Best Small Business Loans in Arizona 2024: Finest Selection

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Best Small Business Loans in Arizona

In 2023, the landscape for small business loans in Arizona is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your Arizona LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in Arizona. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in Arizona. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include Arizona banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in Arizona

We will discuss Arizona’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in Arizona. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Arizona LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

FAQs

What are the best small business banks in Arizona?
Some of the best small business banks in Arizona include Bank of Arizona, Wells Fargo, and Chase Bank.
Is Bank of Arizona a good bank for small businesses in Arizona?
Yes, Bank of Arizona is considered one of the top banks for small businesses in Arizona.
Can I open a small business checking account at Bank of Arizona if I am located outside of Arizona?
No, Bank of Arizona only has brick-and-mortar locations in Arizona and does not offer online or out-of-state checking accounts.
What are the fees associated with opening a small business checking account at Wells Fargo in Arizona?
The fees for opening a small business checking account at Wells Fargo in Arizona may vary depending on the specifics of your business needs. You can contact a local branch for further details.
What types of business loans does Chase Bank offer to small businesses in Arizona?
Chase Bank offers a variety of business loans to small businesses in Arizona, including SBA loans, equipment financing, lines of credit, and term loans.
Can I open a small business account at a credit union in Arizona?
Yes, there are multiple credit unions across Arizona that offer small business accounts and services for local businesses.
What types of business financing options are available to small businesses in Arizona?
Small businesses in Arizona have various financing options available to them, including business loans, credit lines, cash advances, and merchant services.
Are there any programs or incentives offered by banks to small businesses in Arizona?
Yes, several banks in Arizona offer Small Business Administration (SBA) loans and state-specific incentive programs for small businesses.
Are there any online-only options for small business banking in Arizona?
Yes, there are multiple online-only banking options available to small businesses in Arizona, including Simple, Azlo, and Novo.
How do I know which bank is the best fit for my small business in Arizona?
Consider your specific business needs, location, and size when researching and comparing banking options in Arizona.
Does Bank of America have brick-and-mortar locations in Arizona for small business banking?
Yes, Bank of America has physical locations throughout Arizona and offers small business banking options at those branches.
Are there any credit unions in Arizona that offer free small business checking accounts?
Yes, there are several credit unions across Arizona that offer free small business checking accounts, including the Arizona Federal Credit Union.
What is the difference between a small business checking account and a personal checking account?
Small business checking accounts often have higher transaction limits and more specialized features to accommodate the unique needs of a business.
How do I apply for an SBA loan in Arizona?
You can contact your preferred bank or credit union in Arizona that offers SBA loans to learn about their application process.
Does US Bank have locations in Arizona for small business banking services?
Yes, US Bank has multiple locations throughout Arizona and offers small business banking services at these branches.
Are there any local Arizona-based banks that specialize in small business banking services?
Yes, several local banks in Arizona specialize in small business banking services, including Western Bank and Arizona Bank & Trust.
What is the process for opening a small business bank account at a local bank in Arizona?
The process for opening a small business bank account at a local bank in Arizona may vary depending on the bank. Contact the bank directly for details on their account opening process.
What is the interest rate on small business loans offered by Wells Fargo in Arizona?
The interest rate on small business loans offered by Wells Fargo in Arizona may vary depending on the loan amount and type. Contact a local branch for more details.
Are there any community banks in Arizona that offer small business banking options?
Yes, there are several community banks across Arizona that offer small business banking services, including National Bank of Arizona and Alliance Bank of Arizona.
What are the advantages of working with a locally-based bank for small business banking services?
Local banks often have a better understanding of the economic landscape and unique business needs of their communities and can provide more personalized support to small businesses.
Are there any financing options specifically for accommodations or tourism-based small businesses in Arizona?
Yes, the Arizona Commerce Authority offers a program specifically for the hospitality industry that provides loans to small businesses with lodging facilities throughout the state.
Can I open a small business savings account at a bank in Arizona?
Yes, several banks in Arizona offer small business savings accounts as well as checking accounts.
What are the advantages of online-only banking options for small businesses in Arizona?
Online-only banking options often offer lower fees and can provide more accessible mobile banking features for small businesses.
Are there any government-run programs in Arizona that offer low-interest loans or other subsidies to small businesses?
Yes, the Arizona Small Business Association and Arizona Department of Commerce both offer programs for qualifying small businesses in Arizona. Contact these organizations for more information on their offerings.
Does Bank of America offer business credit cards for small businesses in Arizona?
Yes, Bank of America offers several business credit card options for small businesses in Arizona.
How long does it take to get approved for an SBA loan in Arizona?
The length of time it takes to get approved for an SBA loan in Arizona may vary depending on multiple factors, including processing time at the bank and SBA review. Contact your preferred bank for details on their standard processing times.
Are there any tax incentives for small businesses in Arizona?
Yes, the Arizona Department of Revenue offers multiple tax incentives for qualifying small businesses, including discounts on corporate tax and employment tax.
What are some of the best small business banks in Arizona?
Arizona is home to some great small business banks, including Chase, Wells Fargo, and Bank of America.
What types of accounts do banks in Arizona offer for small businesses?
The types of accounts available to small businesses in Arizona can vary from savings accounts to checking accounts.
What are the benefits of choosing a small business bank based in Arizona?
One benefit of choosing a small business bank based in Arizona is the ability to get personalized customer service from a local team.
How can I find the best small business bank in Arizona for my business needs?
The best way to find the best small business bank in Arizona is to do some research and compare rates and service offerings from various banks.
What types of loans do small business banks in Arizona offer?
Small business banks in Arizona may offer a variety of loans, such as business term loans, SBA loans, and lines of credit.
Are there any banks in Arizona that cater specifically to minority-owned businesses?
Yes, there are banks in Arizona that cater specifically to minority-owned businesses, such as the Minority Business Development Agency and the Women’s Business Center.
Are there any advantages to choosing a minority-owned small business bank in Arizona?
Choosing a minority-owned small business bank in Arizona may provide additional support and resources tailored to the unique needs of minority business owners.
What kind of fees should I expect when opening a small business account at a bank in Arizona?
The fees associated with a small business account can vary by bank in Arizona. Be sure to inquire about any fees and compare rates when shopping around for a bank.
How much interest can I expect to earn on a savings account with a small business bank in Arizona?
Interest rates on savings accounts with small business banks in Arizona can vary based on the bank and the size of the account.
Are there any additional perks or benefits that small business banks in Arizona may offer their customers?
Many small business banks in Arizona may offer additional perks like free ATM access, discount rates on loans or checking accounts, and other special offers.
What is generally required to open a small business account at a bank in Arizona?
You will typically need to provide identification, business registration documents, and other business-related information to open a small business account at a bank in Arizona.
Do small business banks in Arizona offer remote deposit and other online banking services?
Yes, many small business banks in Arizona offer remote deposit and other online banking services to help make banking more convenient.
How quickly can I access funds in my small business account with a bank in Arizona?
Access times for funds in a small business account with a bank in Arizona can vary depending on the type of account and the bank itself.
What types of support do small business banks in Arizona offer for small business owners and entrepreneurs?
Small business banks in Arizona may offer a variety of support services, including legal and accounting services, and even small business mentorship programs.
How secure are online banking services for small businesses offered by banks in Arizona?
Banks in Arizona implement strong security measures to help ensure the safety and privacy of their customers’ information, including online banking services for small businesses.
Are there any financial resources available solely for businesses based in Arizona?
Yes, businesses based in Arizona may be eligible for state-level funding and resources, such as grants, tax credits, and other financial assistance.
How can I improve my chances of securing a loan from a small business bank in Arizona?
To increase your chances of securing a loan from a small business bank in Arizona, be sure to have a solid business plan in place, have a good credit score, and provide any necessary documentation in a timely manner.
What kinds of businesses are most likely to be approved for loans from small business banks in Arizona?
Small business banks in Arizona are typically willing to lend to a variety of business types, including technology startups, retail businesses, and service-oriented businesses.
Are there any tips for setting up a successful small business bank account with a bank in Arizona?
Tips for setting up a successful small business bank account with a bank in Arizona include tracking expenses carefully, negotiating fees, and choosing a bank that offers excellent customer service.
Can small business owners in Arizona expect to receive any financial assistance in the wake of COVID-19?
Yes, many banks in Arizona are participating in the Paycheck Protection Program (PPP) to offer financial assistance to small business owners struggling due to COVID-19.
How can I access PPP loans or other financial assistance programs offered by small business banks in Arizona?
To access PPP loans or other financial assistance programs offered by small business banks in Arizona, you will typically need to prove that your business has been negatively impacted by COVID-19.
Are there any ways to improve my credit score and increase my chances of securing a loan from a small business bank in Arizona?
You can improve your credit score by making all payments on time, keeping your credit utilization rate low, and monitoring your credit regularly to ensure accuracy.
How can I find out if a small business bank in Arizona is reputable and has good reviews?
You can research online reviews and get referrals from other business owners to ensure a small business bank in Arizona is reputable.
What if I have a question or need assistance from a small business bank in Arizona after hours?
Most small business banks in Arizona offer 24/7 customer support to address any account issues or questions.
Are there any drawbacks or risks associated with entrusting my finances to a small business bank in Arizona?
As with any financial services company, there may be risks associated with entrusting your finances to a small business bank in Arizona. Be sure to research thoroughly and read customer reviews before choosing a bank.
What types of protections are in place to safeguard my small business account at a bank in Arizona?
Small business bank accounts at banks in Arizona are generally insured by the FDIC or NCUA, and most banks offer additional security measures like two-factor authentication for online access.
How often should I review my business accounts with a small business bank in Arizona to ensure that everything is in order?
Reviewing your small business accounts with a bank in Arizona on a monthly or quarterly basis can help you stay on top of cash flow and catch any unauthorized transactions quickly.
What impact will opening a small business account at a bank in Arizona have on my business credit score?
Opening a small business account at a bank in Arizona can help you establish a positive credit history for your business, which can improve your chances of securing loans with favorable rates in the future.

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Conclusion

As Arizona, also known as The Grand Canyon State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the Arizona economy.

When looking for the best small business loans in Arizona, it’s essential to consider your unique needs and financial situation. Whether you’re forming a Arizona LLC or growing your existing LLC in Arizona, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in Arizona.

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