Top Online Washington State Small Business Loan Options
When looking for the best small business loan in Washington State, you should also consider online small business loans. Not only do they have a quick turn-around time, but they’re also available nationwide. We explain each provider’s benefits and features to help you make the right choice for your business.
When you apply for a small business loan through BlueVine, you can get your approval within five minutes and access to your funds on the same day. BlueVine offers small business owners multiple loan options, from a line of credit to invoice factoring. Your business must have been running for three months to qualify for a loan. To apply for a line of credit, you must have been in business for at least six months.
BlueVine offers multiple term lengths for different financing needs. It also considers businesses with bad debt. If your credit score is below 630, they’ll take your business’s cash flow into consideration. If you’re applying for an invoice factoring account, they’ll check the creditworthiness of your customers. Their credit line carries short repayment terms of up to 12 months and is payable weekly or monthly. BlueVine’s fixed interest rate can be as low as 4.8%, depending on your circumstances, and their online customer support is fast and efficient.
Fundbox is a financial services platform that offers small businesses various credit and payment solutions. Fundbox helps you optimize cash flow for your small business by offering both a line of credit or a term loan.
The line of credit is ideal when cash flow is a problem and you need to cover significant expenses. You can use your line of credit for purchases like inventory, supplies, or operating expenses and can pay back the loan anytime, without any early repayment fees. On the other hand, term loans are loans that you use once and repay once, with interest.
To apply for a loan with Fundbox, you must be willing to share some basic business information, such as at least two months of business activity in any supported accounting software. You must also have a business bank account.
Kabbage is flexible, technology-driven, and lets you see all your finances in one secure place. The application process is quick, as you simply connect your business checking account, bookkeeping software, or payment platform to their site. Kabbage requires a minimum credit score of 560, at least one year in business, and annual revenue of at least $50,000.
Kabbage had to furlough employees in March 2020 and pause its traditional lending operation.
The company turned its attention to the government’s Paycheck Protection Program (PPP) and has processed more than 130,000 such loans, primarily to businesses with five or fewer employees.