Best Small Business Loans in Ohio 2024: Finest Selection

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Best Small Business Loans in Ohio

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

We will discuss Ohio’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 Ohio. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Ohio 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 Ohio?
Some of the best small business banks in Ohio include Huntington Bank, KeyBank, Fifth Third Bank, and Citizens Bank.
What kind of accounts should I look for as a small business owner in Ohio?
As a small business owner in Ohio, you should look for business checking accounts, savings accounts, credit lines, and business loans.
What kind of fees do small business banks charge in Ohio?
Fees for small business banks in Ohio will vary based on the bank and account type. Common fees include maintenance, overdraft, and transaction fees.
Should I choose a local or national bank for my small business in Ohio?
Both local and national banks can be good choices for small businesses in Ohio. Local banks may offer more personalized service, while national banks may offer more resources.
Can I apply for a small business loan online with Ohio banks?
Yes, many Ohio banks offer online applications for small business loans.
How long does it typically take to get approved for a small business loan in Ohio?
The time it takes to get approved for a small business loan in Ohio will vary based on the bank, the loan amount, and your creditworthiness.
What kind of collateral do I need for a small business loan in Ohio?
Collateral requirements for small business loans in Ohio will vary based on the bank and the loan amount. Common forms of collateral include real estate, equipment, and accounts receivable.
What kind of documents do I need to apply for a small business loan in Ohio?
Documents needed for a small business loan in Ohio will vary based on the bank and the loan type. Common documents include business and personal tax returns, financial statements, and collateral-related documents.
Can I open a small business bank account in Ohio if I haven’t established my business yet?
Yes, many Ohio banks offer business accounts for startups that have not yet established their business.
Does my business need a certain credit score to open an account with a small business bank in Ohio?
The credit score requirements will vary based on the bank and the type of account.
Can I get free business checking with Ohio small business banks?
Some Ohio small business banks do offer free business checking accounts with certain requirements.
Can I deposit checks with a mobile app from Ohio small business banks?
Yes, many Ohio small business banks offer mobile deposit through their banking app.
Do Ohio small business banks offer merchant services for payment processing?
Yes, many Ohio small business banks offer merchant services for payment processing.
Can I open a business credit card with Ohio small business banks?
Yes, many Ohio small business banks offer business credit cards.
What is the average interest rate for small business loans in Ohio?
The average interest rate for small business loans in Ohio will vary based on the loan amount, your creditworthiness, and other factors.
What kind of loan terms are available for small business loans in Ohio?
Loan terms for small business loans in Ohio will vary based on the bank and the loan type.
Can I get business overdraft protection with Ohio small business banks?
Yes, many Ohio small business banks offer overdraft protection for business accounts.
Can Ohio small business banks offer online and mobile banking?
Yes, most Ohio small business banks offer online and mobile banking for their customers.
What kind of business savings accounts are available with Ohio small business banks?
Ohio small business banks offer different types of business savings accounts, including money market accounts and traditional savings accounts.
Can Ohio small business banks offer lines of credit?
Yes, many Ohio small business banks offer lines of credit for small businesses.
Can small businesses in Ohio get SBA loans through local banks?
Yes, small businesses in Ohio can apply for SBA loans through local banks that are approved SBA lenders.
Does a small business have to be located in Ohio to get a small business loan in Ohio?
Not necessarily. Some Ohio small business banks may require your business to have a presence in Ohio, while others may not have this requirement.
Can Ohio small business banks offer retirement accounts for employees?
Yes, many Ohio small business banks offer retirement account options for small businesses and their employees.
How can I find the best small business bank in Ohio for my needs?
You can research Ohio small business banks, consider their location, rates, and services they provide.
Does credit card processing differ between national and local banks in Ohio?
Credit card processing can differ between national and local Ohio banks, although many banks offer similar products and services.
Are Ohio small business banks generally FDIC insured?
Yes, most Ohio small business banks are FDIC insured up to a certain amount.
Do Ohio small business banks offer business credit reporting?
Some Ohio small business banks offer business credit reporting as a service to their customers.
Can an Ohio small business bank help me with business succession planning?
Yes, some Ohio small business banks offer services such as business succession planning and exit planning.
Which banks have the best small business services in Ohio?
Chase Bank, Key Bank, Fifth Third Bank, Huntington Bank, PNC Bank, and US Bank are a few of the best small business banks in Ohio.
How do I know which Ohio bank is best for my small business?
Look for banks that offer a range of specialized services for small businesses, such as loans, credit cards, checking accounts, merchant services, online banking, and treasury management.
What fees should I expect when banking with small business banks in Ohio?
Expect to pay fees for overdrafts, ATM usage, online banking, monthly maintenance, and more. Contact individual banks for full fee schedule information.
How can I avoid bank fees for my Ohio small business?
Keep your account balance above the minimum, opt for electronic statements, use ATMs within your bank network, and talk to your bank about fee waivers and discounts.
Does Ohio have any banks that exclusively cater to small businesses?
Yes, there are some community banks and credit unions in Ohio that specifically focus on serving small businesses, such as Park National Bank, First Merchants Bank, and Ohio Valley Bank.
What types of loans do Ohio small business banks offer?
Small business banks in Ohio offer a variety of loans, including SBA loans, term loans, lines of credit, commercial mortgages, equipment loans, and more.
What do I need to apply for an SBA loan through an Ohio bank?
You will need to provide financial statements, a business plan, tax returns, credit reports, collateral, and other documents. Consult with your bank for a full list of requirements.
Can I get a small business loan from an Ohio bank if my credit isn’t great?
While a good credit score will certainly improve your chances, some Ohio banks have alternative lending options that are available to businesses with less-than-perfect credit.
What incentives are there for small businesses to use Ohio banks?
Many Ohio banks provide extensive support to small businesses, in forms such as networking events, mentorship, coaching and more.
Are Ohio small business banks more expensive than big banks?
Some fees and interest rates may be higher than at larger banks, but small business banks often have the expertise, personalized service and offers that other banks simply cannot.
What features are unique to online small business banking in Ohio?
Ohio businesses can access secure mobile banking apps, exchange digital invoices and contracts, monitor account balances and transactions, and offer online employee payroll representation through their Ohio banks.
Are there any online-only small business banks operating in Ohio?
Yes, online-only banks like Novo and BlueVine are available to Ohio small businesses.
Can Ohio business owners get merchant services through an Ohio bank?
Yes, banks such as Huntington Bank and First Financial Bank, and PNC Bank Partner provide merchant services to their Ohio customers.
Do small business banks in Ohio offer credit cards?
Many Ohio small business banks offer credit cards with customized reward programs, miles incentive bonuses and much more.
Can an Ohio bank help me set up retirement benefits for my small business employees?
Yes, most small business banks in Ohio offer help to small business owners in setting up cafeteria plans, group annuity contracts, 401(k) plans, simple IRA plans, and SEP IRA plans for business retirement-based incentives.
Can Ohio banks help me develop a business plan?
Some small business banks in Ohio have professional business planning services to help your small business expand or get started.
How much liquidity or minimum balance do small business bankers require Ohio small business operations maintain?
Bankers will require their Ohio small business customers to maintain a certain balance depending on each’s individual agreement to maintain a healthy margin for potential projects or emergencies.
Some Ohio small businesses face unique regulatory restraints? How do local creditors deal with this?
Through careful examination, community banks like United Midwest, Park National, Pinnacle and First The Planning Center advised local businesses and companies on your behalf and the cost-effectiveness of selling as opposed to depending completely on borrowing.
Is it mandatory to link business accounts with financing options in Ohio banks’ policies?
In Ohio, banking establishments have been weeding out losses by attaching personal deposits to business loan accounts.
How trustable are lending bankers to Ohio’s small businesses?
Ohio banking policies arm their small businesses to hear and resolve threatening language or physical intimidation.
Do free credit reporting services affect our requests with Ohio banks?
The three US authorized credit bureaus advertise a limited-time get-out-of-jail card that forgives missed payments for businesses affected by COVID-19 pandemic.
How quickly are small businesses in Ohio expected to pay back loans that bank offers?
A small business in Ohio can set terms with their banker for these sorts of past due indemnities or late charges hypothetically without paperwork at low rates on slow grants and reopening capital.
How should your business adjust to the continuously fluctuating interest rate margins from Ohio lenders?
Contracted stocks and other portfolios of bigger clients lead to the built durability against uncertainty about rates, Ohio banks are encouraging small businesses to do.
Which Ohio banks offer reliable and extensive credit counseling services to businesses and companies making financial structural plans?
United Midwest Savings Bank has a small business segment and Bank of America Global Commercial Banking has environmental, corporate, and IP credit scoring and investment advising techniques.
How early should Ohio’s small business community start the conversation to procure a banker’s certificate?
Unless Ohio’s small business community initiate these types of credit analyses, credit score raising routine takes, like disputing your customer changes with creditors, can be a time-consuming task for the lender.
For small businesses landing larger contracts and sales, how satisfied have you seen Ohio’s clients with your payment processing techniques?
As Ohio’s banking regulatory guidelines impress us, their payment database infrastructure flows through sufficient encryption, digital templates, verification, monitoring, default and format assumption for completing steady and repeat opportunities.

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Conclusion

As Ohio, also known as The Buckeye 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 Ohio economy.

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

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