Today could be the best time since 2007 to find a small business loan, In 2008, with the subprime mortgage crisis, lenders began to tighten up lending practices, and cut back on making loans. This included slashing loans to small businesses throughout the nation. Today however, the economy is better, and the lending industry in much more competitive, especially with the advent of non traditional lending platforms, so once again lenders are making loans to small businesses. This heavy competition even means lower interest rates for the best borrowers.

Most people when they think of a loan think of banks. While banks are once again lending money to people via personal loans and small business loans, many people still find themselves being denied loans from big banking. Traditional banks still have not caught up to the non traditional lenders that are in the lending industry today. If you can convince a big bank to lend to your small business, chances are you can obtain a great rate. Yet the vast majority of small businesses seeking loans do not find funding with big banking or wall street.

Where do many of the businesses today small business owners are turning to. Today’s online lenders are more than willing to work with small business owners across America, from cities to Americas heartland. Not only are these lenders giving banks serious competition, they are also making the lending process easier, with quicker turn around times, lower fees, and flexible lending requirements.

If your business could use a cash infusion, and you have struck out with brick and motor banks, you could try your hand with online lenders. In an effort to assist you in finding an online lender that specializes in small business loans, we have compiled a list of today’s up and coming online small business lenders.

OnDeck
This is a very reputable lender who specializes in small business loans. They have an A+ rating with the Better Business Bureau, and have been backed by Google Ventures. Google Ventures does not back just any company, and A+ ratings are not handed out like candy by the Better Business Bureau.You can receive your funding in as little as one day, but this does come at a cost of a higher APR and the fact that their loan terms are only up to two years, so this is relatively short term funding. Their main requirements are that your business must have at least 1 year behind it, and your business must have at least $100,000 in annual revenue. The perks here is minimal paperwork and fast track funding. If your business is rather well established with a proven track record of success, you might do better seeking a loan elsewhere. They offer both Term and Term24 loans, but each option here has a high APR. Yet if you need cash ASAP, and can pay the cash back very quickly, this may be just the option you need.

Fundation
This is a relatively new lender, with very few reviews online. That being said this new player to the the small business lending field specializes in lending to small businesses. They do not approve of loans to sole proprietors however, nor to businesses that have not existed for less than two years. You also need to have at least two employees to qualify for one of these loans. While their application can take quite some time to fill out, the loan process itself is relatively quick with this company, so if you need funding fast this may be an option worth looking into, as you can receive funds if approved in as little as 3 days. Loan amounts are as high as $150,000 for working capital loans and $500,000 for business expansion loans. The interest ranges from as low as 7.99% to as high as 25% for small businesses that have credit blemishes. If you are approved for a loan, the only fee is their 3% origination fee.

Kabbage
This is the lender to go to if you are in the worst possible financial jam, and need cash very quickly to dig yourself out of it. Kabbage only provides short term financing of only 6 months. You only need a Paypal account or business checking account. This lender uses means beyond your credit score when it comes to determining if they will fund your loan or not, such other avenues include your Quickbooks, and data from Amazon, eBay, Yahoo. This option comes at a cost however, as their APR is rather high, as high as 90%, as you will pay 1% to 13.5% of the loan amount for the first two months, then 1% for the next four months. If you can wait for your cash you would likely do better with another lender. This lender does however come in use for small businesses that would otherwise have a difficult time finding funding.

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