There’s a lot that goes into choosing the right small business loan. In a previous blog post we talked about some of the common qualifying criteria associated with a small business loan, today we’re going to talk about some of the common small business loan terms, typical loan amounts, and how long it takes to get funds once you’re approved.

common small business loan terms

Loan TypeCommon Loan TermsTypical Loan AmountsTime to Funding
Bank Term Loan3-10 years$50,000+ depending on the bank. Average loan size is $500,00014-60 days
SBA Loan5-25 yearsStarting at $10,000. Average loan size is $350,00030-90 days
Short-Term Online Loan3-24 months$5,000 to $250,00024-48 hours
Long-Term Online Loan1-5 years$5,000 to $500,000As quickly as 48 hours
Merchant Cash Advance3-18 months$5,000 to $500,000As quickly as 48 hours
Online Invoice FinancingCan factor individual invoices or enter 1+ yearly contract$100,000 to $2,000,000As quickly as 5 days
Equipment Financing2-10 years$100,000 to $2,000,000+As quickly as 5 days

Understanding what makes one business loan option different than another will help you make decisions about what is the best fit for your financing need. For example, if you need capital quickly, some of these options are better than others.

Want to learn more about OnDeck? Click HERE to learn more about your OnDeck’s financing options and what you might qualify for in as fast as 10 minutes.

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