Small Business Lenders, Fastest Growing

The quickest-growing small business

Being a small business owner needs research, patience, and determination. If you have a new company concept but aren't sure where it fits into the bigger picture, here's a list of the fastest-growing small businesses in recent years to give you an idea of high-demand industries you might want to pursue your own.

Important takeaways

  • When launching your own firm, prioritize stability and longevity over "instant riches."
  • Businesses that are able to adapt and prosper online tend to be more stable.
  • In today's unpredictable economy, small business owners seek flexibility and freedom.
 
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 Small Business Lenders, Fastest Growing

1. Do-it-yourself construction

Many large-scale construction projects were halted once the epidemic struck in early 2020-2021, as funding dried up. The real estate market, on the other hand, remained quite solid. Many residents took advantage of the lockdown period to work on house remodeling and improvement projects.

With so much time spent at home, many people are diverting vacation, commute, and leisure money to home remodeling. This tendency is projected to continue indefinitely.

Home construction and home improvement may be the perfect business for you if you appreciate working with your hands and having continuing contract projects.

Consider allied sectors like contracting, landscaping, or plumbing. Contact people, you know in the sector to find out how busy they've been and to get a sense of the local market.

This form of organization has numerous advantages, including cheaper overhead. Construction companies do not need formal office space, and you can begin with a small workforce.

2. In-home medical care

Families are constantly looking for low-cost, safe solutions to care for their loved ones, and the home healthcare market is showing no signs of stopping. In 2019, the market was valued at more than $281 billion, and it is likely to rise further in the future years.

Baby boomers are living longer lives, yet many will suffer from aging-related ailments. According to the CDC, adults over the age of 65 spend nearly twice as much on health care each year as adults aged 45 to 64.

With an aging baby boomer population, the demand for in-home caregivers, physical therapists, hospice assistants, and other at-home healthcare employees is expected to outstrip traditional hospital jobs.

Being a home healthcare provider is perfect for individuals who do not have the time or money to return to school and would rather work right away.

According to Study.com, certain home health aides can be qualified with a high school diploma and some on-the-job training. Keep in mind, however, that program requirements differ by state and might range from a few weeks (non-degree) to a few years (becoming a nurse).

3. Digital wellness initiatives

The online wellness market appears to be one of the greatest small businesses to go into, offering anything from at-home yoga sessions and virtual nutrition coaching to mail-delivery spa bundles.

E-commerce allows established businesses to experiment with a brick-and-mortar business strategy, whether it's vitamins, skincare, or fitness gear. Customers are looking for customized solutions, so carving a niche is easier than ever.

Large firms that are transitioning to a remote workforce also provide employees with wellness funds as a preventative healthcare strategy for a sedentary lifestyle.

Online workouts have opened up a new channel for at-home well-being. According to the Bureau of Labor Statistics (BLS), the need for fitness instructors will rise by up to 15% by 2029.

4. Distance education and learning

During the epidemic, many students from elementary to high school had to forego in-person sessions, creating a significant demand for remote learning options. 

Even after a pandemic, the necessity for remote education will persist. Some studies even demonstrate that learning online improves information retention.

Private tutoring is a fantastic new business for anyone with an educational background due to the flexible hours and number of possible clients. 

There are numerous resources available online to assist you in getting started, as well as employment boards with a variety of options.

5. Beauty at home

While visiting a beauty salon or day spa is typically considered a delight, it can sometimes be difficult to arrive on time amid a hectic schedule. As a result, the at-home beauty industry has grown in popularity as a small business.

According to the Bureau of Labor Statistics, the trend is predicted to continue expanding by 19% through 2029.

You can charge a premium as a professional hairstylist, massage therapist, or nail technician for making oneself available at a client's house.

The freedom to establish your own hours and inexpensive beginning costs make this an appealing choice for anyone wishing to go it alone. Most individuals feel safe in their own homes and are willing to pay a little more for the convenience.

6. Online meetings and events

If you're familiar with web technology and like the notion of bringing community activities online in novel and creative ways, this could be a promising niche for your new small business. 

Many new software businesses are rethinking how technology might be used to meet the needs of today's ever-changing social distancing norms.

This could be a profitable area to focus on for a niche business concept, especially if you have software engineering talents to assist in the development and improvement of existing online conferencing solutions. The median hourly wage for software engineers in 2019 was $51.69 per hour. According to the US Bureau of Labor Statistics, demand for software engineers is predicted to grow by 21% through 2028.

7. Self-storage facilities

People now have more freedom to live abroad or pursue a more nomadic lifestyle because many people are now permanently working remotely. 

Storage lockers are far less expensive than paying full rent for anyone who requires a secure, temporary storage area for their possessions. Along with this distant workforce, many people require offsite storage.

Self-storage lockers are becoming an increasingly popular choice for people who have reduced their living situation, are remodeling their homes, or just do not have enough space to hold all of their belongings. 

The self-storage sector was valued at $40.73 billion in 2020 and is predicted to expand through 2026, making it an excellent moment to enter this market.

Once you've covered your initial beginning costs (such as rent and utilities), incoming customer rent might quickly cover your expenses, especially if you dwell in a densely populated city or region with higher rent costs. 

Try this calculator to obtain a better idea of the demand and costs connected with a storage startup.

8. Food trucks

Food trucks, delivery services, and other convenience-oriented dining options are among the fastest-growing small enterprises.

By 2025, the meal delivery sector is expected to generate $200 billion in yearly sales. Having a facility that you own without the added expense of rent might be a significant boon to your bottom line.

How can you get a piece of the action? You may deliver nutritious meals in a convenient location while being mobile. 

Whether it's setting up a mini-market with outside seating or delivering meal kits in a branded food truck, serving healthy meals in a safe environment will remain popular.

Considerations for small business owners
Even if you're entering a rapidly expanding field, market research is crucial to your success as a small business owner. Our small company handbook is a great starting point with step-by-step instructions.

Here are a few more important points to remember:

Longevity: Rather than "how to get rich soon," starting your own business should be about stability and longevity. If you want to make a lot of money in a short amount of time, you should think about starting a small business.

Customer loyalty: Having a large number of sales is beneficial to your bottom line. Even better, cultivate customer loyalty. Because it promotes stability, it is easier to predict your earnings when you can predict client behavior.

Begin by:
  • Using a loyalty card or a referral promotion to reward repeat consumers
  • Responding to all consumer feedback on websites such as Yelp
  • Keep your customers up to date with social media updates.

The research is carried out by the fastest-rising small enterprises.

A new business requires a commitment of time, resources, and energy. If you want to be flexible, start your own firm in a rising small business field that can function well online.

If there is a common thread here, it is that the fastest-growing small firms are always looking for new opportunities to expand and cooperate.

Small Business Lenders

With so many financing choices available, comparing business loans can be difficult. Borrow from traditional lenders (banks or credit unions) for the best rates, or from online lenders for lesser loan criteria. Term loans, lines of credit, invoice financing, microloans, and other options are available. It's quite a bit.

That's why we've whittled down all of those financing options to the top ten finest business loans available. In this overview, we'll explain what makes each lender unique and assist you in determining which is the greatest fit for your small business.

1. Lendio is the best overall option for small businesses.

For most organizations, Lendio is the finest business loan, provider. This is because Lendio functions more like a loan broker than a lender, which is fantastic news for you.

All you have to do is complete a 15-minute online application, and Lendio will match you with the proper loans and lenders for your business. It provides you with a list of loans that you qualify for within 72 hours; you can choose the best loan and finish everything.
  • Credit lines, term loans, and more
  • Loans range from $500 to $5 million.
  • Credit score minimum: 500
  • Funding can be obtained in as little as two days.
Strengths
  • Rapid implementation
  • A wide range of finance and lenders are available.
  • Individualized guidance and expertise
Weaknesses
  • Some loans have high interest rates.
  • Hard credit inquiry reports

2. Bluevine is the best option for quick finance.

Bluevine is the lender you choose if you need financing immediately away as in, right now, not two days from now. Its line of credit provides same-day funding.

Everything begins with an automated application process. When you submit information about your company, Bluevine can make a decision on your loan application almost immediately or within a few hours. 

Then, if you need your money right away, you can pay a minimal wire transfer fee and get it in only a few hours. Otherwise, your monies should be available the next day by ACH transfer.

To be clear, Bluevine has more to offer than just quick finance. Bluevine's interest rates begin at less than 5%. That's not nearly as low as the rate offered by a traditional lender (a bank or credit union), but it's far lower than the interest rate offered by most internet lenders.

That means Bluevine can assist you whether you require quick cash or merely strong working capital.
  • Only credit lines
  • Maximum loan amount: $250,000 Minimum credit score: 600
  • Funding as soon as the next day
Strengths
  • Option for same-day funding
  • Low initial interest rates
  • Credit and business age requirements are moderate.
Weaknesses
  • Some states have limited availability.
  • Significant revenue requirements

3. Fundbox is ideal for people with bad credit.

The single loan product offered by Fundbox is a business line of credit. Fundbox, on the other hand, is eager to engage with fledgling entrepreneurs, unlike other lenders who give lines of credit. So, if your company is too new to receive finance from other lenders, consider Fundbox.

While Fundbox wants to work with companies that have been in operation for at least six months (relatively competitive criteria), it will work with even younger companies in some situations. 

Fundbox will even examine organizations with only two months of accounting software experience or three months of business checking history.

Of course, if you exceed Fundbox's other borrower standards, it is more likely to cooperate with your very young firm. Fortunately, they are also fairly moderate. Fundbox accepts 600 credit scores and an annual income of $100,000.

While Fundbox's business line of credit choices aren't the lowest available, their accessibility makes them an excellent choice for organizations that can't qualify for low-interest term loans.
  • Credit facilities
  • Loans up to $150,000 are available.
  • Credit score minimum: 600
  • Funding as soon as the next day
Strengths
  • An automated application
  • Minimum approval criteria
  • Rapid funding
Weaknesses
  • Maximum lending amounts are limited.
  • APR is really high.

4. OnDeck is ideal for repeat borrowing.

If you anticipate taking out multiple-term loans in the coming years, OnDeck is an excellent place to start.

This lender provides delicious rewards to repeat customers, such as lower interest rates and lower origination fees. That means that the more you borrow, the better the terms. 

When you take out a second short-term loan, OnDeck will waive the remaining interest on your first. Furthermore, unlike many other online lenders, OnDeck can help you grow your credit, allowing you to qualify for better loans in the future.

However, borrowing through OnDeck might be costly. Its rates start in the low double-digit APR area, which is a somewhat expensive beginning point.

Nonetheless, the vast majority of OnDeck's clients have nothing but positive things to say about the organization. 

The Better Business Bureau has given OnDeck an A+ rating, but more crucially, the company has replied to 100% of all 31 BBB complaints. 1 (This is an excellent ratio, especially when compared to other companies Better Business Bureau complaints.) According to previous customer feedback, you're likely to have a positive borrowing experience.

So, whether you plan to borrow again with OnDeck or another lender, OnDeck can assist you in obtaining better rates on repeat business borrowing.
  • Credit lines and term loans
  • Credit score minimum: 600
  • Minimum annual revenue: $100,000
  • Minimum time in business: one year
Strengths
  • Benefits for returning borrowers
  • Reporting to commercial credit bureaus
  • Borrowers regard you favorably.
Weaknesses
  • High initial APR
  • High standard qualifications

5. Avant: The Best Business Personal Loan

Don't think you'll be able to get a small-business loan right away? Instead, you might be able to qualify for a personal loan from Avant.

Unlike many other personal lenders, Avant allows you to use your personal loans for business purposes. 
And, because Avant is a personal lender rather than a corporate lender, it is unconcerned with variables like your firm revenue or age (as long as you meet other requirements, of course). As a result, Avant is easier to qualify for than many of the lenders on this list.

However, Avant's personal loans are limited to well under $50,000, making them insufficient for many commercial applications. 

While the starting APR isn't particularly high, you can undoubtedly locate lower-cost business loans. Overall, we recommend using a business loan if possible.

However, if you want to use a personal loan for your business, Avant is the ideal lender to employ.
  • Only personal loans are available.
  • Credit score minimum: 600
  • Revenue minimum: N/A
  • Time in business minimum: N/A
Strengths
  • Excellent customer feedback
  • Next-day funding is available.
  • Borrower criteria are minimal.
Weaknesses
  • Maximum loan size is limited.
  • Repayment terms are short.

6. Kiva is the best option for 0% interest loans.

Kiva only makes microloans-in this example, loans of less than $15,000. Because many small firms may require a larger loan, Kiva does not rank among our top five. But if you're looking for a little loan, Kiva is hard to beat-it provides an incredible 0% interest rate.

What's the catch? There is a lengthy funding process that requires you to solicit contributions from relatives and friends before crowdfunding the remainder of your debt. (If you're curious about

Nonetheless, the 0% interest rate makes Kiva a worthwhile crowdfunding site for anyone in need of a little loan (and can wait a while to get it).
  • Only microloans are available.
  • Loan amounts range from $1,000 to $15,000.
  • Credit score requirement: N/A
  • Funding as soon as one month

7. Funding Circle is best suited to established enterprises.

Funding Circle, like Lendio, is a loan marketplace. It does operate a little differently in that it offers fewer loan kinds and concentrates on well-established firms with excellent credit scores and income. Because of the greater requirements, Funding Circle can provide more cheap finance with longer repayment terms.

If you apply for a term loan, line of credit, or SBA 7(a) loan with Funding Circle, you can be reasonably confident that you're getting a good bargain, assuming you qualify.
  • Credit lines, term loans, and SBA loans
  • Loans ranging from $5,000 to $500,000 are available.
  • Credit score minimum: 660
  • Funding can be obtained in as little as two days.

8. SmartBiz is the best option for SBA financing.

If you're solely looking for an SBA loan, SmartBiz is a good place to start. With its lending platform, it claims to ease the SBA loan application process. 

SmartBiz, like Lendio, sends your one application to many lenders, connecting you with the best possibilities. SmartBiz, on the other hand, only trades in SBA loans, unlike other lending platforms. This increases the application requirements, but it also means you can get extremely low rates.

If your company qualifies for SBA loans, SmartBiz can help you with the application process.
  • Only SBA 7(a) loans are available.
  • The loan amount ranges from $30,000 to $5 million.
  • Credit score requirement: 640
  • Funding as soon as one week

9. Kabbage is the most convenient.

Kabbage solely provides credit lines. Kabbage, like Fundbox, features an automated application that only requires a connection to your bank account. As a result, you can receive a response to your application in minutes, making Kabbage a quick and simple option to apply for cash. 

However, the application is only the beginning. Once accepted, Kabbage allows you to access your credit line via PayPal, your bank account, or a physical card. You can get funding from PayPal in minutes.

While Kabbage lending has high-interest rates, its ease makes it ideal for business owners in need of a quick credit solution.
  • Only credit lines
  • Loan amounts range between $1,000 to $150,000.
  • Unlisted minimum credit score
  • Funding is available in three days.

10. Lendr is the best option for merchant cash advances.

Lendr solely provides non-loan sources of operating capital, such as invoice factoring and merchant cash advances. 

These sources of financing have higher interest rates and shorter repayment durations than regular loans. 

They do, however, have low credit standards, making them a valuable source for some enterprises. And Lendr is a better source of working finance than others. It has outstanding reviews and reasonable borrower requirements.

Simply said, Lendr's funding options aren't our favorites. However, if you require operating capital funding, Lendr is one of the best options we've found.
  • Merchant cash advances and invoice factoring
  • Loans ranging from $5,000 to $500,000 are available.
  • Credit score requirement: N/A
  • Funding as soon as the next day

Other notable financiers

Most business owners will not be able to use the loan choices listed below. However, you may be an exception, so if you haven't found your match among the lenders listed above, consider these funding choices.
  • Bank of America offers the lowest interest rates.
  • National Funding is a well-known internet lender.

a. Bank of America offers the lowest interest rates.

Bank of America offers lower interest rates than any other lender on this list. On certain loans, their rates start at less than 3% APR (note, APR includes both interest and fees). 

However, as a typical bank, Bank of America expects a lot from its customers. You'll need a decent credit score to qualify, and Bank of America prefers older, higher-earning businesses over the others on our list.

However, if your company fits those requirements, Bank of America can provide you with some of the most affordable loans available.
  • Credit lines, term loans, SBA loans, and more
  • Minimum credit score: in the high 600s
  • Minimum annual revenue: $100,000
  • Minimum time in business: 2 years

b. National Funding is a well-known internet lender.

To be honest, National Funding does not appear to be a particularly noteworthy lender. It only provides working capital loans and financing for equipment. And, yes, it has generally positive user reviews, but nothing outstanding. 

However, for some reason, it is very popular with small business owners. According to our statistics, many business owners are interested in National Funding's small-enterprise financing.

So, certainly, we believe you can perform better there. But we believe business owners, and many of them believe National Funding provides something unique.
  • Loans for working capital and equipment financing
  • Loans ranging from $5,000 to $500,000 are available.
  • 575 is the minimum credit score.
  • Funding as soon as the next day

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