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Small Business Loans in Ohio

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10 Small Business Loans in Ohio

This selection is the result of our exclusive study on small business financing providers in Ohio, using confirmed data. It organizes lenders based on the quantity of small business loans they've extended over the past year.

Essentially, this means the list highlights those banks and lending institutions that are actively financing a significant number of small businesses in your region.

(As opposed to other sites, which only discuss lending nonprofits and government programs with tough qualifications!)

Takeaway: Most small business lending in Ohio covers both big banks and mid-sized banks offering a variety of small business loans. 

Methodology: Our analysis hinges on data from SBA 7a loans. That’s why each lender mentioned here provides SBA loans. We've also included a rundown of various other small business loan types they advertise on their websites.

Regrettably, conventional banks often set the bar high with requirements like stellar credit scores and a business history of at least two years. 

Because of this, we started our list with financing choices suitable for small business owners grappling with less-than-perfect credit and those new to the business world.

1. Credit Suite

Credit Suite operates in the realm of business credit consulting and software, while also providing a couple of unconventional financial solutions.

For business owners with bad credit, they present Cash Flow Financing. This option allows you to use your business's cash flow to obtain adaptable financing. Instead of fixed monthly installments, repayment is tailored to a portion of your continuous cash flow.

Additionally, their Credit Line Hybrid is centered on funding based purely on personal credit, sidestepping the need for revenue requirements, bank statements, or time in business requirements. 

It's specifically designed for a wide range of small and established businesses, with available funding ranging from $5,000 to $150,000.

Business financing options offered:

  • Credit Suite Cash Flow Financing
  • Credit Suite Credit Line Hybrid
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2. The Huntington National Bank

Huntington National Bank isn't only a leading lender for small businesses in this state; they also hold the record for the highest number of SBA 7a loans issued nationwide.

This achievement places them among the top 10 lenders in the majority of states - they have a genuine enthusiasm for working with small businesses!

Alongside their SBA loans, Huntington National Bank provides an extensive array of other financial solutions for small enterprises, such as equipment leasing, agricultural loans, and a diverse selection of real estate loan types.

Business financing options offered:

  • SBA 7a Loans

  • Equipment Leasing

  • Church Lending

  • Greek House Financing

  • Agricultural Loans

  • Warehouse Lending

  • Real Estate Loans, Term Loans, and Lines of Credit

3. KeyBank National Association

KeyBank, a mid-sized bank, operates across 15 states and has a respectable selection of loans for small businesses. 

On their website, there's a special segment highlighting their commitment to diversity and inclusion, along with the accolades they've received for their efforts in this field. If that selection criteria matters to you, they want you to know about it.

Business financing options offered:

  • Business Term Loans

  • Business Real Estate Borrowing

  • Small Business Lines of Credit

  • SBA Loans

  • Key Equipment Financing

  • 3 Business Credit Cards

4. US Bank

US Bank, a large national banking institution, offers a diverse range of business loans. With numerous brick-and-mortar locations, you've likely noticed their presence in your community. They’re a top SBA lender in many states, including here in Ohio. 

Business financing options offered:

  • US Bank Quick Loan

  • Business Term Loan

  • Commercial Real Estate Loan

  • Equipment Financing

  • SBA Loans

  • Dental, Medical, and Vet Practice Loans

  • Business Line of Credit

  • Manage Cash Flow

  • Business Equity Line of Credit

  • Business Reserve Line

  • 4 Business Credit Cards

5. Telhio Credit Union

Telhio is the only credit union on this list. They’re based in Columbus and their website boasts, “#1 SBA Lender Among Ohio Credit Unions."

They have a decent lineup of small business financing options, including five business credit cards. 

Business financing options offered:

  • SBA 7a and 504 Loans

  • Working Capital Loans

  • Equipment Loans

  • Business Lines of Credit

  • Commercial Mortgages

  • 5 Business Credit Cards

6. PNC Bank

PNC, a substantial national bank, boasts an extensive network of retail branches. Its considerable size naturally leads to a comprehensive range of small business loans and a selection of five business credit cards.

On their website, you can find straightforward details about the loan amounts and terms for each type of financing they provide. PNC facilitates the application process online and also outlines the necessary business documents required for each type of business loan application.

Business financing options offered:

  • Term Loans

  • Unsecured Small Business Loans

  • Secured Small Business Loans

  • Small Business Commercial Real Estate Loans

  • Secured Vehicle Finance Loans

  • Small Business Lines of Credit

  • 5 Business Credit Cards

7. First Commonwealth Bank

First Commonwealth is a small midwestern bank with a strong presence in Ohio and Western Pennsylvania. They have a good variety of financing options. They're one of the few banks we've found that offer dealer retail financing for auto dealers.

Business financing options offered:

  • Business Line of Credit

  • Commercial Construction Loans

  • Commercial Real Estate Loans

  • Equipment Loans

  • Asset-Based Lending

  • Public Financing

  • Dealer Financing

  • SBA Loans

  • 1 business credit card

8. BayFirst National Bank

BayFirst National specializes in SBA loans. Their website boasts slogans like "Lightning Fast Business Loans!" and "In-house team, quick funding." The presence of their own internal underwriting team means they can offer both swift and knowledgeable service.

Given the typically lengthy process of funding SBA loans, this efficiency gives them a notable edge in the market.

Business financing options offered:

  • SBA Loans

  • Commercial Real Estate Loans

  • Commercial Term Loans

  • Commercial Lines of Credit

  • Construction Loans

  • Heavy Equipment Financing

9. Fifth Third Bank

Fifth Third, rooted in Ohio, is widely recognized for its consumer banking services. Additionally, they cater to the small business sector with an array of loan options, including various SBA loans and specialized financing for medical practices.

Business financing options offered:

  • SBA Loans - 7a, 504, and Express 

  • Unsecured Business Line of Credit

  • Term Loans

  • Practice Financing

10. Live Oak Banking Compan

Live Oak is well-known for its extensive SBA lending across the nation. While their website may not provide extensive details on other loan options, they invest significant effort in comprehending the specific sectors their clients operate in.

On their site, they highlight 48 distinct industries, asserting that they have tailored financing solutions for each of these sectors.

Business financing options offered:

  • SBA Loans

  • USDA Loans

  • Industry Vertical Loans

How to apply for a small business loan in Ohio 

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!

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