Whether you need a revolving line of credit or a long-term business loan, $60,000 loans come in many forms. You generally need to be in business for at least six months, have any required documentation and a minimum monthly revenue starting at $5,000 to $10,000. We’ll help you compare the types of loans available to you so you can start shopping lenders to get the best deal for your situation.
You can find $60,000 business loans from banks, online lenders, credit unions and community development financial institutions (CDFIs). Funding can come in the form of SBA loans, equipment financing, business lines of credit, term loans and others.
Established businesses might find more competitive rates at a large national bank. However, newer businesses might have better luck with an online lender, business loans marketplace or an SBA loan specialist offering SBA 7(a), Express or 504 loans.
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The application process for a $60,000 loan varies by lender but generally involves the following steps:
The turnaround time for $60,000 loans is typically shorter than larger loans, with some lenders offering funding within a few business days to a week. Some loans, such as SBA loans, can take much longer.
While a $60,000 business loan is relatively small in the business loans market, it may still be difficult to qualify if you just started your business.
To qualify for a loan of this size, you typically need:
Expect competitive rates for a $60,000 business loan if you have strong credit and business financials. However, costs vary depending on the loan type. For example, a traditional bank term loan might start with rates as low as 7% to 8%, while SBA loan rates are capped at the prime rate plus 3% for 7(a) loans.
For shorter-term financing like merchant cash advances and lines of credit, APRs can run much higher — typically starting around 10% for borrowers with the best credit and exceeding 60% APR for borrowers with lower credit scores.
Use our business loan calculator to compare monthly loan payments and how much your loan might cost based on different rates and terms.
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It depends on the terms you’ve agreed to with your lender. Most $60,000 loans are term loans with fixed monthly repayments. Some short-term business loans come with biweekly, weekly or even daily repayments.
If you apply for a merchant cash advance, you’ll repay your loan with a percentage of your business’s daily sales. If you get an advance on your unpaid invoice with invoice factoring, you won’t repay the factoring company — you just won’t get your invoice’s total value.
Business loans for $60K can cover a wide range of financing needs. Here’s a list of the most common types and when they make sense.
Term loans are one of the most common types of business loans and are offered by traditional banks and online lenders. There are long-term and short-term options, although a $60K business loan likely has a shorter term of three years or less. Funds are disbursed in a lump sum, and you’ll pay it back in equal installments at a fixed interest rate.
A business line of credit (LOC) is more flexible than a term loan, and you only pay interest on the funds you use. It works sort of like a credit card, where you can draw on it as needed up to your approved limit. And the credit limit replenishes as you pay it back. Business LOCs can act as an emergency fund, cover temporary cash flow shortages or finance an ongoing project, but terms are generally short and they may come with a number of fees.
Backed by the federal government, SBA loans are less risky for the lender but can be difficult to qualify for. They’re offered by banks, credit unions and online lenders, and loan amounts can reach as high as $5 million or more. SBA loans generally have very competitive rates, but some require a down payment, and the loan process can take weeks or even months.
A type of secured loan, equipment financing can be used to buy vehicles, machinery, office furniture or any other kind of equipment. The purchase acts as collateral for the loan, which means you may qualify for a lower rate than with other business loans. But, depending on the lender, you may need to come up with a down payment. Plus, as with any secured loan, you risk losing the asset if you can’t make the payments.
If your business does a lot of credit card sales — such as retailers and ecommerce companies — a merchant cash advance (MCA) is a way to get business financing based on your future sales. How much of an advance you can get depends on your monthly revenues. MCAs typically offer fast funding, but it’s one of the most expensive forms of business financing and you may have to make weekly or even daily repayments.
For companies that invoice other businesses or government agencies, invoice factoring is a way to leverage your unpaid invoices in exchange for cash. You sell your outstanding invoices to a factoring company for less than they’re worth. As your customers pay the factoring company, you’ll receive the remaining balance of the invoices minus fees. It’s a fast form of funding, and there aren’t any loan payments to manage, but its fees can be steep and it’s not suitable for all businesses.
Invoice financing is similar to invoice factoring, except you don’t sell your invoices to a factoring company. Instead, you take out a loan based on a percentage of your unpaid invoices and repay it as your customers settle their invoices. But, while invoice financing offers fast funding and lenient requirements to qualify, it’s expensive and can cost more if your customers make late payments.
If you’re a startup or don’t meet business loan requirements, you may want to consider using a personal loan for business expenses. Personal loans are easier to qualify for than business loans, and they’re typically unsecured, which means you don’t have to put any business assets at risk. But you’ll need a good credit score to qualify for the best rates, and most personal loan providers cap loans at $50,000, so you may have to dig a little deeper to find a $60K loan.
Consider these lenders that offer $60,000 personal loans that could be used to fund your business. Select Compare for up to four providers to see how their APRs, credit score requirements and loan amounts stack up. Select Go to site to get started on your application.
The Finder Score crunches 6+ types of personal loans across 50+ 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.
Secured business loans require collateral, while unsecured loans don’t. For a $60,000 loan, a secured loan may be easier to qualify for, especially for borrowers with lower credit scores. But you’ll need an asset that can back the loan, which typically needs to be appraised.
Unsecured loans don’t require collateral but may require a personal guarantee. And they typically come with higher rates and fees to make up for the added risk to the lender.
If you have bad credit, you may be able to get a $60,000 business loan from online lenders, credit unions, CDFIs or even some community banks. Be sure to check out the lender’s credit requirements before you apply to make sure they accept your credit rating.
You may also be able to qualify with a lender that specializes in business loans for bad credit. Or, you might offer to secure the loan with collateral.
For certain types of loans, like merchant cash advances, lenders may not consider your credit score at all — or at least not weigh it as heavily. But these can be expensive and should generally only be considered as a short-term solution.
To get a $60,000 business loan, you’ll need to meet revenue requirements, have at least six months in business and a good credit profile, though this amount may be easier to qualify for compared to a larger amount. Compare top business lenders to find the right loan for your situation.
Yes, you can opt for a $60,000 SBA loan. These loans offer low rates and higher amounts to business owners who struggle to qualify with other lenders. But the process is very competitive, it can be lengthy compared to other loan options and many applicants don’t walk away with an approved loan.
It is possible to find a $60,000 business loan with bad credit if you apply for a merchant cash advance or invoice financing — but you’ll need the revenue or unpaid invoices to support this loan amount. However, prepare to pay more in fees and interest if you get a bad credit business loan.
Lenders such as online lenders and SBA lenders may be open to working with startups seeking this amount.
However, because it can be hard to qualify for an SBA loan, some entrepreneurs use their own savings or take out a personal loan to launch a new enterprise. Personal loans don’t have business revenue or time-in-business requirements, making them ideal for startups — if the lender allows the funds to be used this way.
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