Best Long-Term Business Loans Of 2024

National Funding offers working capital small business loans from $5,000 to $500,000 with terms of four months to two years, paid daily or weekly. Borrowers can use their funds for all working capital needs, including inventory, payroll, marketing, taxes and more. National Funding also offers equipment financing up to $150,000 but applicants must have a minimum personal credit score of 575 to qualify for that financing method.

Unlike most business lenders, National Funding offers early payoff discounts. Small business loan customers who repay their total remaining balance in full within the first 100 days of the contract will automatically receive a 7% discount off the total remaining balance. Equipment financing customers who repay the total remaining balance early, at any point during the term, will automatically receive a 6% discount off the total remaining balance.

Eligibility

• Minimum credit score: 600 (575 for equipment financing)
• Time in business: Six months
• Minimum sales: $250,000 per year

Turnaround time

Most loans are funded within 24 hours of approval, subject to receipt of required documentation, underwriting guidelines and processing time by your bank.

National Funding offers loans from $5,000 to $500,000, but two years is the maximum length for a large loan. I had a client that got excited by what he thought would be a lending source that could do $500k for five years, but the five-year loan was only offered at $100,000. A local banker made a collateralized loan for the large equipment purchase, and the client took a small short-term loan from National Funding to help with cash flow during a tough spot.

— Herman Thompson, Jr., advisory board member

Lendio is an online business loan marketplace that connects prospective borrowers with traditional banks and nonbank online lenders. By filling out one application, Lendio is able to connect business owners to over 75 lenders. Over its existence, Lendio has helped small business owners receive over $12 billion in funding nationwide.

Applicants may see Lendio as a one-stop-shop. You can apply for business loans, lines of credit, SBA loans, equipment financing, merchant cash advances (MCAs), commercial mortgages, invoice factoring and business acquisition loans. However, because Lendio is a marketplace and not a lender, it doesn’t publish specific terms. Instead, you’ll have access to its lending partners, and it will help you find the best offer for your specific needs.

Overview

Lendio is an online business loan marketplace that connects prospective borrowers with traditional banks and nonbank online lenders. Over its existence, Lendio has helped small business owners receive over $12 billion in funding nationwide.

Applicants may see Lendio as a one-stop shop. You can apply for business loans, lines of credit, SBA loans, equipment financing, merchant cash advances (MCAs), commercial mortgages, invoice factoring and business acquisition loans. However, because Lendio is a marketplace and not a lender, it doesn’t publish specific terms. Instead, you’ll have access to its lending partners while helping you find the best offer for your needs.

Eligibility

• Minimum Credit Score: 560
• Time in Business: Six Months
• Minimum Annual Revenue: $50,000

Funding time

Applying through Lendio takes 15 minutes. After you review your offers and are approved by your lender, you can receive your funds in as little as 24 hours.

Funding Circle has been a direct lender specializing in small business loans since 2010. Since its inception, it has helped 130,000 businesses in 700 industries and lent $19.4 billion globally. We chose Funding Circle because it provides fast, affordable loans with a simple application process and funding in as little as 48 hours. Prospective borrowers have three options: business term loan, line of credit or SBA loan.

Funding Circle term loans range from $25,000 to $500,000 with repayment terms from six months to five years. If you choose to apply for a business line of credit, you can access credit lines between $6,000 and $100,000. However, Funding Circle doesn’t specify its line of credit repayment terms. You can also apply for Funding Circle SBA loans, which range from $25,000 to $500,000 with terms up to 10 years.

There is one main drawback of Funding Circle: there’s a one-time origination fee on each loan ranging from 3.49% to 6.99% of the approved loan amount.

Eligibility

• Minimum credit score: 660 for most loans; 650 for SBA loans
• Time in business: Two years
• Minimum revenue: None for most loans; $400,000 per year for SBA loans

Turnaround time

Depending on the loan type, you can receive your funds within two days. However, SBA loan funding may take up to two weeks.

Funding Circle provides long-term loans that are essential for businesses planning significant investments in growth or infrastructure. The clear terms and lower interest rates compared to short-term loans make this an excellent choice for businesses with a stable financial outlook and a strategic long-term development plan.

— Cache Merrill, founder and CTO, Zibtek

Business owners can apply for traditional term loans and lines of credit, U.S. Small Business Administration (SBA) loans and even other products like credit cards and checking accounts through TD Bank.

TD Bank offers business loans from $10,000 to $1 million with terms ranging from one to five years. If you’d rather have access to a line of credit, it offers credit lines between $25,000 and $500,000. What’s more, TD Bank is an SBA-approved lender, meaning you can apply for an SBA through the bank. SBA loans typically have loan amounts of up to $5 million and terms up to 25 years.

The company also stands out for healthcare professionals and offers unique financing options for dentists, veterinarians, physicians and eye care professionals. For instance, it offers lending solutions up to $12 million with 100% practice financing plus working capital, in addition to partnership buy-ins and buy-outs, equipment purchase, and practice mergers and acquisitions.

Note: While online applications are available for loans up to $100,000, you must apply in person for loans over $100,000. TD Bank has branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington D.C.

Eligibility

• Minimum credit score: 660
• Time in business: One year
• Minimum annual revenue: Does not disclose

Turnaround time

Although TD Bank offers same-day approval for its business loans and lines of credit, it may take up to two business days to receive your funds. SBA loans, on the other hand, may take several weeks to fund.

QuickBridge is an alternative loan platform that provides small business loans and equipment financing to business owners in all 50 states. Applying with QuickBridge is quick and funding can happen within 24 hours. However, equipment financing is its only long-term business loan; its traditional small business loans only have terms up to 24 months.

Eligibility

• Minimum credit score: 600
• Time in business: Six months
• Minimum revenue: $250,000 per year

Turnaround time

You can apply and receive a decision from QuickBridge on the same day.

QuickBridge, which operates as an alternative lender, provides small businesses with funding within a matter of days. Its thorough approval process involves looking at your business as a whole, more than just your credit score. However, for approval, there’s a minimum credit score requirement of 600 and an annual revenue requirement of $250,000, which isn’t the lowest in the industry.

While the speedy lending process may seem attractive, QuickBridge charges interest as a factor rate starting at 1.10 plus an origination fee in the range of 1% to 5%, making the loans quite pricey.

— Abid Salahi, co-founder and CTO, FinlyWealth

SmartBiz is an AI-lending platform that connects business owners with U.S. Small Business Administration (SBA) loans, term loans and flexible financing options. SBA loans of up to $5 million and term loans of up to $500,000 are available.

When you apply for a loan through SmartBiz Loans, you may receive several offers from different lenders within its network to help you find the lowest interest rate or best terms.

Eligibility: SmartBiz requires a minimum personal credit score of 650 to qualify for a business term loan, 650 for an SBA 7(a) loan and 675 for a commercial real estate loan. Businesses must have at least two years of history to qualify for an SBA or business term loan.

Turnaround time: SmartBiz does not disclose its turnaround times. However, it may take between 3 days to several weeks to receive your funds, depending on your loan type.