Best Small Business Loans in Washington 2024: Finest Selection

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Best Small Business Loans in Washington

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

We will discuss Washington’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 Washington. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Washington 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 Washington?
Some of the best small business banks in Washington include Bank of America, Chase Bank, Key Bank, Wells Fargo, and Umpqua Bank.
Are there any banks in Washington specifically tailored for small businesses?
Yes, some banks in Washington focus solely on serving small businesses, such as Heritage Bank, Columbia Bank, and Seattle Bank.
What is the interest rate on small business loans from banks in Washington?
Interest rates on small business loans from banks in Washington can vary widely depending on the bank, loan size, and borrower’s creditworthiness.
What are the eligibility criteria for small business loans in Washington?
Eligibility criteria for small business loans in Washington can vary by bank, but generally require a few years of business operation and proof of revenue.
Can startups get loans from banks in Washington?
It is possible for startups to get loans from banks in Washington, but they will generally have stricter eligibility requirements and may need to explore alternative financing options.
Do banks in Washington offer SBA loans?
Yes, many banks in Washington offer SBA (Small Business Administration) loans, which are designed specifically for small businesses in need of financing.
What is the maximum loan amount for SBA loans in Washington?
The maximum loan amount for SBA loans in Washington can vary depending on the type of loan, but generally range from $5,000 to $5 million.
Are there any grants or other financial assistance available for small businesses in Washington?
Yes, there are various grants and other financial assistance programs available for small businesses in Washington from organizations like the Washington State Small Business Development Center and the Washington State Employment Security Department.
What are the benefits of using a local bank versus a national bank for small businesses in Washington?
Local banks in Washington may offer better insight into local economic trends and may be better positioned to offer personalized service to small business owners in the state.
Can out-of-state small businesses open accounts with Washington-based banks?
Yes, out-of-state small businesses can typically open accounts with banks based in Washington provided they meet the bank’s eligibility criteria.
How long does it typically take to get approved for a small business loan from a bank in Washington?
Getting approved for a small business loan from a bank in Washington can take several weeks to a few months depending on the bank and the loan size.
Do small businesses in Washington need to have a business checking account?
It is typically recommended for small businesses in Washington to have a separate business checking account to help better manage their finances and keep business and personal transactions separate.
How much does it cost to open a small business account at a bank in Washington?
The cost to open a small business account at a bank in Washington can vary widely based on the bank and the type of account being opened.
What services do banks in Washington typically offer for small businesses?
Services offered by banks in Washington for small businesses can vary, but may include small business loans, credit lines, business checking and savings accounts, online banking, and cash management solutions.
Can small businesses in Washington get access to mobile banking services?
Yes, many banks in Washington offer access to mobile banking services that allow small business owners to manage their accounts and finances from a mobile device.
Are there any limits on the number of transactions small businesses in Washington can make with a business checking account?
Some banks in Washington may impose limits on the number of transactions small businesses can make with a business checking account, but these limits can vary by bank and account type.
How can small businesses in Washington choose the best bank for their needs?
Small businesses in Washington can research banks’ reputation, customer service, fees, and eligibility criteria to determine the best fit for their needs.
Is it necessary for small businesses in Washington to have a physical bank branch nearby?
Having a physical bank branch nearby may be more convenient for small businesses in Washington, but it is not required as many banks offer online and mobile banking services.
Can small businesses in Washington apply for loans online?
Yes, many banks in Washington offer online applications for small business loans.
Are there any government regulations on how banks in Washington serve small businesses?
Yes, banks in Washington must comply with applicable state and federal regulations when serving small businesses.
Is it recommended for small businesses in Washington to have a credit card from their bank?
Having a credit card from their bank can be a convenient way for small businesses in Washington to manage their expenses and build credit for future financing.
Is there a penalty for closing a business checking account with a bank in Washington?
Some banks in Washington may impose a fee for closing a business checking account, but these fees can vary and should be disclosed in the bank’s terms and conditions.
Can small businesses in Washington get access to business credit lines from banks?
Yes, many banks in Washington offer business credit lines, which work similar to credit cards and allow small businesses to draw on a predetermined credit limit as needed.
Is it necessary for small businesses in Washington to have a personal account with their bank as well?
While it is not necessary, having a personal account with a bank in Washington may allow small business owners to take advantage of bundled services and potentially qualify for discounted fees.
Can banks in Washington help small businesses manage their cash flow?
Yes, many banks in Washington offer cash management solutions, which can help small businesses better gauge their cash flow and make more informed financial decisions.
Can small businesses in Washington get access to online banking services?
Yes, most banks in Washington offer online banking services that allow small business owners to manage their accounts and finances online.
Is there a minimum balance required for business checking accounts at banks in Washington?
Yes, many banks in Washington require a minimum daily balance for business checking accounts, which can vary by account type and bank.
Can small businesses in Washington get access to loans specifically for equipment financing from banks?
Yes, some banks in Washington may offer equipment financing loans designed specifically to help small businesses purchase and upgrade equipment.
Is it important for small business owners to choose a bank that is located in Washington?
Choosing a bank that is located in Washington can be important for small business owners because it allows them to access more personalized service and support from bankers with knowledge of local markets and conditions.
What types of small business banking services are available in Washington?
Small business banking services available in Washington typically include business checking and savings accounts, lines of credit, SBA loans, commercial real estate loans, and equipment financing.
How can I find a small business bank in Washington that offers the services I need?
You can compare small business banks in Washington based on factors like account fees, interest rates, loan terms, and customer service ratings. Doing research online and asking for referrals can be helpful.
What is the FDIC and why is it important for small business owners in Washington to choose a bank that is FDIC-insured?
The FDIC is the Federal Deposit Insurance Corporation, which provides deposit insurance to protect depositors in the event that their bank fails. Choosing a bank that is FDIC-insured can help ensure your money is safe.
Are online banks a good option for small businesses in Washington?
Online banks can be a good option for small businesses in Washington because they often offer low fees, competitive interest rates, and convenient online banking tools.
Are Seattle-based banks the best choice for small businesses located in Seattle?
Not necessarily. While Seattle-based banks might offer more localized support and knowledge of the Seattle market, small businesses should compare different banks based on their specific needs and goals.
What types of loans do small business banks in Washington offer?
Small business banks in Washington typically offer loans for working capital, equipment purchasing, real estate purchases, and SBA loans, among others.
Do small businesses in Washington need to have good credit in order to get a loan?
Yes, having good credit is typically an important factor in getting approved for a loan, as it shows you are a responsible borrower who can demonstrate financial stability.
Can Washington small business owners access funding programs from the state government?
Yes, Washington state offers a variety of funding programs for small businesses, such as the Governor’s Strategic Reserve Fund and the Small Business Credit Initiative.
What is the Small Business Administration (SBA) and how can it help Washington small businesses?
The Small Business Administration is a federal agency that works with lenders to provide financing options and support for small businesses. Washington small businesses can access SBA loans and other resources through local SBA offices.
What is the benefit of a community bank for a Washington small business?
Community banks in Washington can provide a more personalized touch for small business banking, with access to local decision-making and more customized support.
Are there specific requirements for small businesses to apply for a loan in Washington?
Small businesses in Washington may need to provide relevant financial documentation, like balance sheets or profit-and-loss statements, along with business plans and personal financial statements when applying for a loan.
Can small business owners use a personal bank account to manage their business finances in Washington?
While it is possible to use a personal bank account for business purposes, it may not provide the same level of protection as a separate business account. Small business owners may want to open a separate bank account to better manage their finances.
What is the difference between a commercial bank and a community bank in Washington?
Commercial banks in Washington tend to be larger and cater to a wide range of customer segments, including corporations and high-net-worth individuals. Community banks in Washington generally focus on serving local customers and small businesses in the area.
Can small businesses in Washington access financing without collateral?
It can be difficult to secure financing without collateral, but certain types of loans, like SBA loans, may have more flexible collateral requirements and offer guaranteed financing for eligible borrowers.
How important is personal interaction with my banker for me as a small business owner in Washington?
Personal interaction with your banker can be important as it allows you to build a relationship and get personalized support tailored to your business and its goals.
Can I accept credit and debit card payments for my business with a small business bank in Washington?
Yes, small business banks in Washington typically offer credit and debit card processing services to help businesses accept electronic payments from customers.
What is the process for securing a business loan with a small business bank in Washington?
The process for securing a business loan with a small business bank in Washington typically involves submitting an application, providing financial documentation, and meeting with a banker to review the loan terms.
How important is selecting the right bank for the long-term growth of my business in Washington?
Selecting the right bank for your small business can be important for its long-term growth and success, as it provides the support and financing needed to achieve your goals.
What is the process for opening a business bank account in Washington?
Opening a business bank account in Washington typically requires verifying your business identity, providing relevant documentation, and verifying your personal and business information with the bank.
Can a small business bank in Washington help with financial planning?
Many small business banks in Washington offer financial planning and advisory services, including retirement planning, investments, and wealth management.
Is finding a bank with adequate security important for small businesses in Washington?
Yes, finding a bank with adequate security measures is important for small businesses in Washington to prevent unauthorized access and protect against fraud.
How important is a bank’s reputation for accessibility and transparency for a small business in Washington?
Banking accessibility and transparency can be important factors when choosing a small business bank in Washington, as they can help ensure you are able to get the support and information you need to make informed decisions.
Are customer reviews reliable for comparing small business banks in Washington?
Customer reviews can be helpful for comparing small business banks in Washington, but it’s important to evaluate them with a critical eye and consider the individual experiences and circumstances behind them.
What is the best bank for Washington-based small businesses looking for unique financial solutions?
There is no one “best” bank for every small business, as each has their own unique needs and goals. It can be helpful to compare different banks and consider factors like specialty loans, customer service ratings, and financial advisory services when making a decision.
Should I seek expert financial advice before applying for loans through a Washington-based small business bank?
Yes, seeking expert financial advice before applying for loans can help you make informed decisions about your business and potential debt obligations. Local business development organizations and SBA resource partners can be a good source of advice and guidance.
Can a small business bank in Washington help with setting up payroll and payment processing systems?
Yes, many banks in Washington offer payroll and payment processing solutions for small businesses, including direct deposit, electronic invoicing and payment, and automatic payment scheduling.
Should I work with a small business banker who specializes in my industry in Washington?
Working with a small business banker who specializes in your industry can be helpful, as they may have a better understanding of the unique challenges and opportunities facing your business. However, banks with more generalized banking experience can also provide valuable support.

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Conclusion

As Washington, also known as The Evergreen 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 Washington economy.

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

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