The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
Business loans for $300,000 cover a wide range of financing scenarios. Here’s a list of the most common types.
| Type of financing | Description | Use |
|---|---|---|
| Short term loan | An unsecured lump sum loan with repayment terms of up to 18 months | To cover unexpected costs or to survive a downturn |
| Business term loan | An unsecured lump sum loan with repayment terms of up to 10 years | To provide working capital for more established businesses |
| Business line of credit | A revolving line of credit for ongoing needs | To tap into funds as needed and pay off as you go |
| Business cash advance | A quick turnaround loan for newer businesses | To borrow against the money you plan to make |
| Accounts receivable financing | A loan with an amount tied to your receivables | Lets you access cash by selling your purchase orders or receivables |
| SBA loan | A low interest small business loan partially backed by the government | To provide working capital to grow your business |
| Startup loan | A term loan for businesses with limited credit history | To provide working capital to get your business off the ground |
| Equipment financing | A collateralized term loan to fund equipment | To pay for any kind of equipment for your business |
| Business credit card | A revolving line of credit for ongoing needs | To tap into funds as needed and pay off as you go |
Business loans can either be secured or unsecured. A secured loan is backed by collateral from your business – like real estate, equipment or other valuable assets. An unsecured loan is based on your creditworthiness and doesn’t require collateral. But with an unsecured loan, you’ll likely need to provide a personal guarantee.
It’s possible to get an unsecured $300,000 business loan, especially if you apply with an online lender. However, most lenders prefer to collateralize $300,000 loans because they stand to take a sizable loss if your business defaults.
And even then, most unsecured loans require a personal guarantee from all business owners with a 20% stake in the company.
You can get a $300,000 business loan from most banks, online lenders and loans backed by the Small Business Administration (SBA).
Community and regional banks might be a particularly good choice for small businesses. While large banks like Chase often offer loans of this size, it can be difficult for smaller businesses to qualify for financing — especially if you have fewer than 10 employees.
Some online lenders like Fora Financial and Rapid Finance offer $300,000 loans — even to borrowers with bad credit. But online lenders typically only finance smaller projects, and some don’t offer financing over $250,000.
You can apply for a $300,000 business loan by following these general steps. But beware — the application process is usually more intensive for a loan of this size than for financing under $100,000.
How much a $300,000 loan costs depends on the rates, fees and loan terms your lender offers.
Suppose your business took out a $300,000 loan at an 8% APR and a seven-year term. The loan would cost your business around $4,676 each month and about $92,772 in interest after you’ve fully paid off the loan.
See how much a $300,000 business loan costs at other rates and terms by using our calculator and compare costs to typical business loan rates.
|
Your loan
|
|---|
| Loan amount |
|
$
|
| Loan terms (in years) |
|
|
| Interest rate |
|
%
|
or
Compare personal loans| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
You can get a $300,000 loan from most SBA lenders. In fact, SBA loans can be a great option for established small businesses that have been around for about three years but can’t qualify for a bank loan.
It’s not a bad credit option, however. You need a credit score of at least 620 to qualify for government-backed financing. And your business typically needs to have enough revenue to support payments — usually around just under $1 million to $3 million.
But the SBA sometimes has revenue caps, which vary depending on your industry. For example, many agriculture businesses must earn less than $1 million in annual revenue to qualify.
Most SBA loan programs offer $300,000 loans. Here are some options you might want to consider:
Banks and SBA lenders are often your best bet for $300,000 business loans. Before you land on a lender, compare the best business loans. Determine which ones have the type of financing you need and — if it’s available — prequalify before you submit your full application.
Think sole proprietors can’t get loans? Think again — see how to fund your business today.
A review of Giggle Finance, a fintech offering revenue-based financing for self-employed individuals, gig workers and small businesses.
Get the capital your business needs to grow with repayments that adapt to your revenue.
Compare business cash advances from a variety of lenders and the pros and cons of each option.
Compare alternative business lenders and loan types, including business lines of credit, invoice factoring and equipment loans.
Learn how to secure a $75,000 business loan, even with bad credit. Explore your options now.
Find a $40,000 business loan for your business and calculate the cost before you apply.
Think you need a cosigner for your business loan? Learn when they help — and when they don’t.
Get funding of up to $500,000 with the benefit of early repayment discounts for qualifying borrowers.
Getting a business loan can be hard when banks and other traditional lenders have strict requirements. See what startup loan options are available.