The financing landscape splits into three tiers. SBA-guaranteed loans, delivered by approved partner lenders, range from $500 to $5.5 million and offer competitive terms plus counseling [1]. Traditional banks occupy the middle: Bank of America provides loans starting at $25,000 with terms up to 5 years, but requires 2 years in business and $250,000 in annual revenue [6]. U.S. Bank offers equipment loans with terms up to 84 months [8], and Wells Fargo extends loans and lines of credit up to $100,000 online [9].
| Lender | Amount | Term | Speed |
|---|---|---|---|
| OnDeck [3] | $5,000–$400,000 | Up to 24 months | Same day |
| National Funding [2] | $5,000–$500,000 | 4–24 months | 1 business day |
| Bank of America [6] | $25,000+ | Up to 5 years | Slower underwriting |
| SBA loans [1] | $500–$5.5M | Varies | Weeks |
The pattern is clear: online lenders win on speed and accessibility, while banks and the SBA win on cost and loan size. Your annual revenue and time in business determine which tier you can realistically reach.
Lender requirements you must meet to qualify
Eligibility separates approved applicants from declined ones, and the bars differ sharply by lender. OnDeck requires 1 year in business, $100,000 in annual revenue, and a 625 FICO score [3]. National Funding sets a comparable threshold for businesses with steady cash flow [2], and Credibly targets companies with consistent revenue needing flexible short-term funding [4]. These online-first benchmarks are reachable for newer businesses that banks would reject.
Banks demand more. Bank of America requires 2 years in business and $250,000 in annual revenue before extending its loans starting at $25,000 [6]. The SBA evaluates business type, ownership, location, size standards, repayment ability, and a sound business purpose [1]. For entrepreneurs who fall short of these requirements, state programs fill the gap: the Colorado Startup Loan Fund offers micro loans under $150,000 with favorable terms for founders who may not qualify for larger financing [7]. Eligibility for such programs varies by state, so check your state’s economic development office. Before applying anywhere, pull your business and personal credit reports, document 3–6 months of revenue, and confirm you meet the minimum FICO score to avoid a hard inquiry on a loan you cannot secure.