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Best Business Expansion Loans
Business expansion loan options include SBA loans and term loans from online lenders. Compare options for your small business.
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Your small business is a hit. Now you want to reinvest in your company by opening a second or third location, launching a new product or hiring more staff. A business expansion loan can provide the cash you need to finance your growth plans.
When comparing expansion loans, analyze your project to make sure your profits will exceed the total cost of the loan. Other factors to consider include the loan’s repayment period, borrowing costs, speed of funding and whether you’ll meet the lender’s minimum qualifications.
Below, we compare some business expansion loans from online lenders and choose the top options among NerdWallet’s picks. We always recommend you compare small-business loans to find the financing that best meets your needs.
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Best option:SBA 7(a) loans will be one of the most affordable loan options for small-business owners. These loans have long terms and low rates, making them a great option for expansion financing or large purchases.
To qualify for an SBA loan, you'll generally need to have at least two years in business, strong annual revenue and a good credit score (690+).
Credibility Capital is a good option if you don’t qualify for an SBA loan. Credibility Capital typically provides faster funding, although the loans will likely carry a higher cost and have a shorter repayment time frame, so your monthly payments will be higher.
If you’re looking for a slightly longer term, consider Funding Circle. The lender offers a maximum five-year repayment term compared with Credibility Capital’s maximum four-year term. APRs between the two lenders are comparable, but they are still not as competitive as SBA financing.
Best business expansion loan for fast cash, ease of qualifying
OnDeck offers speed and convenience as well as looser qualifications than other online lenders. You can complete the application in about 10 minutes, online or over the phone. Funding typically takes a few days to a week. This is appealing for a business owner who wants to move fast on a business opportunity, such as buying inventory at a discount.
However, OnDeck is more expensive than your other options.
Find and compare small-business loans
If none of the loans included here works for you, or if you'd like to compare loan options, NerdWallet has a list of small-business loans that are best for business owners. All of our recommendations are based on the lenders' market scope and track record and on the needs of business owners, as well as rates and other factors, so you can make the right financing decision.