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 a few months, have any required documentation and have a minimum monthly revenue as low as $5,000. Compare providers to make sure you get the best rates and terms possible.
You can find $60,000 business loans from banks, online lenders, credit unions and more. Funding can come in the form of SBA loans, equipment financing, business line of credit and term loans. Established businesses might find more competitive rates at a large national bank. However, newer businesses might have better luck with an online lender or marketplace or an SBA loan specialist offering SBA 7(a), Express and 504 loans.
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Business loans that finance up to $60,000 for your business can cover the following.
| Type of financing | Description | Use |
|---|---|---|
| Short-term business 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 expenses | To tap into funds as needed and pay off as you go |
| Merchant cash advance | A quick turnaround loan for newer businesses or those with bad credit | To borrow against your future credit card sales |
| SBA loan | A low interest small business loan partially backed by the government | To provide working capital to grow your business |
| Equipment financing | A collateralized term loan to fund equipment | To pay for any kind of equipment for your business |
| Inventory factoring/Inventory financing | A loan secured by businesses’s inventory | To free up cash tied to inventory |
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. You’ll need an asset that can back the loan, which goes through an appraisal process.
Unsecured loans don’t require collateral but may require a personal guarantee and typically come with higher costs and APRs.
While a $60,000 business loan is below the average borrowing amount of $660,000, 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. A traditional bank term loan might start as low as 8% APR, while SBA loan rates are capped at the prime rate plus 2.25% to 2.75% for most programs. In 2024, the SBA states that upfront fees for a loan of $1,000,000 or less will be 0%.
For shorter-term financing like merchant cash advances and lines of credit, APRs can run much higher — typically starting below 10% for the best credit borrowers and exceeding 60% APR for borrowers with lower credit scores.
Use the calculator below to find out how much your loan might cost based on different rates and terms.
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It depends on the terms you’ve signed off on with your lender. Most $60,000 loans are term loans with fixed or 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.
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.
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 private lenders. But the process is very competitive, 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. But 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 a business revenue requirement or time in business requirement, making them ideal for start-ups – if the lender allows the funds to be used this way.
Not sure where to start? Visit our comprehensive guide to startup loans to explore your options.
To get a $60,000 business loan, you may need several months in business as well as a good credit profile, though this amount may be easier to qualify for compared to a larger amount. To compare lenders and get prequalified, see our guide to the best business loans.
Think sole proprietors can’t get loans? Think again — see how to fund your business today.
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