Fora Financial
Fora Financial offers loans of up to $1.4 million, with terms no longer than 15 months. With Fora Financial’s loans, you get flexible payment schedules, discounts for early payoff and no collateral requirements. Fora’s minimum qualifications are relatively relaxed compared to those of other lenders. You need to have six months in business, at least $12,000 in gross sales, a personal credit score of 500 and no open bankruptcies. We also like the online portal, where you can monitor your loan progress in real time.
Noble Funding
Noble Funding offers quick and easy small business financing, with starting rates and requirements that are competitive with those of similar providers we reviewed. What stood out to us is Noble Funding’s emphasis on transparency, in-person assistance and zero fees. The company also earns high praise from customers on independent review sites.
If you’re looking for long-term financing, Noble has loan options of up to $500,000. Noble’s bridge loans range from $100,000 to more than $4 million for short-term financing. Long-term loans start at 8.99% interest and don’t require any collateral. You do need a credit score of at least 650 to qualify, though.
Balboa Capital
Balboa Capital offers quick funding and a simple online application that can be completed within minutes. We like that reams of paperwork and documentation are not required, and that there are no collateral or hidden fees. If approved, funds can be immediately deposited into your account. This straightforward process makes Balboa Capital an attractive lender for business owners looking for an easy approval process.
Balboa Capital offers several niche financing options that aren’t available from many other business loan providers. The company offers a specialized product for franchisees and provides vendor funding for business owners who want to extend financing to their customers.
Crest Capital
Crest Capital offers a variety of flexible funding options designed specifically for businesses looking to invest in equipment. It offers loans between $5,000 and $500,000, fast funding and competitive rates. Crest Capital provides small business owners with equipment financing of up to 100% of the cost, including “soft” costs such as installation. If you want to finance equipment for less than $250,000, Crest Capital requires only that you fill out a quick and easy online application.
Accion
Accion Opportunity Fund is an excellent lender for underserved borrowers because this nonprofit is dedicated to helping small businesses that have trouble accessing traditional funding. With loans ranging from $500 to $150,000, a willingness to work with business owners with imperfect credit and its commitment to helping small businesses grow, Accion stands out from other microlenders.
We appreciate Accion’s focus on underserved markets, including women-owned, disability-owned and minority-owned businesses. It’s also willing to work with startups and food and beverage businesses that are often unable to access funding easily. Accion offers options for small loans, which is a plus for many businesses that are getting started. Term loan rates start at just 5.99% and vary by credit score.
Accion’s microloans feature low interest rates starting at 5.99%. Source: Accion
Truist
Truist has years of experience working with the SBA and offers a variety of funding options. Truist is the result of a merger between SunTrust Banks and BB&T and is the only bank lender on our list. SBA loans don’t fall into the alternative loan bucket but are a popular and attractive borrowing option. Since the government backs most of the loan, lenders like Truist can accept lower down payments, offer longer repayment terms and charge competitive interest rates. As an SBA Preferred Lender, Truist has demonstrated its commitment to providing efficient funding.