Filter $600,000 business loans by your company’s annual revenue, credit score and time in business to see personalized options.
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Business loans for $600,000 cover a wide range of funding needs. 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 | A 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 |
To learn more about business loans, check out our comprehensive guide to business loans – where you can learn more about the nuances of business financing.
Business loans can either be secured or unsecured. Loans in the $600,000 range generally require collateral — especially if it’s an equipment loan or for commercial real estate. That said, getting an unsecured business loan of $600,000 may be possible from certain online lenders.
You’ll need a higher credit score and stronger business financials to qualify for an unsecured business loan. You’ll also probably need to show more business experience, requiring at least two years of experience for approval.
You can get a $600,000 business loan from banks, community lenders and lenders that offer financing backed by the Small Business Administration, or SBA. Some online lenders, like Fora Financial, also offer $600,000 in financing — though it’s not as common.
Bank loans are best for more established businesses that have been around for at least three to five years and have positive revenue. SBA loans can be a good choice if your business can’t qualify with a bank, since they’re partly backed by the federal government.
A local lender like a community development financial institution (CDFI) could also be a good low-cost option for new businesses and bad credit borrowers. Online business lenders also often work with startups or accept bad credit. But they tend to charge higher rates and fees than other providers.
To qualify for a $600K business loan, you and your business should be prepared to meet the following criteria:
The cost of a $600,000 loan varies depending on your interest rate, fees and loan term.
For example, let’s say your loan came with a 9% APR and a 10-year term. This particular $600,000 loan would come with a $7,600.55 monthly payment and a total cost of $312,065.57 in interest and fees by the time your term is up.
See how much a $600,000 business loan costs at different rates and terms by using our calculator.
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While the application process differs depending on the lender and loan type, follow these steps to apply for a $600,000 loan.
Get a $600,000 SBA loan through most SBA programs — though most low credit-friendly programs don’t have loan amounts of this size available.
To qualify for an SBA loan, your business must show that it can’t qualify for a bank loan — that’s why it’s helpful to apply with bank and SBA lenders. And while not mandated by the SBA, most lenders also require owners to have a 620 credit score.
The SBA also requires all businesses to meet its definition of a small business, which varies by industry. In some cases, you’ll be denied an SBA loan if you earn more than $1 million in annual revenue — which can make affording repayments difficult.
The most popular SBA programs offer $600,000 loans — though not all. You might want to consider these options, depending on your financing needs.
If your business needs an SBA disaster loan, $600,000 loans are available to businesses with that amount of eligible expenses.
SBA International Trade and Export Working Capital loans are also available at $600,000. However, Community Advantage, SBA Express and Microloans aren’t available at this size.
To get a $600K loan, you’ll need good credit and at least a year in business to get approved for such a high amount, even with a secured loan. To compare lenders and get prequalified, see our picks for the best business loans.
Think sole proprietors can’t get loans? Think again — see how to fund your business today.
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