How to get a small business loan?
Getting a small business loan comes down to five steps: know what you qualify for, pick the right product, gather your documents, apply to lenders that actually fund businesses like yours, and compare offers before you sign. Most owners get stuck on step four: they apply to one bank, get declined, and assume the answer is no everywhere. It isn't. Different lenders want different borrowers, and applying to the wrong ones wastes weeks you could spend growing. Quordx Capital solves the matching problem: one application, and our platform identifies the lenders in our 50+ lender network most likely to approve you.
Part of our guide to Business Loans.
Last updated · Reviewed by Cody Dreis
50+ Lenders|Funding in as little as 24 hours
The 5 Steps to Getting a Small Business Loan
Step 1: Know your numbers: Lenders weigh three things: time in business, monthly revenue, and credit. Banks typically want 2+ years in business and strong credit; alternative lenders fund businesses with as little as 3-6 months of history, ~$10K+ in monthly revenue, and credit scores down to the 500s.
Step 2: Pick the product: A term loan for a one-time investment, a line of credit for flexibility, equipment financing for machinery, an SBA loan for the lowest long-term cost.
Step 3: Gather documents: Typically 3-6 months of business bank statements, your most recent business tax return, government-issued ID, entity documents, and a voided business check.
Step 4: Apply where you'll be approved: This is where most borrowers lose time. Lender appetite varies enormously.
Step 5: Compare offers: Look at total cost of repayment, not just the rate.
Funding Options to Consider
Business term loans: $10K-$500K+, typically 1-5 year terms with fixed payments. Best for a defined investment like expansion or a large purchase.
Business lines of credit: $10K-$250K+, revolving, and you pay interest only on what you draw. Best for cash flow swings and recurring needs.
SBA loans: up to $5M through the 7(a) program, with current variable rates roughly 10.5%-14%. Best for established businesses that can wait a few weeks for the lowest-cost capital.
Equipment financing: $5K-$5M+, where the equipment itself is the collateral. Best when the loan's purpose is the gear.
See what you could qualify for
Four answers about your business. No credit pull.
How Quordx Capital Works
You fill out one application, it takes about 10 minutes, and upload your documents digitally. Our AI analyzes your profile and matches you to 3-7 best-fit lenders from a vetted network of 50+, ranked by approval probability. Most lender decisions come back in 24-48 hours, and funding typically lands in 3-7 business days. No cold calls, no branch visits.
What to Expect
If you have 6+ months in business and steady revenue, you'll likely see multiple options. If you're earlier-stage, we'll tell you honestly what's realistic, including "not yet" if that's the truth. Quordx Capital is always free to borrowers: no application fees, no broker fees, ever. Lenders pay us when a deal funds, so checking your options costs you nothing and obligates you to nothing.
Apply for Funding
No obligation · Initial inquiry doesn't impact credit · Takes about 10 minutes
Written by
Cody Dreis
Founder, Quordx Capital
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Quordx Capital is a business funding broker, not a lender. Lenders make every credit decision and set the rate, fees and terms, and not every business qualifies. Quordx may be paid by a lender when a deal funds. Full disclosures