Best Small Business Loans in Hawaii 2024: Finest Selection

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Best Small Business Loans in Hawaii

In 2023, the landscape for small business loans in Hawaii 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 Hawaii 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 Hawaii. 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 Hawaii. 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 Hawaii 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 Hawaii

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

Which banks in Hawaii offer services to small businesses?
First Hawaiian Bank, Bank of Hawaii, Central Pacific Bank, American Savings Bank, Territorial Savings Bank all offer services to small businesses in Hawaii.
What types of small business loans do Hawaii banks offer?
Hawaii banks offer a range of small business loans, including SBA loans, term loans, lines of credit, and business credit cards.
Which Hawaii bank is best for small business loans?
The best Hawaii bank for small business loans will depend on your specific needs and circumstances. It is a good idea to compare loan terms and interest rates from different banks to find the best fit.
What are the fees for small business checking accounts in Hawaii?
Fees for small business checking accounts in Hawaii vary depending on the bank and type of account. Be sure to compare fees and features when choosing a bank.
What kinds of digital banking services do Hawaii banks offer for small businesses?
Hawaii banks offer a variety of digital banking services for small businesses, including online and mobile banking, bill pay, and remote deposit capture.
How do I choose the right bank for my small business in Hawaii?
When choosing a bank for your small business in Hawaii, consider factors such as fees, interest rates, loan options, convenience, and customer service.
What types of business credit cards are available from Hawaii banks?
Hawaii banks offer a variety of business credit cards with different rewards programs, perks, and interest rates. Be sure to compare options before choosing a card.
Which Hawaii bank has the best customer service for small businesses?
Again, this will depend on your individual experience and needs. Be sure to research customer reviews and ratings of different Hawaii banks to find the best fit.
Do Hawaii banks offer merchant services for small businesses?
Most Hawaii banks offer merchant services for small businesses, including payment processing and POS terminals.
Are there any specialized banks in Hawaii that cater specifically to small businesses?
While there are no banks in Hawaii exclusively for small businesses, some banks may have special programs, account options, or loan products designed for small businesses.
How do Hawaii banks compare to national banks for small business services?
Hawaii banks generally have a smaller footprint than national banks. However, they may be more familiar with the local business climate and have more personalized service than national banks.
Can I open a small business account with a Hawaii bank remotely?
Many Hawaii banks allow small business owners to open accounts online or over the phone. Check with the individual bank for their specific process.
Do Hawaii banks offer cash management services for small businesses?
Many Hawaii banks offer cash management services for small businesses, including cash flow forecasts, liquidity management, and wire transfers.
What is the minimum deposit required to open a small business account with a Hawaii bank?
The minimum deposit required to open a small business account in Hawaii will vary depending on the bank and type of account. Check with the individual bank for their requirements.
Do Hawaii banks offer free small business checking accounts?
Some Hawaii banks offer free small business checking accounts with no monthly maintenance fee or per transaction fee. Check with the individual bank for their account options.
Can I deposit cash at an ATM with a Hawaii bank small business account?
Yes, most Hawaii banks have ATMs that allow small business owners to deposit cash.
Are Hawaii bank small business accounts FDIC-insured?
Yes, all Hawaii bank accounts, including small business accounts, are FDIC-insured up to $250,000 per depositor, per bank.
Are there any small business service fees that are unique to Hawaii?
It is unlikely that there are any small business service fees in Hawaii that are unique to the state. However, fees may vary among different banks.
What is the interest rate on small business savings accounts in Hawaii?
The interest rate on small business savings accounts in Hawaii will depend on the bank and type of account. Check with the individual bank for their current rates.
Can I use my Hawaii small business account for personal transactions?
No, it is not recommended to use your Hawaii small business account for personal transactions. This can complicate your accounting and make it more difficult to prepare taxes.
Can I open a Hawaii small business account with a non-Hawaii address?
It is possible to open a Hawaii small business account with a non-Hawaii address, but some banks may have restrictions or additional documentation requirements.
Are there any special tax benefits for small businesses in Hawaii?
Hawaii offers a few special tax incentives for small businesses, such as the General Excise Tax exemption and the High Technology Business Investment tax credit.
Can I get a Hawaii bank small business account with bad credit?
It may be more difficult to get a Hawaii small business account with bad credit, but some banks may work with business owners to establish a new banking relationship and rebuild credit.
Do Hawaii banks offer Small Business Saturday deals?
While it is not guaranteed, some Hawaii banks may offer Small Business Saturday deals and promotions to help support local businesses.
What documents do I need to open a Hawaii small business account?
The documents required to open a Hawaii small business account will vary depending on the bank and type of account. Generally, however, you may need to provide proof of identification, business entity documents, and tax identification number.
How can I find a bilingual Hawaii small business banker?
You can check with individual Hawaii banks to see if they have bilingual small business bankers or customer service representatives available.
What is the timeline for approval of a small business loan from a Hawaii bank?
The approval timeline for a small business loan from a Hawaii bank will depend on a variety of factors, such as the amount of the loan and the borrower’s creditworthiness. However, approval times can range from a few days to several weeks.
Do Hawaii banks offer leasing options for small business equipment?
Yes, many Hawaii banks offer equipment leasing options for small businesses.
How can I contact a Hawaii small business banker for more information?
You can typically contact a Hawaii small business banker by phone, email, or by visiting a branch in person. Contact information for small business bankers should be available on the bank’s website.
What banks offer small business services in Hawaii?
There are several banks in Hawaii that offer small business services, including Central Pacific Bank, Bank of Hawaii, and First Hawaiian Bank.
Can non-residents open a small business account in Hawaii?
Yes, non-residents can open a small business account in Hawaii, but they will need to comply with certain requirements, such as providing proper documentation and meeting the bank’s eligibility criteria.
What is the minimum deposit required to open a small business bank account in Hawaii?
The minimum deposit required to open a small business bank account in Hawaii varies from bank to bank, but it is typically around $100 or more.
What kind of small business loans are available in Hawaii?
Hawaii banks offer a variety of small business loans, including term loans, lines of credit, SBA loans, and commercial real estate loans, among others.
What are the fees associated with small business accounts in Hawaii?
Small business account fees in Hawaii vary depending on the bank and the type of account, but they may include monthly maintenance fees, transaction fees, and ATM fees, among others.
What kind of options do small businesses have for online banking in Hawaii?
Hawaii banks offer a range of online banking options for small businesses, including mobile banking, online bill payment, and remote deposit.
What is the process for opening a small business account in Hawaii?
The process for opening a small business bank account in Hawaii typically involves providing the necessary documentation, completing an application, and making an initial deposit. Each bank may have its own specific requirements and procedures.
Can small businesses in Hawaii apply for SBA loans?
Yes, small businesses in Hawaii may apply for SBA loans through participating banks and credit unions, including Central Pacific Bank, American Savings Bank, and Bank of Hawaii.
What is the maximum amount that can be borrowed through SBA loans in Hawaii?
The maximum amount that can be borrowed through SBA loans in Hawaii depends on the loan program and the intended use of the funds. For example, the maximum SBA 504 loan can be up to $5 million.
Are there any grants available for small businesses in Hawaii?
There are various grants available for small businesses in Hawaii from both public and private sources, such as the Hawaii Venture Capital Association (HVCA) and Hawaii Technology Development Corporation (HTDC).
Can credit unions be an option for small businesses in Hawaii?
Yes, credit unions can be an option for small businesses in Hawaii, as they may offer competitive interest rates and fees, as well as provide personalized services to their members.
What banks in Hawaii offer merchant services for small businesses?
Several banks in Hawaii offer merchant services for small businesses, including First Hawaiian Bank and Central Pacific Bank.
Can small businesses in Hawaii apply for business credit cards?
Yes, small businesses in Hawaii may apply for business credit cards from various banks and credit card issuers, including American Express, Bank of Hawaii, and Capital One.
Are there any restrictions on small businesses in Hawaii regarding foreign transactions or currency exchange?
Small businesses in Hawaii may face certain restrictions or fees when conducting foreign transactions or currency exchange, depending on the bank and the type of account.
What kind of assistance is available for small businesses in Hawaii affected by the COVID-19 pandemic?
Hawaii banks, government agencies, and nonprofit organizations offer various forms of assistance, such as SBA loans, grants, tax relief, and counseling services, for small businesses affected by the COVID-19 pandemic.
What are the advantages of using a local bank for small businesses in Hawaii?
Using a local bank in Hawaii can offer several advantages for small businesses, such as personalized service, local knowledge, and community involvement.
What is the role of Hawaii banks in promoting economic development?
Hawaii banks play an important role in promoting economic development by providing loans, investments, financial services, and support to small businesses, startups, nonprofits, and other organizations.
What kind of security measures do Hawaii banks have in place to protect small business accounts?
Hawaii banks have various security measures in place to protect small business accounts, such as encryption, fraud detection, fraud monitoring, and multi-factor authentication.
What is the process for applying for a Hawaii small business loan?
The process for applying for a Hawaii small business loan typically involves providing a business plan, financial statements, credit history, and other documentation to the bank and discussing the loan options with a loan officer.
Can businesses in Hawaii use online lenders for small business loans?
Yes, businesses in Hawaii can use online lenders for small business loans, but they should research and compare the rates, fees, terms, and customer support of different lenders before making a decision.
What is the average interest rate on small business loans in Hawaii?
The average interest rate on small business loans in Hawaii varies depending on the lender, the loan amount, the term, and the creditworthiness of the borrower, but it can range from 5% to 15% or more.
What factors do Hawaii banks consider when evaluating small business loan applications?
Hawaii banks may consider several factors when evaluating small business loan applications, such as the borrower’s credit score, collateral, cash flow, industry, and repayment ability.
Can Hawaii small businesses get an unsecured loan?
It may be possible for Hawaii small businesses to get an unsecured loan, but it may depend on the bank’s policies and the borrower’s creditworthiness and financial history.
How long does it take to get approval for a small business loan in Hawaii?
The time it takes to get approval for a small business loan in Hawaii may vary depending on the bank and the loan type, but it may take anywhere from a few days to a few weeks or more.
What is the eligibility criteria for a Hawaii small business loan?
The eligibility criteria for a Hawaii small business loan may vary depending on the bank and the loan program, but it may include factors such as the size and type of the business, the location, the creditworthiness of the borrower, and the intended use of the funds.
What is a microloan, and are they available in Hawaii?
A microloan is a small business loan that typically ranges from a few thousand dollars up to $50,000, and it is usually offered by nonprofit organizations and community lenders. Microloans may be available in Hawaii from organizations such as the Hawaii Community Reinvestment Corporation.
How can small businesses in Hawaii improve their chances of getting approved for a loan?
Small businesses in Hawaii can improve their chances of getting approved for a loan by having a clear business plan, a good credit history, adequate collateral, and a strong cash flow, among other factors. Getting professional assistance from a business mentor or counselor may also help.
Are there any cultural considerations for small businesses operating in Hawaii?
Yes, as Hawaii has a diverse cultural environment, small businesses operating in Hawaii should consider cultural norms and practices, such as respecting traditional values, honoring local language and terms, and fostering strong relationships with the community.

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Conclusion

As Hawaii, also known as The Aloha 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 Hawaii economy.

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

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