11 Best Small Business Loans of 2021

Applications are live for SBA-backed Paycheck Protection Program (PPP) loans. Business owners who need help covering payroll and expenses during the COVID-19 pandemic now have $350 billion in potentially forgivable loans available to them. Get funding through an SBA-approved lender below, or apply here.

Have you heard of the Paycheck Protection Program? This program is part of the recently passed $2.2 trillion stimulus package and is meant to provide relief for small businesses that need extra cash to cover payroll.

The program offers loans up to $10 million to small businesses. These loans are calculated using 250% of your average monthly payroll in 2019. The program is only being offered through SBA authorized lenders.

These loans are eligible to be forgiven if at least 75% of the funding is used to pay workers and if no worker is compensated above $100,000. It’s currently not clear if that maximum includes benefits. Those who can’t get the loan forgiven will have to pay it back in two years at a 0.5% interest rate after six months of interest deferment.

Applications open on Friday, April 3, and close on June 30. The application consists of a two-page form in addition to required documentation.

  • Lendio $1,000/$5 million 6% $50,000 6 mos. Apply Now
    BlueVine $5,000/$5 million 4.8% $100,000 6 mos. Apply Now
    Fundbox $1,000/$100,000 4.66% $50,000 3 mos. Apply Now
    Kabbage $500/$250,000 1.5 factor rate $50,000 1 yr. Apply Now
    Funding Circle $25,000/$500,000 4.99% N/A 2 yrs. Apply Now
    Kiva $0/$10,000 0% N/A N/A Apply Now
    OnDeck $5,000/$500,000 9.99% $100,000 1 yr. Apply Now
    Accion $300/$250,000 7% N/A N/A Apply Now
    StreetShares $2,000/$250,000 7% $25,000 1 yr. Apply Now
    CanCapital $2,500/$250,000 12.9% $150,000 6 mos. Apply Now
    SmartBiz $30,000/$5 million 6.5% $50,000 2 yrs. Apply Now