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The Best Colorado Springs Business Loans
The best Colorado Springs business loans can be one of several powerful funding sources for your business. Colorado Springs is a growing business hub, offering relatively low costs, skilled workers, and a reasonable cost of living. That said, business owners know that building a business isn’t easy anywhere. The good news is that small businesses in Colorado Springs have a wealth of options for business loans to help with capital needs, hiring, facilities, equipment purchases, and more.
Choosing the right private lender is essential to a successful small business loan, and you’ll need to research your options to ensure that you get the best rates and terms. This overview will help you get started shopping for business loans and will give you a solid understanding of how each company works and what you can expect when working with one of them to obtain your business loan.
Additionally, the Colorado Office of Economic Development & International Trade provides a source of vital information for future and current business owners.
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Trusted Company Reviews #1 Pick for 2024
- Online lending marketplace with several options
- LendingTree has an A+ rating from the BBB
- Borrowers can qualify with multiple lenders at once
Why we love it 💖
LendingTree offers far more than just personal loans. It works with multiple lenders to get you the financial product you need, and qualifying won’t affect your credit score.
Our Highest Rated Colorado Springs Business Loans Companies
- A range of personal financial products are available
- Borrowers can prequalify without affecting credit scores
- LendingTree’s website is easy to navigate and packed with information
- Borrowers can choose between large, national lenders and smaller regional banks
- Some lenders may require origination fees or co-signers for some borrowers
- The LendingTree app gives access to many features from a smartphone
- Multiple borrowing options available
- Borrowers can prequalify without a hard credit inquiry
- Same-day funding may be available
- Longer-term business loans are an option with Credibly
- Credibly is a non-bank lender
- Businesses must have $15,000/month or $180,000/year revenues
- Fundbox only offers lines of credit
- APRs range from 10% to 80%
- Credit lines of up to $150,000 available
- $100,000 in annual business revenue is required
- Borrowers must have at least a 600 personal credit score
- No origination or application fees
- Two lending products available
- $5,000 minimum loan amounts
- A 500 minimum credit score is required
- Borrowers can prequalify without a hard credit inquiry
- Fora offers four to 15-month repayment terms
- Businesses must have been in operation for at least six months
- National Funding offers two lending products
- Borrowers may qualify for a pre-payment discount
- Loan amounts of up to $500,000
- Origination fees apply
- Funding as fast as 24 hours after approval
- Terms range from four to 60 months, depending on the loan type
Via Credible.com's website
What are Colorado Springs Business Loans?
Business owners borrow to fund a variety of projects and capital needs, and loan terms and conditions may vary depending on the purpose. Owners can fund working capital, equipment purchases, real estate, inventory, and startup expenses with a business loan, and there are four main types of products available to borrowers: Term loans, lines of credit, SBA loans, and real estate loans. In general, borrowers can take secured or unsecured loans, with secured loans requiring collateral.
Related Article: How to Build Business Credit Fast
General Colorado Springs Business Loans Information
Colorado Springs business loan lenders like the companies listed here are popular options for Colorado business owners because they offer a fast, easy application process and fast funding. Loan amounts and terms are generally determined by the business’ time in operation, revenue, and the owner’s personal financial situation or credit score, as is common with personal loans or debt consolidation loans. There may also be limitations on the amount for some loan purposes.
The business loan process looks a lot like the personal loan application process. There are typically several steps:
- Find and meet with a lender
- Provide business documents
- Complete and submit a loan application
- Loan application undergoes the underwriting process
- Loan decision, closing, and funding
Are Colorado Springs Business Loans a Good Idea?
While you should never bite off more than you can chew financially, business loans can be a lifeline and the only way to fund vital projects for many owners. It’s important to keep in mind that business loans often have shorter terms and more restrictions than personal loans or other term loans like mortgages, which can make them more expensive for some borrowers.
It’s also good to remember that businesses have credit scores, just like people, and a failure to repay the loan could result in future applications being denied. A default could also affect the owner’s ability to receive inventory on credit or expand in the future.
Which is the Best Colorado Springs Business Loans Company?
LendingTree is our top-rated Colorado Springs business loan company for a few reasons: The company offers access to several financial products with its partners, is well-known and respected in the industry, and has a useful mobile app for borrowers.
Related Article: How To Get a 100K Business Loan
LendingTree
Best Overall Colorado Springs Business Loan Provider
Trusted Company Reviews Rating Score for LendingTree: 9.3
LendingTree is one of the most well-known companies in the business lending industry. It works with more than 500 financial institutions and offers a long list of personal financial products to help individuals consolidate debt or make life more comfortable. Colorado Springs business loan borrowers may be able to incorporate a co-signer and can work with multiple lenders at once in some cases.
About LendingTree
LendingTree has been around since 1996 and offers a range of personal and business financial products. It’s one of the most popular lending marketplace platforms on the internet.
LendingTree Features and Benefits
- Online loan marketplace with more than 500 partners
- BBB A+ rating
- Multiple lender prequalification is available
- Credit score monitoring is available
- Prequalification won’t hurt your credit score
- 600 minimum credit score for most loan products
- Useful mobile app available
Why We Chose LendingTree
LendingTree’s vast network of lending partners and strong industry reputation make it our top pick.
LendingTree Pros and Cons
Pros
- Qualifying doesn’t affect credit score
- More than 500 lenders available
- No early payment penalties
Cons
- Maximum loan amount may be too low for many businesses
- High interest rates are possible
- Some consumer reviews are less than glowing
| Number of Borrowing Options (loan types) | Min. credit score needed to qualify | Max loan term length | Max loan dollar amount |
| Multiple | 600 | 300 months for some lenders | $30,000,000 |
Credibly
Best for: Established businesses
Trusted Company Reviews Rating Score for Credibly: 9.0
Credibly offers flexible Colorado Springs business loan options and has financial experts on staff for borrowers to consult before taking on debt. The company scores highly in customer reviews and can fund loans the same day in many cases. That said, it has stringent loan terms and requirements for business revenue and time in operation, so the company won’t work for everyone.
About Credibly
Credibly services businesses in more than 1,000 industries and offers a range of loan terms and financial products. It leans heavily on technology to make its lending decisions and says that its approach ensures a faster, more seamless application process.
Credibly Features and Benefits
- Finance experts available for consultation
- Funding up to $400,000
- Minimum loan amount of $5,000
- Starting factor rates from 1.11
- 2.5% origination fees apply
- Minimum business age 3 months
Why We Chose Credibly
Credibly’s loans are available to lower credit score buyers, and the rapid funding makes it an excellent choice for business owners needing capital on the fly.
Credibly Pros and Cons
Pros
- Low credit score requirements to qualify
- Prequalification does not affect credit score
- Loans of up to $400,000 available
Cons
- Stringent contract terms
- Some loans have higher-than-average interest rates
- $15,000 monthly revenue required
| Number of Borrowing Options (loan types) | Min. credit score needed to qualify | Max loan term length | Max loan dollar amount |
| Four | 500 | 15 months | $400,000 |
Fundbox
Best for: Lower credit score borrowers
Trusted Company Reviews Rating Score for Fundbox: 8.8
Fundbox offers flexibility and a broad range of financial products and services. The company earned a solid score in our review of the best lenders for startups thanks to its fast funding times and ability to offer lending products for almost any purpose.
About Fundbox
Fundbox is a well-liked business lender that offers lines of credit of up to $150,000. Unlike some of the options on this list, the company has a single financial product and does not work with term loans or other lending types. Borrowers can quickly choose the level of funding they need, and, in most cases, Fundbox can issue the funds in 24 hours.
Fundbox Features and Benefits
- Minimum credit score of 600, $100,000 annual revenue, and six months in business
- Funding as fast as 24 hours after approval
- Highly rated company
- No prepayment penalties
- Prequalification does not require a hard credit inquiry
Why We Chose Fundbox
We chose Fundbox because of its range of products and services, and its ability to fund loans within 24 hours makes it an excellent choice for borrowers needing a fast turnaround.
Fundbox Pros and Cons
Pros
- Rapid funding within 24 hours
- Loans available to borrowers with less-than-perfect credit
- No origination, maintenance, or early payoff fees
- Young businesses can qualify
Cons
- Weekly payments required
- Borrowing costs can be expensive
- Maximum credit line of $150,000
| Number of Borrowing Options (loan types) | Min. credit score needed to qualify | Max loan term length | Max loan dollar amount |
| 1 | 600 | 24 weeks | $150,000 |
Fora Financial
Best for: Young businesses
Trusted Company Reviews Rating Score for Fora Financial: 8.5
Fora Financial is slightly different from its competitors in that it uses a point system to determine qualifications and terms, and its ability to work with newer businesses or people with lower credit scores could make it a lifeline for some Colorado Springs business loan borrowers. That said, its interest rates are often higher than expected and the costs of borrowing can be significant.
About Fora Financial
Fora Financial offers two lending products and can offer newer businesses up to $1.5 million in loans. It uses a points system to determine repayment terms, which can be more expensive for borrowers with lower credit scores.
Fora Financial Features and Benefits
- No prepayment penalties
- Loan amounts of up to $1.5 million
- Four to 15-month payment terms
- Funding 24 to 96 hours after approval
- Two lending options available
- Prequalification does not require a hard credit check
Why We Chose Fora Financial
Fora Financial works with young companies and people with not-so-great credit, and in our evaluation, it is generally transparent and upfront with its policies and charges.
Fora Financial Pros and Cons
Pros
- Funding as fast as 24 hours
- Low credit score requirements
- Young businesses can qualify
- Up to $1.5 million loans available
Cons
- Origination and wire transfer fees apply
- Only two loans available
- No long-term loan options
Read Full Fora Financial Review
| Number of Borrowing Options (loan types) | Min. credit score needed to qualify | Max loan term length | Max loan dollar amount |
| Two | 500 | 15 Months | $1.5 million |
National Funding
Best for: Borrowers needing a quick, easy application process
Trusted Company Reviews Rating Score for National Funding: 8.0
National Funding rates highly in our review of Colorado Springs business loans, and its discounts for prepayment are a significant benefit for borrowers. That said, our research showed that the company’s communications with borrowers about the costs and terms could be better.
About National Funding
National Funding has great options for startups and works with owners that have not-so-great credit. In business since 1999, the direct lending organization works with LendingTree and others through an affiliate network, and the company has received mostly positive reviews from customers.
National Funding Features and Benefits
- Two loan options available
- Prequalification does not require a hard credit check
- Funding of up to $500,000
- Equipment loans up to $150,000
- Funding within 24 hours of approval
Why We Chose National Funding
We chose National Funding for this list because of its ability to fund younger businesses and its relatively relaxed credit score requirements.
National Funding Pros and Cons
Pros
- Relatively low credit score requirement
- Fund available 24 hours after approval
- No hard credit check for approval
- Prepayment discounts available
Cons
- Only two borrowing options
- High cost of borrowing
- Company website lacks information
Read Full National Funding Review
| Number of Borrowing Options (loan types) | Min. credit score needed to qualify | Max loan term length | Max loan dollar amount |
| Two | 600/650, depending on loan type | Up to 60 months, depending on loan type | Up to $150,000 for equipment loans |
Frequently Asked Questions
These are some of the most common questions surrounding Colorado Spring business loans.
Having a higher score generally means a lower interest rate and more favorable terms, but lenders are available with options for people who have scores as low as 500. The lower-credit loans may come with higher fees and more restrictions.
The SBA’s credit score requirements vary between loan types, but for most, the minimum is between 620 and 640. We recommend Yes Financial for those seeking an SBA loan or business acquisition loan.
Yes, in some cases, lenders offer loans to businesses with little or no revenue, but there may be restrictions on time in business and the owner’s credit score.
Most business lenders have requirements on time in operation, which generally start at six months. There may be options available for brand-new businesses, but the fees and interest could be prohibitive.
How We Rated the Best Colorado Springs Business Loan Companies:
- Interest Rates and Fees: 20%
Assess the competitiveness of the interest rates and understand all associated fees. - Loan Types Offered: 15%
Evaluate the variety of loan types available to ensure they match your business needs. - Repayment Terms: 15%
Look at the range of repayment options and flexibility in payment schedules. - Lender Reputation: 10%
Research the lender’s reputation, including customer reviews and ratings. - Speed of Funding: 10%
Consider how quickly the company can process and deliver funds. - Minimum Qualifications: 8%
Check the minimum requirements to ensure you qualify for a loan. - Customer Service: 8%
Evaluate the quality of customer service and support throughout the loan process. - Transparency: 7%
The lender should provide clear information about all loan products and terms. - Local Market Knowledge: 5%
Prefer lenders with a strong understanding of the local market in Colorado Springs. - Editorial Points: 2%
Our research team held back points until the end and awarded them to companies and products that stood out from the crowd.
Image Sources: credibly.com – lendingtree.com – forafinancial.com – nationalfunding.com – fundbox.com