Lendio: Startup Business Loans

Take Your Business to the Next Level
Fund the next big thing in your business without the need for capital from family, friends or investors.
19170 Reviews
$500 to $750,000
Loan Amount
Up to 25 Years
Loan Term
0-17%
Interest Rate

Details

Best For
Companies in the early stages
Type of Loan
Business startup loan
Interest Rates
As little as 0-17%
Loan Amount
From $500 to $750,000
Loan Term
Up to 25 Years
Access to Funds
As soon as 2-4 weeks

Video

You’re in the beginning stages of a new business and struggling to cover costs. Or maybe you have a few months of reserves, but going all-in with your business means you’ll draw the account to zero and put the financial health of your business at risk.

Either way, a startup loan could be a viable solution to access the capital you need. But with so many lenders out there, how do you know which is best? Instead of spending hours searching for the perfect fit, consider an online lender matching platform, like Lendio, to assist. 

Lendio is a one-stop shop for business lending, rated by Forbes as one of the best lender comparison sites. To date, the Better Business Bureau (BBB) accredited platform has matched thousands of businesses owners with lenders in its extensive network. It has helped provide over 300,000 small business loans amounting to well over $12 billion. Its impressive roster of funding partners includes American Express, Bank of America, Chase, Funding Circle, Kabbage, LendingClub and PayPal. 

Best of all, you can apply in just 15 minutes with no impact on your credit score. Keep reading to learn more about how startup business loans work, the eligibility requirements and what you’ll need to get started with Lendio. 

Lendio logo
Lendio: Startup Business Loans

Take Your Business to the Next Level

What Are Startup Business Loans?

Startup business loans cater to up-and-coming entities. They’re used to cover common costs, like inventory and equipment purchases, payroll for new staff, office space lease payments, or other monthly expenses your business will incur during the startup stages.

Plus, you can have peace of mind knowing you have the capital you need to grow your business. You won’t have to empty out your personal savings accounts business reserves or ask friends, family or investors for money. Instead, you’ll have a financial cushion at your disposal to make intelligent financial moves without the added stress of coming up with funds or placing your business in a financial bind. Even better, you won’t have to worry about closing the doors to your company if you encounter cash-flow issues. 

How Do You Qualify for a Business Startup Loan?

It varies by lender, but you should also have a business that’s been up and running for at least 6 months and relevant industry experience. 

There are instances where the lender will require collateral to secure the loan. In that case, you’ll have to attach your home, car or another valuable asset to the loan. If you fall behind on payments, the lender could seize your asset and sell it to recoup what’s owed. 

What Is the Minimum Credit Score for a Business Loan?

Lenders in the Lendio network generally require a credit score of at least 680. The minimum credit score for a business loan is likely higher if you apply with a traditional bank. 

Can You Get a Startup Business Loan With Bad Credit?

Worried you won’t get approved for a startup business loan because of your low credit score? That may not be the case, as some lenders will still consider you for a loan with poor credit history. To gauge your approval odds, consider scoping out your loan options with Lendio. If a startup loan isn’t a good fit, you could qualify for one of these other products: 

Lendio logo
Lendio: Startup Business Loans

Take Your Business to the Next Level

How to Get a Startup Business Loan With Lendio

The startup loans from partners in the Lendio network range from $500 to $750,000 with repayment periods of up to 25 years and interest rates between 0 and 17 percent. If your application is approved, you could have the funds in your business bank account in just 2 to 4 weeks. 

Here’s how the process works: 

  • Step 1: Complete the online application and upload supporting documents. This process only takes 15 minutes of your time and will not affect your credit score. 
  • Step 2: Review potential matches for funding in the dashboard. 
  • Step 3: Choose the best funding option for your business and move forward with the formal loan application. (Quick note: a hard credit check will be performed at this point, which could impact your credit score).
  • Step 4: Access the working capital you need for your business. It could take two to four weeks to receive your startup loan proceeds, but some loan products provide you with funding in just 24 hours. 

Before you apply, you’ll need the following information and documentation on hand to expedite the loan review process: 

  • Personal background information
  • A resume and solid business plan
  • Credit reports
  • Personal and business tax returns
  • Signed personal financial statements
  • Projected financial statements
  • Personal and business bank statements
  • The cost or value of possible collateral
  • Business licenses and registrations
  • Articles of incorporation
  • Contracts you have with third parties
  • Franchise agreements
  • Commercial leases

Breathe life into your business and give it the best chance to thrive. Apply with Lendio today!

Lendio logo
Lendio: Startup Business Loans

Take Your Business to the Next Level

This Company Also Offers

Explore how a merchant cash advance relies on daily credit card sales to help with your cash flow and how to get one with Lendio.
LEARN MORE
Getting business equipment finance loans is a challenge. Lendio lets you compare and find the best business equipment financing for you.
LEARN MORE
Submit your application for a business acquisition loan to +75 lenders through Lendio and purchase an existing business or franchise.
LEARN MORE
Apply to accounts receivable funding with Lendio to turn your unpaid receipts into operating cash to expand your small business.
LEARN MORE
If you are looking to fund your business property purchase, learn about commercial mortgage loans and how to get one easily with Lendio.
LEARN MORE
Business term loans are a stable way to get funding to grow your business and improve your credit. Read how to get one through Lendio.
LEARN MORE
Read more about how a short term loan can help your business and how to easily apply for one through Lendio.
LEARN MORE
The U.S. Small Business Administration (SBA) is a federal agency that helps small businesses get funding. Learn how to apply for an SBA loan.
LEARN MORE
Overcome financial challenges and invest in your small business' future with a low-interest small business line of credit from Lendio.
LEARN MORE

Latest News

Learn about several loan options available to self-employed borrowers and how to increase your approval odds. 
Read more

Advertisement Disclosure

Product name, logo, brands, and other trademarks featured or referred to within Banks.com are the property of their respective trademark holders. This site may be compensated through third party advertisers. The offers that may appear on Banks.com’s website are from companies from which Banks.com may receive compensation. This compensation may influence the selection, appearance, and order of appearance of the offers listed on the website. However, this compensation also facilitates the provision by Banks.com of certain services to you at no charge. The website does not include all financial services companies or all of their available product and service offerings.