, they can make thousands or tens of thousands in extra interest, on top of their already high interest rates. We call this "Double Dipping."
AmeriCapital Solutions and the Oasis Funding Network has Alternative Lenders that do not Double Dip You on the Interest.
We have a funding partner that we affectionately call, "The Non-Double Dipping Company." They have a rapid business funding option that can almost work like a revolving line of credit. If approved, you can get a lump sum disbursement within 48 hours of applying. This is not technically a business loan. It is an advance against the receivables of the business.
They review your most recent 6 months of bank statements to determine what the maximum weekly payment amount is that your business can afford. Once you are approved you will get a maximum approval amount. For arguments sake, lets say that maximum lump sum approval amount is $100,000 on a 6-month term.
Read carefully to understand how this program can almost work like a line of credit. (Small business lenders typically approve much lower initial dollar amounts on business lines of credit than merchant cash advance lenders or alternative term loan lenders will approve on a lump sum funding.)
If the non-double-dipping merchant cash funding company approves you for $100,000 but you, for example, only take $50,000, you have left $50,000 on the table. If anytime after 2 weeks of receiving your initial lump sum deposit into your business account, you decide that you need additional capital, you can request it, even if it is long before you are 50% paid in. Very few funding companies will allow this.
Whenever you take additional capital, whether you are accessing the funding you left on the table or you are taking your renewal option at 50% paid into the initial contract, they never refinance the balance that you owe. Instead, they just tack it on to what you already owe, and extend out the term. You are never paying interest on interest.
Also, you are not stacking yourself with multiple payments. You are keeping your funding circle tight. (It is good to keep your funding circle as small as possible. Your funding circle is the amount of small business lenders you are working with at one time.) If at all possible, try not to take a merchant loan or a merchant advance from more than one source at a time.
How We Can Assist You in Applying for Business Loan Options that Make the Most Sense for Your Business.
AmeriCapital Solutions and the Oasis Funding Network can help you optimize your search for small business loan options that are optimal for your cash flow goals. We have all the options for small business loans or loans for large businesses as well. We can facilitate any type of business loan currently existing in the market right now.
We can assist you first, just because we have so many small business loan partners and business funding partners. The next way we can help you is by preparing your loan application package and making sure it is perfect before we submit it to a business loan lender or funder for underwriting. Also, we know the underwriters and can speak to them on your behalf.
We also have small business loan providers that are willing to work with a business owner that has a lower personal caredit score or a lower business credit score. If you need help getting your credit score up, we have someone who can help a business owner with that as well.
Also, we know that a business owner is more than just their credit score. We make sure that your credit receives as few inquiries as possible. For some products there are no hard inquiries done on your credit so your credit score is not impacted at all.
Soft Pull vs. Hard Credit Pull
Because we underwrite your file in-house first, we protect your credit score as if it were our own. For some types of funding, we can get you funded with only a soft pull on your credit. This is great for you, because you can potentially get approved for a business loan with no impact on your credit score at all.
We also have lenders that with start with a soft pull on your credit during underwriting, so that if your business is not approved, at least your credit score has not been damaged. Only if your business actually gets funded do you finally incur a hard credit pull prior to final funding and only then is your credit score impacted. If at all possible, you want zero or just one hard credit inquiry when trying to get a small business loan.
Small Business Loans for Your Specific Business Category
Another great advantage to working with AmeriCapital Solutions when you are seeking a small business loan or other types of business funding, is that we have banks and credit unions in our network, that prefer certain industries.
You may be declined for a small business loan from your local lender just because perhaps they don't prefer your industry. We wil ldo our best to take your small business loan application package to a lender that does like your industry. This will improve your chances of getting approved for financing even if you annual revenue is not as high as your local bank would like it to be.
The world of business financing can be a stressful place. We like to tell our clients that we are the home of zero stress funding. Is zero stress funding really possible? No, not really when you are applying for the first few times anyway. But we try to make all your interactions with us, as zero stress as possible, by being approachable, kind and patient throughout the entire small business loan approval process.
Merchant Cash Advance Funding
Merchant cash advances are one of the most expensive types of funding you can take. However, in certain situations they can make sense. For example, if your business needs working capital tomorrow or in a week or less you can take a merchant advance while you perhaps wait on your small business loan application to get through the underwriting process.
Small business loans can take 30 to 120 days to finally get funded. There may be a situation where your business cannot wait that long. Also, sometimes a potentially very lucrative business opportunity may come across your desk but you need to come up with some working capital quickly if you want to take advantage of it.
In this situation there will likely not be anywhere near the time needed wait for a small business loan to finally get approved and funded, especially if you need to work on your credit score.
Term Loan Funding
Alternative Term Loans are kind of just a glorified merchant cash advance. The rates are the same or sometimes higher because they charge you more for the small business loan, even though it may not legally be considered a true loan, but often the longer the term, the higher the interest rates will be.
Equipment financing can have as low as a 4% APR but just like a car loan the interest rates can go up over a 30% APR is the applicant has a lower credit score or little credit history. Sometimes you can get an SBA loan for purchasing equipment and the interest rates can be pretty good.
Construction Small Business Loans
Construction small business loans can sometimes be easy to get approved for and other times much more difficult as lenders don't like to approve small business loans for construction based businesses, when the housing market is down or mortgage interest rates are high. But when the housing and construction market is booing and mortgage interest rates are low, suddenly all the lenders are happy to approve construction based small business loans.
Solar and Green Company Small Business Loans
It really does not make any logical sense, but lenders unfortunately lump solar and related businesses into the construction category. So even though solar can be saving homeowners money, increasing the value of their home, making that home a more secure investment, and the rates on financing options for homeowners wanting to install solar are pretty consistent, when a solar company applies for small business loans, the lenders algorithm treats then like a construction company when they are getting scored.
So even though the solar, green and renewables industry should really have its own category, it is unfortunately as likely to be turned down for small business loans during the same economic conditions that construction companies are turned down for small business loans.
Medical Practice Small Business Loans
If you are looking for a small business loan for a medical or dental practice, you have come to the right place. Here at AmeriCapital Solutions, one of the industries we have a lot of experience in getting a small business loan approved for, are businesses in the medical and dental fields.
Medical based businesses are often in need of new equipment. So medical equipment financing is something they are often looking for. Sometimes a medical practice may be maxed out with the medical equipment financing providers they use, and we can get them a term loan option instead that has decent repayment terms as long as their annual revenue is good.
Term loans work well for medical practices as they are often annual revenue high, but cash poor. If you have been turned down for term loans from other providers, we can help you to deal with whatever is causing the declinations and get you back on the road to being approved for the financing you need.
Business Financing for Mergers and Acquisitions
If you are wanting to purchase an existing business or merge a business into your current business we can help you get financing with repayment terms stretched out long enough for the business to get through the transition or get up and running. As a new small business owner, you may need some time for revenue to ramp up. You need small business loan options that fit your situation.
Business Line of Credit
Most USA companies ultimate financing goal is to get approved for a high dollar amount business line of credit. With a business line of credit, you have something available at the push of a button, should sudden need for capital arise.
Plus, you only pay interest on what you use. And the least time you need the funds the more economical that line of credit is.
A line of credit is kind of the ultimate sign of trust from the world of lending and financing. We can succeed to get lines of credit where others have failed.
Commercial Real Estate Loan
If your business is looking to get out of a leased location and into its own building, or just to open a new location, we can help. We have many options with both traditional banks and private sources. The best rates and terms of course will be with a traditional loan source. However, sometimes you need to move quickly to secure a property and cannot wait for the time it takes to get a traditional real estate loan.
A private "Hard Money" source can be instrumental in securing your property in some situations. Here at AmeriCapital Solutions, we have hard money network partners that can assist you in this area.
Fix & Flip Loan
If you have the ability to rehab and remodel homes or even commercial properties quickly, a good hard money loan source can be crucial to the success of your enterprise. We have funders that will finance up to 100% LTV on the acquisitions and rehab of a property by a contractor that has a good track record of successful fix & flips under his/her belt.
Multi-Family Commercial Real Estate Loans
If you have good credit, sufficient time in business, and again a good track record of working on investment properties, we can help you to get approved to acquire and rehab, if necessary, a multi-family income property. This includes, duplexes, triplexes, townhomes, condos, apartment buildings and more.
Make AmeriCapital Solutions Your One-Stop Shop Business Funding Provider.
Call or Text us today at (442) 222-9429 or email email@example.com or visit our website at www.AmeriCapitalSolutions.com.
Written by Rodney Wood - Senior Business Funding Consultant - AmeriCapital Solutions