Best Small Business Loans in Arkansas 2023: Finest Selection

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Best Small Business Loans in Arkansas

In 2023, the landscape for small business loans in Arkansas 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 Arkansas 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 Arkansas. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

Small Business Loans

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 Arkansas. 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 Arkansas 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 Arkansas

We will discuss Arkansas’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 Arkansas. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Arkansas 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.
Apply to OnDeck

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
Apply to Lendio

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
Apply to QuickBridge

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
Apply to Amex

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
Apply to BlueVine

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
Apply to National Funding

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
Apply to Fund Box

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
Apply to TD Bank

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
Apply to Funding Circle

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
Apply to Biz2Credit

FAQs

What are some of the best small business banks in Arkansas?
Some of the best small business banks in Arkansas include Arvest Bank, Bank of America, Bank of the Ozarks, IBERIABANK, Simmons Bank, and Southern Bancorp.
What should I look for when choosing a small business bank in Arkansas?
When choosing a small business bank in Arkansas, you should look for competitive fees, good customer service, convenient locations, and convenient online banking options.
Can small businesses qualify for loans at Arkansas banks?
Yes, small businesses can qualify for loans at Arkansas banks, as long as they meet the bank’s lending criteria.
Are there any banks in Arkansas that specialize in lending to small businesses?
Yes, Southern Bancorp is a bank in Arkansas that specializes in lending to small businesses, particularly those in rural areas.
How can I find a small business bank in Arkansas that is right for me?
You can find a small business bank in Arkansas that is right for you by doing research online, talking to other small business owners, and reading reviews of various banks.
What are some of the benefits of choosing a small business bank in Arkansas?
Some benefits of choosing a small business bank in Arkansas may include fewer fees, more personalized service, and a better understanding of the local economy.
Is it important to choose a local bank for my small business in Arkansas?
Choosing a local bank for your small business in Arkansas can be beneficial because they may have a better understanding of the local market and be able to offer better rates and terms.
Can Arkansas banks help me with accounting and financial management for my small business?
Yes, many Arkansas banks offer accounting and financial management services for small businesses, including bookkeeping, payroll processing, and tax preparation.
Do I need collateral to get a loan from an Arkansas bank for my small business?
It depends on the bank’s lending criteria, but many Arkansas banks will require collateral in order to approve a loan for a small business.
What type of loans are available for small businesses in Arkansas?
Small businesses in Arkansas may be eligible for a variety of loans, including SBA loans, lines of credit, term loans, and equipment financing.
Can Arkansas banks help me with business planning and strategy?
Yes, many Arkansas banks have business experts who can help small business owners with their business planning and strategies.
Are there any banks in Arkansas that offer flexible repayment terms for small business loans?
Yes, some Arkansas banks offer flexible repayment terms, such as longer repayment periods and seasonal repayment options, for small business loans.
Do any Arkansas banks offer mobile banking for small business customers?
Yes, many Arkansas banks offer mobile banking for small business customers, which allows account access and management on the go.
Can Arkansas banks help me with cash flow management for my small business?
Yes, many Arkansas banks offer cash flow management services for small businesses, including cash flow analysis and forecasting, to help improve cash flow and manage finances.
Are there any incentives or programs offered by Arkansas banks for small businesses?
Yes, some Arkansas banks offer incentives and programs for small businesses, such as discounted rates, cash back rewards, and business development resources.
Can Arkansas banks provide me with a business credit score?
Yes, many Arkansas banks can provide small business owners with a credit score using their credit bureau reporting service.
Do Arkansas banks offer merchant services for small businesses?
Yes, many Arkansas banks offer merchant services for small businesses, including POS systems, credit card processing, and online payment solutions.
Are there any local Arkansas banks that specialize in agricultural loans for small businesses?
Yes, many local banks in Arkansas specialize in providing agricultural loans for small businesses in the farming industry.
Can small businesses in Arkansas potentially qualify for grants from banks?
It is uncommon for Arkansas banks to provide grants for small businesses as it is not one of their main recognized services.
Can I access small business loans from Arkansas banks if I have bad credit?
Obtaining a small business loan with bad credit can be difficult based on each individual banks’ lending criteria.
Is there are any particular Arkansas bank offering a low annual percentage rate (APR) on small business loans?
Low annual percentage rate (APR) on small business loans varies by bank as per the lending policies and business credit. Each Arkansas bank will have different terms and conditions for interest rates based on these factors.
Are there any Arkansas banks that offer resourceful training programs for small business customers?
Yes, many Arkansas banks offer training programs to small business owners, addressing various aspects such as financing, protection planning, Strategic management, protective strategies, Long-Distance training, Cybersecurity training, of your business measures schemes, etc.
How long does the account opening procedure at Arkansas banks take?
Typically, the account opening procedure can take up to a week, but some banks may enable extra accurate and efficient programs and knowledge that can cut this down.
What are the documentation requirements for seeking small business loans from Arkansas banks?
To apply, you will likely need to submit identification documentation like drivers’ license, income tax returns, account statements, and the businesses application disclosures.
Is it cost-effective to register a small business in Arkansas?
The cost benefits as relating as to registered small businesses vary depending on several factors. Still, statistics from various platforms, including the United States Small Business Administration, show startup fees ranging between $50 and $1000, depending on business kinds such as corporations, partnerships, Sole proprietors, and Limited liability companies (LLCs).
How and when is my location important when I set up a business bank account in Arkansas?
Unless you are an entirely internet-friendly, organization, the distance will heavily matter when searching for an ideal small business bank. This ties into whether the branches exist in places and aren’t too challenging to navigate. Making finding one close to home more convenient and appropriate.
Does creating a business incorporation contract provide investment incentives from Arkansas banks?
Business incorporation contract offers legal protection and ownership separation for your business. Arkansas banks offer their incentives, and it does not depend on business incorporation agreements.
Are banks specialized for Medtech startups in Arkansas?
Yes, some banks their base solely upon underwriting loan specialized for particular businesses such as medical facilities and medtech startups in areas where there is a high density of healthcare companies.
Do all the major national banks have branches in Arkansas?
Yes, most of the major national banks in the US have branches in Arkansas, such as Chase, Bank of America, and Wells Fargo.
Are there any significant regional banks focused solely on Arkansas?
There are several regional banks in Arkansas, such as Bank of Arkansas, First Community Bank, and IBERIABANK.
What are some of the distinctive offerings of banks focused solely on Arkansas?
Some of the distinctive offerings of banks focused solely on Arkansas include personalized service and a deep understanding of the local market and community.
Which small business bank in Arkansas has the best customer service?
It is difficult to definitively determine which small business bank in Arkansas has the best customer service, as this can be subjective and depend on individual experiences.
Are there any startup-friendly banks in Arkansas?
Yes, some banks in Arkansas are known for being particularly friendly toward startups, such as Arkansas Capital Corporation and the Venture Center.
What are some of the specific offerings that make a bank ‘startup-friendly’?
Startup-friendly banks may offer specialized loan programs for new businesses, flexible credit lines, and mentorship or advisory services.
What are some of the most common types of loans for small businesses from banks in Arkansas?
Some of the most common types of loans for small businesses in Arkansas include lines of credit, term loans, and SBA loans.
How can a small business owner increase their chances of being approved for a loan from a bank in Arkansas?
To increase their chances of being approved for a loan, a small business owner may need to demonstrate their creditworthiness through strong financials, a solid business plan, and a good credit score.
What is an SBA loan, and which banks in Arkansas offer them?
An SBA loan is a loan backed by the U.S. Small Business Administration. Many banks in Arkansas, such as Arvest Bank and First Security Bank, offer SBA loans.
What are the eligibility requirements for an SBA loan?
To be eligible for an SBA loan, a small business must meet certain criteria related to its industry, size, and financial health.
How long does it typically take to obtain an SBA loan in Arkansas?
The length of time it takes to obtain an SBA loan in Arkansas can vary based on a number of factors, such as the bank’s processing times and the complexity of the application.
Are there any Arkansas-specific grants or assistance programs available for small businesses?
There are several Arkansas-specific grants and assistance programs available for small businesses, such as the Delta Regional Authority and the Arkansas Economic Development Commission.
What is merchant services, and which banks in Arkansas offer it?
Merchant services allows businesses to accept payments from customers using credit or debit cards. Many banks in Arkansas, such as Bank of Arkansas and Farmers Bank & Trust, offer merchant services.
What is remote deposit, and which banks in Arkansas offer it?
Remote deposit allows businesses to deposit checks electronically, without having to visit a branch in person. Many banks in Arkansas, such as FAB&T and Arvest Bank, offer remote deposit.
Are there any banks in Arkansas that specialize in serving specific industries?
Yes, some banks in Arkansas, such as Centennial Bank and Bank of Little Rock, specialize in serving certain industries or sectors.
What is mobile banking, and which banks in Arkansas offer it?
Mobile banking allows customers to access their bank accounts and perform transactions using a mobile device. Many banks in Arkansas, such as Southern Bancorp and First Community Bank, offer mobile banking.
Are there any banks in Arkansas that offer free business checking accounts?
Yes, some banks in Arkansas, such as First Service Bank and Centennial Bank, offer free business checking accounts.
What services do banks in Arkansas typically offer besides checking and savings accounts?
Banks in Arkansas may offer a range of services for small businesses, such as commercial lending, cash management, payroll processing, and wealth management.
What is cash management, and which banks in Arkansas offer it?
Cash management services help businesses manage their cash flow, including account monitoring, bill payments, and collections. Many banks in Arkansas, such as Simmons Bank and Stone Bank, offer cash management.
How can a small business owner open a new bank account in Arkansas?
To open a new bank account in Arkansas, a small business owner will typically need to provide personal and business identification, as well as information about their company’s financials and structure.
What is wealth management, and which banks in Arkansas offer it?
Wealth management services provide investment advice and assistance in managing assets. Many banks in Arkansas, such as First Financial Bank and Regions Bank, offer wealth management.
Are there any incentives for small businesses to bank with local banks in Arkansas?
Some local banks in Arkansas offer incentives to small businesses, such as lower fees or interest rates, to encourage them to choose a local bank over a national one.
What should a small business owner look for when choosing a bank in Arkansas?
Small business owners may want to consider a bank’s reputation, product offerings, fees and rates, accessibility, and customer service when choosing a bank in Arkansas.
Can small business owners apply for bank loans online in Arkansas?
Yes, many banks in Arkansas offer online applications for small business loans, though some may still require documentation to be submitted in person or by mail.
What is the typical interest rate on small business loans from banks in Arkansas?
Interest rates on small business loans in Arkansas can vary widely depending on the bank and the type of loan, but may range from 4% to 12% or higher.
How can a small business owner compare rates and fees from multiple banks in Arkansas?
Small business owners can compare rates and fees from multiple banks in Arkansas by researching online, contacting banks directly, or working with a financial advisor or lending broker.
Should a small business owner choose a bank in Arkansas solely based on interest rates?
While interest rates are an important factor when choosing a bank in Arkansas, small business owners should also consider other factors such as customer service, accessibility, and product offerings.

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Conclusion

As Arkansas, also known as The Natural 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 Arkansas economy.

When looking for the best small business loans in Arkansas, it’s essential to consider your unique needs and financial situation. Whether you’re forming a Arkansas LLC or growing your existing LLC in Arkansas, 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 Arkansas.

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