If you are considering establishing your own business, then you are probably worried about financing more than anything else. Getting guaranteed business loans surely is not easy. You need to get approval first, and even if you do, the interest rates may not be favorable to you. The good news is that the most prominent banks in the country have now started to approve loan applications from small businesses too.
Known as “America’s leading small business lender,” Wells Fargo has comfortably established themselves as the best hope for small business owners. The Unsecured Business Line of Credit and Unsecured Business Loan are the two best choices they offer for business owners who are looking for a loan. These are easier to get as they do not require any collateral. The Unsecured Business Line of Credit offers a credit line of $5,000 to $100,000. These can be used to cover unexpected expenses and cash flow requirements. On the other hand, the Unsecured Business Loan offers $10,000 to $100,000 as a medium-term loan with fixed rates. Depending on your eligibility, the interest rate will be anything from 7% to 22.99%.
Bank of America
If you are looking for guaranteed business loans, then Bank of America is the answer for you. They have about 4,400 branches all over the country and have recently started to offer business loans for small businesses. They offer Business Advantage Unsecured Term Loans, which do not require any collateral and you can get a loan amount of $10,000 to $100,000 for a fixed interest rate. Depending on certain terms, the rate can be as low as 5.50%. They also offer Business Advantage Unsecured Credit Line which allows flexible financing of $10,000 to $100,000 with interest rates starting from 6.25%.
JPMorgan Chase is another bank offering guaranteed business loans for small businesses. Apart from business loans and credit lines, the bank also offers credit cards for small businesses. It is easier to get approval for these credit cards than business loans. These have other benefits like more affordable interest rates and reward points. Apart from this, they also offer a Business Term Loan of $5,000 to $500,000 with both variable and fixed interest rate options. The loan term is up to seven years. If you have a Chase business account, the dues can be directly deducted from it.
In 2019, the bank approved more than $20 million as guaranteed business loans for small businesses. One of the main reasons you should consider Capital One for your loan requirements is the number of choices they offer, including SBA loans, lines of credit, commercial real estate loans, vehicle and equipment financing, and business installment loans. Another great service provided by them is the tailor-made loan, which allows you to get exactly what you require to finance your business.
You should keep in mind that to qualify for these loans, you should have a good business history, respectable personal credit, impressive annual revenue, and a complete loan application.