Fast, flexible small business loans — get funding in as soon as 24 hours. † TrustScore 4.6 | 4674 reviews 185K+ Businesses funded since 2006 $25 Billion+ delivered across the U.S. A+ Rating with the Better Business Bureau Slide 185K+ Businesses Slide $25 Billion+ Slide A+ Rating Fast online business loans from OnDeck. OnDeck offers two types of business funding — a line of credit and a term loan . Both options can provide small businesses with fast access to working capital. Our quick and easy online application can be completed in minutes. If approved, you can work with a U.S.-based loan advisor to choose the terms and funding amount that work best for you. After approval, you can get funds as soon as the same day. † OnDeck Line of Credit A revolving credit line you can draw from 24/7 to receive funds within seconds. * Credit limits from $6K - $200K Flexible repayment terms of 12, 18 or 24 months Great for keeping funds on hand OnDeck Term Loan A one-time lump sum of cash with an eventual option to apply for more. Loan amounts from $5K - $400K Repayment terms up to 24 months Great for larger investments in your business How do small business loans work? Small business loans give you access to financing you can use to invest in your business. Whether you need additional working capital to grow, or you need to smooth out cash flow during the offseason, small business financing can help. There are different types of business financing available. A term loan offers a lump sum of cash upfront that you can repay over time. A small business line of credit gives you access to a set credit limit that you can draw from as needed, and as you repay the funds become available to borrow again. Understanding your financing options can help you choose one that works for you and your needs. To get a small business loan, you can apply with traditional lenders like banks and credit unions, or you can use an online lender that offers a fast application and quick decisions. To prepare, begin by gathering the necessary documents and researching minimum requirements. The approval process will vary depending on the lender, but they’ll typically evaluate things like your credit score, time in business, revenue and other financial and business details to make a decision. Once approved, you will receive your funding and repay your loan according to your repayment schedule. A business loan calculator can help you estimate costs. Compare Business Loan Options: OnDeck vs. SBA Loans SBA loans are loans backed by the U.S. Small Business Administration. They’re offered through banks and other approved lenders and known for their competitive rates and long repayment terms. These loans can be hard to qualify for and may come with additional paperwork and slower funding times. While OnDeck doesn’t offer SBA loans, they’re worth understanding if you’re comparing options. SBA Loans: What You Need to Know When it comes to small business financing, SBA loans are among the most popular and trusted options available. Understanding how these types of loans work and what you may be eligible for can help you find the right funding for your business. SBA 7(a), Express, 504 and Microloan Programs The SBA works with lenders to offer several different types of loans for small business owners. SBA 7(a) Loan Program The 7(a) Loan Program is the SBA’s main business loan program. These loans can be for as much as $5 million and the funds can be used for a wide variety of business purposes. Borrowers can use these types of loans for working capital or to do things like purchase commercial real estate, equipment and more. SBA Express Loan SBA Express loans are a part of the 7(a) program, but they are designed to offer a faster timeline. Certain qualified lenders can use their own processes to approve loans without a full review from the SBA — meaning borrowers can receive a decision faster. However, as a trade off, the loan amounts are smaller than a normal 7(a) loan. SBA 504 Loan Program SBA 504 loans are designed to support long-term investments that help fuel business development and job creation. They are available through non-profit organizations that partner with the SBA, called Certified Development Companies (CDCs). CDCs work to support local economic growth and help connect small businesses with funding that will fuel projects that fit community development goals. SBA Microloan Program Microloans are smaller loans designed for newer businesses, startups or those without much credit history. The typical microloan is around $13,000 , but they can provide up to $50,000 in certain situations. Eligibility Requirements and Application Process SBA loans typically require more paperwork than other funding options. You’ll need to complete detailed applications and provide a lot of financial documentation. You may also need to provide a business plan and outline how you’ll use the funds. The process can take several weeks and can vary depending on the lender. SBA Requirements To qualify for an SBA loan, you typically need to be a U.S.-based for-profit business. You’ll also need to meet SBA size standards and demonstrate that you couldn’t obtain similar business credit elsewhere. Lender Requirements Lenders that offer SBA-backed loans also have their own eligibility requirements. These can vary, but most look for a strong credit history, solid revenue and a certain amount of time in business. They may also ask you to provide collateral or a personal guarantee. How to apply for business funding. Step 1 Complete the application. Our streamlined loan application process is designed to be completed in just minutes. Complete the application. Our streamlined loan application process is designed to be completed in just minutes. Step 2 Get a decision. Work with an expert loan advisor to discuss eligibility and choose the best funding option for your business needs. Get a decision. Work with an expert loan advisor to discuss eligibility and choose the best funding option for your business needs. Step 3 Receive your funds. Sign your contract and get funds sent to your business bank account as soon as the same day. † Receive your funds. Sign your contract and get funds sent to your business bank account as soon as the same day. † Small Business Success Stories Chandra Franklin Womack, P.E.

Line of Credit Term Loan Aran & Franklin Engineering “I got an amazing offer for a line of credit that would give me some flexibility for the future.” Why Chandra chose funding from OnDeck: Simple loan application Several funding options OnDeck Minimum Requirements ** 1 Year in business Business checking account $100K business annual revenue 625 personal FICO ® score FAQs: Small Business Loans What is a small business loan? A small business loan is a type of financing where a business borrows a fixed amount of money and repays it over time with interest. These loans are commonly used to fund operations, manage cash flow or invest in growth. Unlike a business line of credit, which is revolving, a small business loan is typically issued as a lump sum with a structured repayment schedule. Approval is often based on factors like credit score, revenue and time in business. Lenders such as OnDeck offer small business loans designed to support a wide range of business needs. Common uses include: Working capital and cash flow gaps Inventory and equipment purchases Hiring, payroll or expansion What are the different types of small business financing? Small business financing includes a range of funding options designed for different needs, from managing cash flow to funding expansion. Each type has its own structure and repayment model. Business funding options vary based on flexibility, cost and what they’re best used for. Common small business financing types include: Term loans (lump sum with fixed payments) Lines of credit (revolving with flexible use) Equipment financing (asset-based and often secured by the equipment) Merchant cash advances (revenue-based) What is the best type of loan for small businesses? The best type of loan for a small business depends on how the funds will be used and the business’s financial situation. Different loan types serve different purposes. For example, term loans are typically better for large investments, while lines of credit are often better for managing cash flow. There is no single “best” option for every business. Most businesses evaluate small business loan options based on use case, repayment terms and qualification requirements. What are loans for startups? Startup business loans are financing options designed for new businesses with little or no operating history. They help cover early-stage costs like inventory, marketing and setup. Unlike established businesses, startups often rely more on personal credit, projections or alternative financing methods. Approval can be more challenging due to limited financial history. Some lenders offer startup business loans with flexible requirements based on potential rather than history. What are the different types of business loans? Types of small business loans include term loans, lines of credit, merchant cash advances and equipment loans. There are many different types of business loans. Understanding your options can help you choose the one that fits your business. Some can help make major investments in business growth, some can help you level out cash flow during a slow season and others may be better suited for an entrepreneur just getting started. Term loan. A business term loan provides funding for small businesses in a single lump sum. Maximum loan amounts typically exceed those offered by a line of credit or cash advance. Borrowers may repay a term loan through a regular schedule of daily, weekly or monthly payments. Term loans are typically used for big, one-time investments such as buying machinery, renovating a facility or large inventory purchases. Line of credit. A business line of credit provides access to a specific amount of funding that borrowers can tap as needed. Funds are repaid through a regular schedule of payments, and the available credit replenishes as funds are repaid. A line of credit is a good financing option for recurring expenses — it allows borrowers to withdraw within their credit limit without reapplying. Many business owners use it for flexible, short-term working capital that can smooth cash flow gaps, cover unexpected expenses or fund day-to-day operational expenses. Merchant cash advance. A merchant cash advance (MCA) provides businesses with lump-sum financing in exchange for a portion of future sales at a discount. Funding is often quick, but repayment can be expensive relative to other types of financing. Depending on the provider, repayment can be as a percentage of your debit and credit card sales or as a fixed scheduled payment (regardless of what your sales have been). Equipment loan. Equipment loans are typically for purchases of machinery or work equipment, and are offered by many banks and online lenders. Typically, the purchased equipment serves as a form of specific collateral to secure the loan, which may allow the lenders to offer a more competitive interest rate than an unsecured loan. However, if the borrower defaults, the lender can repossess the purchased equipment. Standard business term loans can also be used to make equipment purchases. Can I get a same-day business loan? OnDeck offers funding in as soon as 24 hours for qualified customers. † Timing depends on things like what time you apply and where you’re located. If you need capital quickly, applying early in the day can help speed things up. How do I qualify for a small business loan? Qualifying for a small business loan typically depends on several key factors, including your personal and business credit score , business revenue, time in business, and financial history. Most lenders look for a personal credit score of 650 or higher, at least 1 - 2 years in operation, and consistent cash flow to ensure you can repay the loan. You’ll also likely need to provide additional information with documentation such as tax returns, bank statements and sometimes a business plan. What is the easiest small business loan to get? The easiest small business loans to qualify for are usually online loans and lines of credit from alternative lenders, which often have more relaxed requirements than traditional lenders. Other types of business financing that can be more accessible for new businesses or those with lower credit scores include merchant cash advances, invoice factoring , and loans advertised as “ business loans for bad credit ” or “ no credit check business loans .” However, these easier-to-get financing options may come with higher interest rates, shorter repayment terms and other risks, so it’s important to weigh convenience against cost. Are small business loans secured or unsecured? Whether a small business loan is secured or unsecured depends on the lender and the loan itself. Many traditional banks and credit unions specialize in secured loans — though some may offer unsecured loans, too. Online lenders are better known for unsecured business loans , though many offer both. With a secured loan, the borrower pledges collateral, such as property or liquid assets, in exchange for the loan. If the borrower defaults, the lender can take possession of the collateral to recoup losses on the loan. Unsecured loans don’t require collateral. This increases the risk to the lender, so interest rates for unsecured loans are typically higher than those for secured loans. To provide flexibility, OnDeck’s term loan is secured with a general lien on business assets. This can help healthy businesses secure a small business loan, even if they don’t have specific collateral to offer. OnDeck’s line of credit is unsecured. Are small business loans installment credit or revolving credit? Small business loans can be installment (closed-end) credit or revolving (open-end) credit, depending on the financing option you choose. Term loans are installment credit, meaning you receive a lump sum up front that you can repay in smaller installments over time. Lines of credit are a form of revolving credit and work similarly to a credit card (though there are a few key differences). With a line of credit you’ll be given a credit limit that you can borrow up to. As you repay, the funds become available to borrow again. Are small business loans fixed or variable? Small business loans can be either fixed or variable, depending on the type of loan and the lender. Traditional term loans and many SBA loans often come with fixed interest rates, meaning your payment stays the same over the life of the loan. On the other hand, lines of credit and some alternative loans may have variable rates that fluctuate based on market conditions. Always check the loan terms carefully to understand whether your rate is fixed or variable and how it might affect your payments. Resources for Small Business Success For more business resources and information on small business loans, check out these blog posts. Business Line of Credit vs. Term Loan What You Need to Know About Short-Term Financing Business Loan Calculator: Estimate Payments, Borrowing Costs and Loan Amounts