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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.
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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.
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