Capital One is a bank that offers various types of small-business loans, such as:
- Business lines of credit: These are revolving credit facilities that allow you to access funds as needed, up to a certain limit. You only pay interest on the amount you use, and you can reuse the credit as you repay it. Capital One offers business lines of credit from $10,000 to $5,000,000, with interest rates starting from 8.99%.
- Term loans: These are lump-sum loans that you repay over a fixed period of time, with a fixed or variable interest rate. Term loans can be used for various purposes, such as working capital, expansion, or equipment purchase. Capital One offers term loans from $10,000 to $5,000,000, with interest rates starting from 3.99%.
- SBA loans: These are loans that are partially guaranteed by the Small Business Administration, a federal agency that supports small businesses. SBA loans have lower interest rates and longer repayment terms than conventional loans, but they also have stricter eligibility criteria and more paperwork. Capital One offers three types of SBA loans: 7(a) loans, 504 loans, and Express loans.
- Equipment financing: This is a type of loan that is secured by the equipment you purchase with the loan proceeds. Equipment financing can help you acquire new or used equipment without paying the full cost upfront. Capital One offers equipment financing from $10,000 to $5,000,000, with interest rates starting from 4.99%.
- Commercial real estate loans: These are loans that are secured by the property you purchase or refinance with the loan proceeds. Commercial real estate loans can help you acquire, develop, or renovate commercial properties, such as office buildings, warehouses, or retail stores. Capital One offers commercial real estate loans from $10,000 to $5,000,000, with interest rates starting from 4.99%.
To qualify for a Capital One business loan, you need to have at least two years in business, a Capital One business checking account, and a good credit score (usually above 700). You also need to apply in person at one of their branches, which are located in eight states and the District of Columbia.
If you are interested in learning more about Capital One business loans, you can visit their website here or call them at 1-800-926-1000. You can also compare their loans with other lenders on NerdWallet or Bankrate. I hope this helps you find the best loan for your business. 😊