Able is the lowest-cost online lender to small businesses in the nation. We fund businesses at any stage with a new kind of loan that lets borrowers get more capital at lower rates when they recruit some support from friends, family and fans. On average Able’s borrowers save $31,000 on loans between $25,000 and $1,000,000.
Able is “more than a loan.” We connect extraordinary entrepreneurs with additional capital, community resources, and expert advice when it’s time to grow.
1. SBA LOANS
SBA loans are term loans partially guaranteed by the government, and come with the lowest rates (from 4.25%) and longest terms you can get. Simply put, these are some the most affordable small business loans you can get your hands on.
2. TERM LOANS
Term loans provide more money at a lower rate with a longer term than alternative loan products. They are an excellent source of financing for specific products like an expansion, buildout or equipment purchase.
3. LINES OF CREDIT
Small business lines of credit are best used for short-term working capital and cash-flow management. They’re great to have in reserve for emergencies, and you pay interest only on what you use.
4. INVOICE FACTORING
Factoring allows you to access the future value of your outstanding invoices today. It’s a fine cash-flow management tool for business with lots of accounts receivable.
5. SHORT TERM LOANS AND ADVANCES
Sometimes you need money tomorrow—and that’s where short-term loans and cash advances come in. You’ll pay a premium for speed (and to cover the risk), but you’ll get the money you need in hours or days instead of weeks
Your business must be in operation for at least 1 year.
Your business must bring in at least $50,000 in annual revenue.
You must have a personal credit score of 600 or higher.
You cannot have filed for personal bankruptcy in the past 12 months.
To qualify for an SBA loan with Able Lending:
Your business must be for-profit.
Your business must meet SBA size requirements for small businesses.
You must not have funding from other sources.
You must plan to use funding for an SBA-approved project or purpose.
Your business must have a realistic business plan.
You must be able to demonstrate good character through your financial history.
Eligibility requirements may vary, depending on what type of SBA loan you apply for. Take some time to go over your personal finances and the requirements for each SBA loan before starting an application. To find out if you are preapproved for a loan, go to Able Lending’s site and enter basic information about yourself and your business. You’ll find out within minutes if you’re preapproved.
Max. Loan Amount $5,000,000
Min APR From 4.25%
Maximum Loan Term 25 years
Requirements: Business must be in operation for at least one year, bring in at least $50,000 in annual revenue, must have a personal credit score of 600 or higher, no personal bankruptcy in the past 12 months.
800 West Cesar Chavez Street B101, Austin TX 78701