This is some text inside of a div block.

$150,000 Small Business Loans: How to Get a $150k Small Business Loan

This is some text inside of a div block.


$150,000 Small Business Loans: How to Get a $150k Small Business Loan

This is some text inside of a div block.

How To Get a $150,000 Business Loan

Lenders That Offer a $150,000 Business Loan

  • Rapid Finance - Up To $600k
  • Fora Financial - Up to $1,400,000
  • Kapitus SBA Loans - Up To $20 MM
  • Kickfurther Inventory Financing - Up to $2 MM
  • OnDeck - Up To $250,000
  • Credibly - Up to $400,000
  • Fundation - Up To $500k
  • VFI Equipment Financing - Up to $10,000,000

What is a $150,000 business loan?

If you’re trying to grow your business and unlock new opportunities, you might want to seek out a business loan. Specifically, a $150,000 business loan is a type of lending business owners can apply for from a bank, credit union, or alternative lender to help cover a wide variety of expenses. Whether you need to purchase equipment, expand the business, hire staff, or just cover day-to-day operational costs, a $150,000 business loan can help.

How much can I borrow with a $150,000 business loan?

While business loans come in all sorts of funding amounts, a $150,000 business loan covers just that — $150,000. As you apply for your business loan, you might qualify for more (or less) it just depends. To check offers and or view your business credit score, visit mySMBscore to find out just how much you might be able to borrow. 

What are the requirements to qualify for a $150,000 business loan?

As with any loan, you’ll have to meet the specific requirements that each lender has determined for their loan products. This usually means you’ll have to meet specific criteria around your business's revenue, credit score, income, and more. 

While it can be hard to generalize the different kinds of requirements for a $150,000 business loan, you can expect to meet criteria around these categories: 

  • Credit score: A good personal and business credit score demonstrates your creditworthiness and ability to repay the loan. If you’re not sure where you stand, make sure to use a platform like mySMBscore to get a better understanding of your business credit score.
  • Business history: It’s pretty common for lenders to require a minimum of 1-2 years of business before approving you for a loan.
  • Annual revenue: Lenders may require your business to meet a minimum annual revenue to confirm that your business generates enough money to repay the loan.
  • Collateral: If you’re applying for a secured loan, you’ll likely have to show you have collateral you can leverage, such as real estate, inventory or other business assets to secure the loan.
  • Business plan: Lenders love to see a well-organized and outlined business plan about how you’ll use the loan. Having this can help bolster your application.

Knowledge is power as you begin your loan application. Make sure you take the time to pull your application together and understand what you are eligible for. If you’re looking to review offers for a business loan in one simple place, mySMBscore can help. After entering some business information, you can review personalized loan offers. With no credit impact, you can rest assured that checking offers is to your advantage. Don’t love the offers you receive? Go back to the drawing board with our user interface that can provide personalized insights to help you better position your business for a competitive loan. We want you to succeed and know ways to help you do so. Partner with us!

What are the interest rates for a $150,000 business loan?

Outlining a range of interest rates for a $150,000 business loan can be difficult. They will vary widely depending on factors like your credit score, qualification, and the lender providing the loan. Generally, interest rates can range from 4% to 45% or more, so it’s crucial to shop around and compare rates to find competitive loan offers that meet the needs of your business. Remember, borrowing money costs money, so do your due diligence and understand loan costs. As you evaluate the opportunity of the business loan, make sure it will foster growth to help justify the cost. 

What is the repayment period for a $150,000 business loan?

Repayment periods can vary - but with so many lenders to choose from you are sure to find one that works for you. Keep in mind that longer terms may lower payments, but total loan costs can increase. Shop smart and keep profit margins at the forefront of decisions. Learn more about the following business loans and check offers with no credit impact:

What is the monthly payment on a $150k business loan?

Monthly payments are greatly influenced by the length or term of the loan as well as the interest rate. Let's take a look at a few examples of how much a monthly payment could be on a $150,000 small business loan:

  • What is the monthly payment on a $150k business loan with a 1 year term and 6% interest? $12,909.96 per month
  • What is the monthly payment on a $150k business loan with a 3 year term and 7% interest? $4,631.56 per month
  • What is the monthly payment on a $150k business loan with a 7 year term and 9% interest? $2,413.36 per month

How long does it take to get approved for a $150,000 business loan?

The answer is that it really depends. The time it takes to get approved for a $150,000 business loan can vary by the lender, the loan type and your specific circumstances. For example, SBA lenders and traditional banks may take several weeks or even months to review and approve your loan application. 

But, if you need funding fast, online lenders usually are able to have a quicker approval process, with some offering approval decisions within just a few hours!

You can use mySMBscore to compare rates and get actionable insights on how to make your approval more streamlined, saving you time and money in the process.

What types of collateral are required for a $150,000 business loan?

If you are applying for a secured loan, your lender will likely have a collateral requirement. This ensures if you default on the loan, the lender will have some way to recoup their lost money. 

Collateral could include: 

  • Real estate
  • Equipment
  • Inventory
  • Unpaid invoice
  • Personal assets

Keep in mind that not all loans require collateral! If you don’t have the collateral mentioned, you can try and apply for an unsecured loan. While these will likely come with higher interest rates due to the increased risk for the lender, they might be your only option if you can’t get approved for a secured loan.

Can I use a $150,000 business loan for any purpose?

Business loans are a great lending solution because they have so many ways they can be used. Without many restrictions, entrepreneurs can use the funding for their specific business goals. 

Here are some great ways you can use a $150,000 business loan: 

  • Expand your business: Whether opening a new location or acquiring an existing business, a business loan can help you grow. 
  • Upgrade your equipment: Get new equipment to increase your company’s productivity!
  • Inventory and supplies: Keep your shelves stocked and your business running smoothly with an investment in inventory and supplies.
  • Everyday expenses: A business loan can help cover day-to-day operational expenses, such as rent, utilities, and payroll.

Are there any fees associated with a $150,000 business loan?

No one likes to pay fees, but when it comes to a $150,000 business loan, you should keep an eye out for some common fees that lenders charge. These include: 

  • Origination fees: A one-time fee charged by the lender for processing your loan application, usually between 1% to 5% of the loan amount.
  • Prepayment penalty: Some lenders charge a fee if you pay off your loan early because they’ll lose out on the interest earned. Be sure to check your loan agreement for any prepayment penalties.
  • Late payment fee: If you miss a payment or are late, lenders may charge a late payment fee.
  • Application fee: Some lenders charge a fee to cover the cost of reviewing your loan application.

What documents do I need to apply for a $150,000 business loan?

Before starting your business loan application, take a minute and prepare. You can easily check your business credit score using mySMBscore to learn valuable insights that can better position yourself for a business loan. Once you’ve done that, take some time to collect documents that your lender will likely request. 

  • Bank statements
  • Tax returns, both personal and business
  • Any relevant licenses and permits
  • Your EIN or tax identification number
  • Balance sheet
  • Commercial license
  • Legal contracts or agreements
  • Proof of identity
  • Proof of business ownership
  • Business plan

By preparing these documents in advance, you can sail smoothly through the application process!

What is the approval process for a $150,000 business loan?

So you’re ready to apply for a $150,000 business loan? You probably have a mixed set of emotions as you open the door to opportunity but take on responsibility. To ensure all goes well, there are some things you can do to help ensure success.

The first step is to check your eligibility. Use our to review personalized insights and unlock actionable insights on better positioning yourself for a business loan. Plus, you can even unlock offers from top lenders. 

If you choose to proceed with a loan, during this phase, ensure you meet the lender's eligibility for credit score, business history, and annual revenue. If you choose to invest time improving your business credit score, work diligently to do so, but hold on to the end goal. 

Here’s a summary of the steps that outline the business loan process:

  1. Get prequalified 
  2. Accept a loan offer 
  3. Submit documentation 
  4. Receive approval 
  5. Receive funding 

In simpler steps, you’ll first need to show interest - this will instigate the prequalified offer. Next, show commitment. This translates to accepting the offer. Next, help the lender verify the information you submitted by submitting any required documentation. Moving on, once the lender has confirmed necessary items, if they are able, they can issue a final approval and proceed with funding the loan. Ready to get started? Unlock your business credit score now!

Top Loans