Small Business Loans in Washington
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 Washington
This article is the result of distinctive research into small business financiers in the state of Washington, grounded in factual data. Our rankings are determined by the volume of small business loans they have disbursed this year.
To put it simply, this roster includes the financial institutions and lenders that are actively providing the greatest number of loans to small businesses within the state.
(Contrary to what you might find on other sites, which often focus on nonprofit organizations that seldom offer loans and government schemes that few businesses are eligible for!)
Takeaway: Large, national banks issue most of the small business loans in Washington.
Methodology: The information provided draws from data on SBA 7a loans, indicating that each lender mentioned offers SBA loans. Additionally, we've detailed the various small business financing options these lenders advertise on their websites.
Regrettably, conventional banks often demand robust credit scores and a business history exceeding two years. Consequently, we initiated our list with a couple of financing alternatives tailored for small business proprietors grappling with poor credit and a brief business tenure.
1. Credit Suite
Credit Suite stands out as a company specializing in business credit consulting and software solutions, and it also provides a couple of unconventional financing options.
One such option is Cash Flow Financing, which is ideal for entrepreneurs who have been in business for a couple of years and meet a basic credit score criteria. This option allows you to use your business's cash flow as a basis for obtaining versatile financing.
Instead of fixed monthly repayments, the repayment plan is tied to a portion of your business's continuing cash flow.
The Hybrid Credit Line provides financing solely based on the quality of personal credit, eliminating the need for financial statements, bank records, or business strategies.
It's tailored for a wide range of 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. KeyBank National Association
KeyBank, a moderately sized banking institution, operates across 15 states and offers a solid selection of loans tailored for small businesses. They issue more SBA 7a loans than any other bank in Washington.
On their website, they highlight their commitment to diversity and inclusion, showcasing the accolades they've achieved in this sphere. They emphasize this aspect for those who consider such values a priority in choosing a banking partner.
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
3. U.S. Bank
US Bank, a major nationwide banking entity, offers a diverse array of business financing options. With numerous branch locations across the country, it's likely you've encountered them in your local area.
In Washington, they stand out as the second highest issuer of SBA loans compared to any other lender.
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
4. Banner Bank
Banner Bank is the first Washington-based bank on this list. They have mostly have a normal lineup of small business loans; however, their QuickStep Loans are a unique offering. They have a streamlined application and underwriting process for faster approval, from $5,000 to $1,000,000 in financing.
Business financing options offered:
SBA Loans
Business Lines of Credit
QuickStep Loans
Equipment and Term Loans
Owner-Occupied Real Estate Loans
Agricultural Lending
Merger and Acquisition Financing
Commercial Real Estate Loans
5. Umpqua Bank
Umpqua Bank is based in California and has a robust presence throughout the northwestern states. Their presence is big enough in Washington that they probably have a bank branch in your community.
They also offer their unique, “Expresslines of Credit” product and five business credit cards - a robust selection for a regional bank.
Business financing options offered:
SBA Loans
Real Estate Loans
Vehicle Loans
Term Loans
Equipment Loans
Expresslines of Credit
5 Business Credit Cards
6. BayFirst National Bank
BayFirst National is dedicated to providing SBA loans, boasting on their website phrases like "Lightning Fast Business Loans!" and "In-house team, quick funding." They operate with an internal underwriting team, ensuring both rapid processing and knowledgeable service.
Given that SBA loans are typically slow to secure, BayFirst National's ability to expedite this process represents a significant benefit.
Business financing options offered:
SBA Loans
Commercial Real Estate Loans
Commercial Term Loans
Commercial Lines of Credit
Construction Loans
Heavy Equipment Financing
7. Washington Trust Bank
Washington Trust is another Washington-based bank with a presence throughout Idaho and Oregon as well.
Their website states, “we enjoy an advantage over our publicly-owned competitors. We base our decisions and policies on what’s happening right here in the Northwest—not in distant locales. Being independent, we are able to set our sights on long-term goals rather than quarterly results.”
Business financing options offered:
Term Loans
Business Lines of Credit
Debt Refinancing
Accounts Receivable Financing
Equipment Lending
Commercial Real Estate
Agriculture
SBA Lending
8. Readycap Lending, LLC
Readycap primarily provides small business financing through SBA 7a loans and USDA Business and Industry loans. Beyond these federally supported options, they specialize in a variety of unique commercial real estate financing solutions. For real estate investors or developers, exploring their diverse range of loan products is advisable, as they present several options not commonly found with other lenders.
Business financing options offered:
SBA 7a Loans
USDA B&I
Many Niche Commercial Real Estate Loans
9. Wells Fargo Bank
Wells Fargo stands out as a prominent, nationwide banking institution that you've likely noticed while out and about. Despite its size, it offers a surprisingly limited selection of financing options for small businesses. Yet, its position on this list is justified by the significant volume of loan transactions it manages to process.
Business financing options offered:
SBA 7a Loans & 504 Loans
2 Business Lines of Credit
Practice Financing
10. Gesa Credit Union
Gesa is the only credit union on this list, and they pride themselves on being a community credit union. They offer a variety of small business loans and financing, including a robust variety of SBA loans and commercial real estate financing.
Business financing options offered:
SBA Loans
7a Loans
SBA Express Lines of Credit
504 Loans
CAP Lines
Term Loans
Business Lines of Credit
Commercial Real Estate Financing
Owner and non-owner-occupied financing
Industrial, office, retail, apartment, and residential
ew construction and builds
2 Business Credit Cards
How to apply for a small business loan in Washington
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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