Most lenders offer secured and unsecured $30,000 business loans. Banks, online providers and even some microlenders are all options. It’s also possible to find a loan of this size if you have a startup or bad credit.
In this guide, we’ll walk you through where to find a $30,000 business loan, how to qualify and what to expect in terms of costs, so you can choose the best option for your business.
You can get a $30,000 business loan from an online lender, regional bank, community development financial institution (CDFI) and some credit unions. Several large banks like Wells Fargo offer $30,000 business loans too. But national banks may prefer to work with higher loan amounts.
While microlenders might offer loans of this size, some have maximum loan amounts below $30,000 — especially if you’re looking for a bad credit loan or startup financing.
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The application process for a $30,000 business loan varies depending on your lender and loan type. But generally, you need to follow these steps:
Qualifying for a $30,000 business loan comes down to a few key factors, like your credit score, revenue and time in business. Here’s what lenders typically look for:
The cost of a $30,000 business loan is determined by the APR and loan terms that you qualify for — which depends on the lender and your creditworthiness. But repayment terms for this loan amount are usually around a year or two.
It’s always a good idea to shop around for the best APR, since that can make a big difference in the cost of a $30,000 loan. For example, a $30,000 loan at 6% APR paid back over two years will cost you $1,910 in interest, while interest on the same loan with a 10% APR will be $3,224.
Use our calculator below to get a clearer picture of the monthly installments and interest you can expect to pay on a $30,000 business loan.
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Most business loan APRs include an origination fee, which can range anywhere from 0.5% to 9%; that equals $150 to $2,700 on a $30,000 loan.
When you close the loan, your lender either deducts the origination fee from your loan or adds it to your loan balance. Make sure to factor in that cost before you apply for the loan to avoid under-borrowing.
Not all business loans are the same. Some are flexible, some require collateral and others work best for specific purchases. Here are the most common types of $30,000 business loans and who they’re best suited for.
Unsecured term loans provide a lump sum of funding without requiring business collateral. You’ll repay it in fixed installments, but most lenders require a personal guarantee, meaning you’re personally responsible if the business can’t repay.
A secured loan works like an unsecured loan but requires collateral, such as equipment, real estate or business assets. Because these loans are less risky for lenders, they typically come with lower interest rates.
A business line of credit provides access to funds as needed. You only pay interest on what you borrow, and you can continue borrowing as you repay.
Designed specifically for purchasing business equipment or vehicles, equipment loans are typically secured by the asset you’re buying. However, you may need to provide a down payment of up to 20%.
Microloans are small business loans provided by nonprofit organizations, CDFIs or government-backed programs. They often have more flexible terms but may take longer to fund and could have a lower loan cap.
The Small Business Administration (SBA) offers loans backed by the government, including the SBA 7(a) and microloan programs. SBA loans typically offer lower interest rates, but the application process can be time-consuming.
A merchant cash advance provides an upfront sum based on future sales. Repayments are made through a percentage of daily deposits or credit card transactions. While easy to qualify for, MCAs can have extremely high costs.
If your business is new or doesn’t have established revenue, a personal loan can be used for business expenses. Approval is based on your personal credit and income rather than business financials.
There are lenders willing to work with bad credit, but you’ll need to look beyond traditional banks. Online lenders and Community Development Financial Institutions (CDFIs) are more flexible with their requirements, often accepting credit scores of 580 or lower. They focus more on business revenue and cash flow than your personal credit history.
Offering collateral — like equipment or inventory — can also help you secure a loan. Some lenders may also require a personal guarantee, meaning you’ll be on the hook if your business can’t repay.
It helps to compare lenders that specialize in bad-credit business loans. Some cater to startups, while others work with businesses that have strong sales but low credit scores. Checking prequalification offers and having your financial documents ready can improve your chances of getting approved.
A $30,000 business loan is low enough to be attainable for most small businesses — and easier to find than smaller loan amounts. But you might not have as many bad credit or startup options as you would with a $15,000 loan.
To compare even more options, check out our guide to small business loans.
Yes, the SBA offers $30,000 business loans through programs like the SBA 7(a) loan and SBA microloans. The microloan program, in particular, is designed for loans under $50,000 and is a good option for small businesses that meet the SBA’s eligibility requirements. Just keep in mind that SBA loans take longer to process than other types of business loans, so they may not be the best choice if you need fast funding.
The easiest $30,000 business loan to get is typically from an online lender since they typically have lower credit score requirements and faster approvals than banks or SBA loans. Merchant cash advances and invoice financing are also easy to qualify for but come with higher costs.
Yes, a startup LLC can get a $30,000 loan, but options may be limited, since most lenders prefer businesses with at least six months to two years of revenue. Online lenders, SBA microloans and some nonprofit lenders are more startup-friendly. If your business hasn’t established credit yet, you may need to rely on a personal loan or a loan with a personal guarantee.
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