Top Four Options for Secured Business Financing
Discover four leading banks offering guaranteed business loans tailored for small enterprises. These options include unsecured lines of credit, term loans, and customized financing solutions, all designed to support business growth with accessible approval processes and competitive interest rates.
Starting a new business can be exciting, but securing the necessary funding often poses a challenge. Obtaining approved business loans with guaranteed approval is not always simple, and favorable interest rates can be hard to find. Fortunately, major banks now offer small business loan options, increasing access to capital for entrepreneurs.
Wells Fargo
Recognized as "America’s top small business lender," Wells Fargo is a go-to for small enterprises. Their Unsecured Business Line of Credit and Unsecured Business Loan are popular choices, as they don’t require collateral. The credit line ranges from $5,000 to $100,000, ideal for cash flow and unforeseen expenses. The medium-term unsecured loan offers $10,000 to $100,000 with fixed rates, with interest from 7% to 22.99%.
Bank of America
Bank of America, with nearly 4,400 branches nationwide, now provides guaranteed business loans for small firms. Their Business Advantage Unsecured Term Loans do not require collateral, with loan amounts from $10,000 to $100,000 and fixed interest rates, sometimes as low as 5.50%. The Business Advantage Unsecured Credit Line offers flexible funding options, with amounts up to $100,000 and starting interest rates of 6.25%.
JPMorgan Chase
JPMorgan Chase offers guaranteed loans and credit options to small businesses, including credit cards with easier approval, lower interest, and reward benefits. Their Business Term Loans range from $5,000 to $500,000, with both fixed and variable rates, and a maximum repayment period of seven years. If you hold a Chase business account, payments can be deducted directly.
Capital One
In 2019, Capital One approved over $20 million in guaranteed business funding. Their diverse lending choices include SBA loans, lines of credit, commercial real estate financing, equipment loans, and custom-tailored business loans. To qualify, you generally need a positive business history, solid credit, robust annual revenue, and a complete application. Capital One is a reliable option for entrepreneurs seeking flexible financing solutions.
