Best Small Business Loans in Oregon 2023: Finest Selection

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Best Small Business Loans in Oregon

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

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

Which banks are considered the best for small businesses in Oregon?
Some of the best banks for small businesses in Oregon are Umpqua Bank, Wells Fargo, Bank of America, KeyBank, and Columbia Bank.
Does Oregon have any local community banks that are good for small businesses?
Yes, Oregon has several local community banks that are great for small businesses, such as Pacific Continental Bank and Advantis Credit Union.
Are credit unions a good option for small businesses in Oregon?
Yes, credit unions can be a great option for small businesses in Oregon, as they often offer lower fees and better interest rates than traditional banks.
What should small business owners look for when choosing a bank in Oregon?
When choosing a bank for their small business in Oregon, owners should look for one with low fees, flexible account options, and excellent customer service.
Can small business owners get loans from the banks in Oregon?
Yes, many banks in Oregon offer loans specifically for small businesses, such as Umpqua Bank’s Business Loans and Lines of Credit.
Are Oregon banks supportive of women-owned businesses?
Yes, many banks in Oregon have programs and resources specifically designed to support women-owned businesses, such as KeyBank’s Key4Women program.
Are there any banks in Oregon that offer access to business consulting services?
Yes, some banks in Oregon offer access to business consulting services as part of their business banking packages, such as Wells Fargo’s Business Services and Coaching program.
Do Oregon banks provide online and mobile banking services for small businesses?
Yes, many banks in Oregon offer online and mobile banking services for small businesses, such as Bank of America’s Small Business Online Banking.
What kind of business checking account options are available in Oregon?
There are several business checking account options available in Oregon, such as basic checking, interest-bearing checking, and second-chance checking for businesses with poor credit.
Are there banks in Oregon that offer business savings accounts?
Yes, many banks in Oregon offer business savings accounts, such as Umpqua Bank’s Business Savings account.
Do Oregon banks offer merchant services such as credit and debit card processing?
Yes, many banks in Oregon offer merchant services such as credit and debit card processing, such as Columbia Bank’s Merchant Services program.
Are there any banks in Oregon that offer cash back rewards for business expenses?
Yes, some banks in Oregon offer cash back rewards for business expenses, such as Bank of America’s Cash Rewards for Business Mastercard.
Can small business owners get business credit cards from Oregon banks?
Yes, many banks in Oregon offer business credit cards, such as KeyBank’s Business Rewards Mastercard.
Are there any banks in Oregon that offer business lines of credit?
Yes, many banks in Oregon offer business lines of credit, such as Advantis Credit Union’s Business Line of Credit.
Can small businesses in Oregon get equipment financing from banks?
Yes, many banks in Oregon offer equipment financing for small businesses, such as Wells Fargo’s Business Equipment Loans.
Are Oregon banks able to help small businesses with real estate loans?
Yes, many banks in Oregon offer real estate loans for small businesses, such as Umpqua Bank’s Commercial Real Estate Loans.
Are there any banks in Oregon that offer financial management services for small businesses?
Yes, some banks in Oregon offer financial management services for small businesses, such as Columbia Bank’s Cash Management Online.
Do Oregon banks provide business insurance services?
Yes, some banks in Oregon provide business insurance services, such as Wells Fargo’s Insurance Services.
What is the average interest rate for small business loans in Oregon?
The average interest rate for small business loans in Oregon varies depending on the lender, but generally ranges from around 6% to 10%.
How can small businesses in Oregon apply for loans?
Small businesses in Oregon can apply for loans online or in-person at the selected bank’s branch.
Can businesses in Oregon get access to business certificates of deposit through banks?
Yes, many banks in Oregon offer business certificates of deposit as a way for businesses to save and invest their money.
Do any banks in Oregon offer payroll services?
Yes, some banks in Oregon offer payroll services as part of their business banking packages, such as KeyBank’s Full-Service Payroll.
Can small businesses in Oregon get access to financial advisors through banks?
Yes, some banks in Oregon offer financial advisory and planning services to small businesses, such as Pacific Continental Bank.
Are there any banks in Oregon that help small businesses with international transactions?
Yes, several banks in Oregon offer international banking services for small businesses, such as Umpqua Bank’s International Services program.
Do Oregon banks offer remote check deposit for businesses?
Yes, many banks in Oregon offer remote check deposit for small businesses, which allows them to deposit checks electronically without visiting a branch.
Are there any mobile apps available through banks in Oregon for small businesses?
Yes, many banks in Oregon offer mobile apps specifically for small businesses to manage their accounts, such as Wells Fargo’s Business Mobile App.
What is the process for opening a business bank account in Oregon?
The process for opening a business bank account in Oregon varies depending on the bank, but generally requires providing identification, legal business documents, and the initial deposit.
Are there any banks in Oregon that offer seed capital or venture capital for small businesses?
Yes, while most banks in Oregon do not offer seed or venture capital funds specifically, some offer access to affiliations providing these services to small business owners, such as Umpqua Bank’s Launchpad program.
Are there any business grants available in Oregon through the banks?
Yes, some banks in Oregon offer grants or awards specifically for small businesses, such as Wells Fargo Business Wellspring Fund.
Which are the best small business banks in Oregon?
Some of the top small business banks in Oregon include Umpqua Bank, Oregon Pacific Bank, Summit Bank, Pacific Premier Bank, and First Republic Bank.
Do all small business banks in Oregon offer the same services?
No, different small business banks in Oregon offer different services based on their strengths and specialties.
Which small business bank in Oregon offers the highest interest rates on deposits?
The interest rates on deposits offered by different small business banks in Oregon will vary, so it’s best to compare rates from different banks.
Which small business banks in Oregon offer the best checking account options?
Some of the top small business banks in Oregon for checking accounts include Umpqua Bank, Oregon Pacific Bank, and Summit Bank.
How do I open a small business account in Oregon?
You can generally open a small business account in Oregon by contacting your chosen bank.
What documentation do I need to open a small business account in Oregon?
The required documentation may vary depending on the bank, but you will typically need to provide identification, business registration or incorporation documents, and tax identification numbers.
Can I open a small business account in Oregon online?
Yes, some small business banks in Oregon offer online account opening for added convenience.
Which small business banks in Oregon have local branches?
Most small business banks in Oregon have local branches throughout the state.
Can I apply for a small business loan with an Oregon bank online?
Yes, many small business banks in Oregon offer online loan applications.
Do Oregon small business banks have minimum balance requirements for accounts?
Yes, some banks may have minimum balance requirements for business accounts in Oregon.
Which small business banks in Oregon have the best customer support?
It’s best to do your research and read reviews to find out which small business banks in Oregon have the best customer support.
Which small business banks in Oregon offer the best mobile banking apps?
Some of the top Oregon banks with great mobile banking apps include Umpqua Bank, Oregon Pacific Bank, and Pacific Premier Bank.
Can I link my Oregon small business bank account to accounting software?
Yes, many small business banks in Oregon offer accounting software integration features.
Are there any special loan programs for small businesses in Oregon?
Yes, there are various loan programs available for small businesses in Oregon.
Which small business bank in Oregon has the most ATMs?
ATM availability may vary based on location, but banks like Umpqua Bank and Oregon Pacific Bank have a network of ATMs throughout Oregon.
Are there any credit unions that cater to small businesses in Oregon?
Yes, there are several credit unions in Oregon that offer small business banking options.
What fees do small business banks in Oregon typically charge?
Small business banks in Oregon may charge fees for services like ATM usage, overdrafts, or wire transfers.
Can I apply for business credit cards with small business banks in Oregon?
Yes, many small business banks in Oregon offer business credit cards.
Are there any startup-friendly small business banks in Oregon?
Some small business banks in Oregon are focused on serving startups and early-stage businesses, such as Albina Community Bank.
Which small business bank in Oregon has the most business-friendly policies?
Each small business bank in Oregon has its own policies, so it’s important to compare them to find the best fit for your business.
Do Oregon small business banks offer additionale services like payroll management?
Yes, some small business banks in Oregon offer additional services like payroll management.
What should I look for in a small business bank in Oregon?
Important factors to consider when choosing a small business bank in Oregon include interest rates, fees, account options, loan programs, and support.
Which Oregon banks offer business loans for female entrepreneurs?
Several organizations in Oregon offer business loans specifically for female entrepreneurs, including Business Oregon and Mercy Corps Northwest.
Do Oregon small business banks offer business credit lines?
Yes, many small business banks in Oregon offer business credit lines.
Which small business banks in Oregon offer no-cash-deposit options for opening accounts?
Some small business banks in Oregon offer no-cash-deposit options for opening accounts, such as First Republic Bank.
Can I transfer funds wirelessly to my small business account in Oregon from anywhere globally?
Yes, many small business banks in Oregon allow wire transfers from and to anywhere in the world.
Which small business banks are based in Oregon?
Some small business banks in Oregon with headquarters in the state include Umpqua Bank, Oregon Pacific Bank, and Summit Bank.

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Conclusion

As Oregon, also known as The Beaver 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 Oregon economy.

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

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