Small Business Loans in Ohio
Ready to find success and secure a small business loan? You're in the right place! Our in-house research team of finance experts has compiled this most comprehensive list of business loans for you to find the best option for you. Bad credit and startups acceptable when meeting specific qualifications.
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
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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