Whether you need a term loan, a line of credit or a merchant cash advance (MCA), $75,000 business loans come in many forms to suit a range of business needs. To qualify for a loan of this amount, you typically need to be in business for at least six months and generate at least $120,000 a year in revenue.
Most lenders, including banks, credit unions, alternative online lenders and business loan marketplaces, offer $75,000 business loans. Established businesses might find more competitive rates at a large national bank, while 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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The application process depends on the lender. While traditional bank loans typically require extensive paperwork, some online lenders offer “no-doc” loans that connect to your accounts and verify your financials right away.
Regardless of the lender, here are the general steps to apply for a $75,000 business loan:
The turnaround time on $75,000 loans depends on the loan type. SBA loans can take weeks to process, while short-term loans from online lenders can take one business day or less. For the fastest application times and turnaround, consider a no-doc lender.
While a $75,000 business loan is well below the average business borrowing amount of around $660,000, it’s still substantial enough that you’ll need to meet certain revenue requirements and other criteria, including:
The cost of a $75,000 business loan varies a lot depending on the type of loan. For example, a traditional bank term loan might start as low as 8% APR, while SBA loan rates are capped at the prime rate plus 3% to 6.5% for 7(a) loans — plus additional fees.
For shorter-term financing like 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 your loan. Most $75,000 loans are term loans, SBA loans, lines of credit, merchant cash advances (MCAs), equipment financing and invoice factoring and financing. Payments vary widely across these types of financing. They might be monthly for a term loan but weekly or even daily for an MCA. And if you use invoice factoring, you won’t repay the factoring company at all — rather, you sell your invoices to the company for a discount.
Business loans for $75,000 cover a wide range of funding needs. Here’s a list of the most common types.
One of the most common types of business loans is a term loan, and there are both short-term and long-term options. Loan amounts can reach millions and often have some of the most competitive rates in the business lending marketplace. Term loans offer lump sum payments and are typically paid back in equal monthly installments over months or years, which can make them easier to budget for than some options.
A business line of credit works similar to a credit card, where you can borrow as much as you need up to your approved limit, and your balance replenishes as you pay it off. Business lines of credit can be useful to pay for ongoing projects, cover cash flow shortages or serve as an emergency fund.
SBA loans are offered by banks, credit unions and online lenders, but they’re backed by the federal government, making them less risky for lenders. Loan amounts can reach as high as $5 million and they typically have lower rates than many other types of business financing. But they’re difficult to qualify for, the loan process can be lengthy and some SBA loans require a down payment.
Equipment loans are a type of secured loan, where the equipment acts as collateral for the loan — much like a car loan. And, because the loan is secured, you may get a better rate, especially if you have a decent credit score. But if you can’t make your payments, you risk losing the collateral, which could put your business at risk. Some equipment loans may also require a down payment, depending on the lender.
A merchant cash advance is a loan based on your future credit card sales. MCAs are typically most suitable for retailers or other businesses that have a lot of card sales, and how much you can borrow depends on your monthly revenues. Repayments are made weekly or daily and are usually deducted automatically from your account. This form of financing can be expensive and should only be considered a short-term solution.
Another type of (expensive) short-term financing is invoice financing, which leverages your unpaid invoices in exchange for cash. How it works is you borrow money based on a percentage of your outstanding invoices and then repay it, plus fees, as your customers settle their bills. Repayments are made weekly or daily, which can be tough to budget for.
Invoice factoring is similar to invoice financing in that it leverages your outstanding invoices for cash. But, instead of collecting on your invoices yourself, you sell them to a factoring company in exchange for a lump sum. Customers pay the factoring firm directly, and then it sends you the remaining balance minus a fee. It’s an easy way to access fast funding, but it’s expensive.
Business loans can be categorized into two main types: secured and unsecured. Secured loans require collateral, which are assets like equipment, vehicles or even the business itself. The collateral serves as a guarantee for the lender, reducing their risk and possibly snagging you more favorable loan terms. Unsecured loans don’t require collateral but may require a personal guarantee and typically come with higher costs and APRs.
While it’s likely easier to qualify for a $75,000 loan than a larger amount, you’ll still need to meet the lender’s criteria. Compare the best small business loans to see the amounts, rates and terms you might qualify for.
Yes, many SBA loan programs are available for $75,000, including the popular 7(a) and Express loan programs. Loans backed by the Small Business Administration (SBA) offer low rates and high loan amounts to businesses that have a hard time qualifying elsewhere. But they also come with some of the highest rejection rates in the market.
It’s possible to borrow up to $75,000, even with bad credit. The most common types of business loans and financing available to bad credit borrowers are merchant cash advances, invoice factoring or financing, as well as loans backed by collateral, such as equipment loans and leases. But prepare to pay more in fees and interest if you get a bad credit business loan.
Yes, but your options are basically limited to SBA 7(a) and SBA microloans and possibly SBA 504 loans to finance equipment. But SBA loans aren’t the easiest to qualify for. For example, the 7(a) program requires good credit, a down payment of 10% to 30%, a business plan showing how the business will generate revenue, plus a personal guarantee.
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 startups — if the lender allows the funds to be used this way.
Think sole proprietors can’t get loans? Think again — see how to fund your business today.
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