Small Business Loans
for your small business
- Same day funding
- Finance $10,000 to $5 million
- Terms from 6 months to 10 years
Get Started Today and Speak with An Advisor
What Is a Small Business Loan?
Simple Application
Our simple 15-second online application can get you matched with offers in minutes.
No Minimum FICO
Backed by thousands of 5-star reviews, our business financing experts will work with you to solve your business challenges.
Larger Amounts
Get matched with the best financing options with the highest funding amounts.
Same Day Funding
Our fintech speed can get you in and out of Underwriting in just a few hours - and same day funding!
What Do You Need To Qualify?
Why ROK Financial?
Stellar Reputation
Backed by thousands of 5-star reviews, our business financing experts will work with you to solve your business challenges.
Technology-first approach
ROK Intelligence uses AI to streamline the funding process. Get an instant pre-approval and flexible loan options that fit your business needs.
Multiple Options
Choose an offer that makes the most sense for you and your business. Compare offer terms and choose what works best.
Zero Surprises
ROK's offer calculator takes the guesswork out of business financing. It provides full transparency on terms. One fee, no surprises.
ROK Intelligence - our winning combination of quick delivery and excellent customer care. Getting started is easy.
Jill
Business Owner
Business Owner
“ROK Financial is amazing. Everyone I worked with were SO helpful, responsive, and worked hard to find the best fit for our business needs at the time. The team is fast, professional, trustworthy, and TRULY CARES about helping small businesses grow and succeed.”
Resources & Frequently Asked Questions
Small business loans can help you reach many of your business goals. They can help you keep control of your profits and business, avoid problems with loans from family or friends, and protect you from putting your personal assets at risk.
Yes, having your Tax ID or SSN, business license, and recent tax filings, balance sheets, and bank statements will expedite lender approval.
Loan rates will be dependent upon the type of loan for which you are applying. There is also some variation depending on the amount you need and the specific terms.
The truth is that small business loan rates from alternative lenders can also be higher than traditional bank loans. However, there’s a tradeoff: while some business owners may not qualify for financing through a traditional lender, an alternative lender can fill that gap.
The question, “How do small business loans work?” often arises when exploring growth opportunities or launching a new business.
Small business loans provide funding that startups or established companies can borrow from various lenders. Different loan types are designed to help entrepreneurs achieve specific objectives. How each loan functions depends on its category.
Perhaps you’ve developed a product that outshines the competition. Or maybe you need equipment to elevate your business to the next level. Outstanding invoices might leave you seeking funds to cover operating costs. Whatever the reason, a loan might be the solution.
Why ROK Financial?
What is a small business loan? Simply put, it’s a funding option tailored specifically for small businesses. These loans enable startups or existing companies to borrow money from various lenders. Different loan types are available to help entrepreneurs achieve specific goals, and each operates uniquely based on its structure.
With many business loans available, it’s helpful to explore a few key options:
Term Loan – A traditional bank loan. You receive the funds upfront and repay the principal plus interest over time.
Equipment Financing – Ideal for growing businesses. You get the equipment immediately and pay it off over its useful life.
Accounts Receivable Financing – Perfect if you have many outstanding invoices. Borrow against them, with the invoices serving as collateral, offering lower rates.
Merchant Cash Advance – Borrow against future credit card sales. Repay a portion of daily credit card revenue, so payments adjust automatically.
Business Line of Credit – Functions like a virtual credit card. You access a set credit limit and pay interest only on the amount you use.
Requirements to Apply for Small Business Loans
While specifics may vary slightly, the core small business loan requirements generally include the same primary factors:
Credit Scores
As the loan guarantor, your credit score plays a significant role in determining the loan amount. If your business has multiple owners, the lender will evaluate credit scores for all owners and the business’s overall credit score. Before applying, review your credit report for inaccuracies and take steps to improve your score if you’re near a higher threshold.
Business Banking Records
Lenders review your business banking records to assess financial stability and determine borrowing capacity. Follow these tips to ensure strong records:
- Maintain a steady balance with consistent deposits to demonstrate stable revenue.
- Avoid overdrafts and consider setting up overdraft protection.
- Request a bank reference from your institution to strengthen your case.
Many lenders prefer businesses operating for at least six months, so be prepared to show proof of your business’s age.
Key Financial Metrics
Lenders examine key figures to decide your loan eligibility and amount. They typically assess:
- Annual gross sales and monthly revenue.
- Gross margin, cash flow, and debt-to-equity ratio.
- Accounts payable, accounts receivable, and earnings.
Collateral and Assets or Monthly Sales Volume
Some lenders require collateral, while others may not. Be ready to list company assets on your application as assurance against non-repayment. Alternatively, demonstrate sufficient deposits in your business account to build lender confidence in your repayment ability.
Benefits of Small Business Funding
What type of funding do you need? Are you asking, “Where can I get a small business loan for a new venture?” Small business loans can help you achieve various business goals. They allow you to maintain control over your profits, avoid potential conflicts from borrowing from family or friends, and safeguard your personal assets.
Your funding needs may range from smaller, short-term loans for equipment purchases, additional inventory, or leasehold improvements to larger, long-term loans for expansion and growth.
In some cases, a simple line of credit may suffice to cover product purchases, meet payroll, or finance accounts receivable. According to CB Insights, 29% of businesses fail due to cash flow issues, despite the many small business loan options available today.
Steps to Getting a Small Business Loan
Gather Required Documents
Having your paperwork ready can speed up approval and determine the loan terms and amount. Typical documents include:- Social Security Number or Tax ID
- Business licenses and filings
- Tax returns, profit/loss statements, balance sheets, and bank statements
- Additional lender-specific documents
Understand Small Business Funding Options
- Traditional Bank Loans: Provide fixed amounts with monthly repayment terms. Lines of credit are common for businesses, offering access to funds with lower interest rates, but require strong credit scores.
- Revolving Lines of Credit: Function like standard lines of credit but replenish the limit once paid. Credit cards are a basic example, suitable for smaller purchases, while larger needs may require other revolving credit options.
- SBA Loans: These federal-backed loans are administered by private lenders, with the SBA minimizing the risk to encourage lending.
ROK Financial offers a full range of financing options tailored to your needs.
Apply
After researching and gathering all necessary documents, apply promptly to secure funding before it becomes urgent. Being approved early provides access to essential capital during uncertain times.
Still unsure which loan suits you best? Complete a quick application with ROK Financial and consult a Business Financing Advisor today.
What Are Average Small Business Loan Rates?
Maximizing your business funding requires a solid understanding of the various small business loan types and their associated rates.
Loan rates will vary based on the type of loan you choose. Additionally, the amount you borrow and the terms you agree to can influence the rates offered.
It’s important to note that small business loan rates from alternative lenders are often higher than those from traditional banks. However, the tradeoff is that alternative lenders may approve financing for business owners who don’t qualify with traditional lenders.
On average, small business loan interest rates range from 2 percent to 13 percent. SBA loans typically offer a narrower range, from 3.5 percent to just over 11 percent.
How to Get a Business Loan Without Collateral
Securing a small business loan without collateral requires careful preparation. Here are some steps to boost your chances:
Improve Your Credit Score
Without collateral, your credit history becomes your most valuable asset. A strong credit score reflects your reliability. To improve it, focus on reducing your credit utilization ratio—a key factor for obtaining a small business loan even with bad credit.
Assess Cash Flow Projections
Understanding your ability to repay the loan is critical. Create detailed cash flow projections to demonstrate how you’ll manage repayments. This will help convince lenders of your financial responsibility.
Once you’ve prepared, explore the lending options that align with your goals. Many solutions are available to help secure your business’s future.
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